Ogier in the UAE: reflecting on year one

As Ogier's office in the United Arab Emirates celebrates its first anniversary, Daniel Pacic, Ogier Global managing director in Dubai, reflects on year one with Praveer Pinto, client director for Ogier Regulatory Consulting and Dominic Athwal, legal counsel in Ogier's Investment Funds team. They discuss the milestones and future goals.

Ogier Global, Ogier's Corporate and Fiduciary services division and Ogier Regulatory Consulting are the core service offerings Ogier provide in the Middle East. Ogier also provides on-the-ground legal advice to clients in the UAE, specialising in a unique combination of six laws: BVI, Cayman, Guernsey, Ireland, Jersey and Luxembourg. As part of the legal offering in Dubai we provide Investment Fund services, supported by Dominic Athwal, specialising in Cayman law matters.

Looking back on the first year, what are some key milestones that stand out to you?

Daniel: Securing our first non-regulated and regulated clients was a significant achievement. We've also re-established lines of communication with old business partners and secured referrals and closed business from major local law firms. We’ve worked hard to build Ogier’s reputation and brand in the market. Strengthening relationships with Dubai International Finance Centre (DIFC) and Dubai Financial Services Authority (DFSA) through joint events has also been crucial.

Dominic: We've acted for a DIFC-regulated manager on establishing two closed-ended private funds in the Cayman Islands and assisted with a variety of instructions across BVI, Guernsey and Jersey allowing the Dubai office to be the gateway for clients to establish a local connection with Ogier. As Daniel mentions, establishing key connections with major law firms and intermediaries has been essential to our development in the region, particularly on the legal side.

Innovation and adaptation

In what ways has the Dubai office adopted innovative approaches or adapted to the local market's needs during its first year?

Praveer: We provide in-demand local services, such as foundation and operational company establishment on the non-regulated side and authorisations and outsourced compliance officer (CO) / money laundering reporting officer (MLRO) on the regulated side.

Dominic: We’ve also been innovative in our legal solutions, tailoring our advice to meet the specific regulatory requirements of the UAE while leveraging best practices. This dual approach has been well-received by our clients. While our legal practice doesn’t cover UAE law, it’s vital for us to be up to speed on DIFC and ADGM regulations, restrictions and market practice, so we can best advise our clients.

Strategic vision

From a strategic perspective, how do you see the Dubai office evolving over the next few years to further support Ogier's broader objectives?

Daniel: Our main goals are to continue growing our Corporate and Fiduciary and Regulatory Consulting service lines and expanding our teams to provide clients with a broad and efficient offering.

Dominic: Strategically, enhancing our legal service offerings and strengthening and expanding the team to meet client demand for complex regulatory and funds advice. This will not only support Ogier’s broader objectives but also solidify our position as a leading legal advisor in the region.

Similarly from a legal standpoint, expanding our team and enhancing our service offerings will be priorities looking ahead. We plan to achieve this by attracting top talent and continuing to deliver exceptional client service.

Regulatory landscape

How does Ogier Regulatory Consulting support clients in both DIFC and ADGM?

Daniel: We offer services in both DIFC and ADGM, leveraging our experience to be jurisdiction-agnostic. We act as the regulatory consulting arm for fund lawyers and law firms advising large private equity, venture capital, and hedge funds on their entry into the UAE. We also produce relevant and insightful content on regulatory trends and updates, providing clients with valuable information to stay informed and compliant.

Praveer: Our regulatory consulting services have been crucial in helping clients navigate the complex landscape. We’ve provided guidance on compliance and regulatory changes, ensuring our clients are always ahead of the curve. This helps clients avoid legal pitfalls, reduce risks and maintain a competitive advantage in their market.

Future developments

Looking forward, what regulatory trends or changes do you anticipate will impact clients in the region, and how is Ogier preparing to address these?

Daniel: We expect to see consolidation the in regulation of digital assets globally, for example the UAE has taken initiative by launching a purpose-built regulator for virtual assets (VARA) and it will be interesting to see if other jurisdictions follow suit.

Praveer: Preparing for these changes involves staying ahead of regulatory developments and continuously updating our advisory services. We’re also investing in training and technology to ensure our clients receive the best possible guidance.

In conclusion, as we celebrate the first anniversary of the Ogier Dubai office, Daniel, Praveer and Dominic's reflections highlight this as a significant milestone that has expanded our expertise and services in the UAE. Looking forward, the team is committed to continued growth, expanding service offerings and solidifying Ogier's position as a key service provider in the Middle Eastern market.

About Ogier

Ogier is a professional services firm with the knowledge and expertise to handle the most demanding and complex transactions and provide expert, efficient and cost-effective services to all our clients. We regularly win awards for the quality of our client service, our work and our people.

Disclaimer

This client briefing has been prepared for clients and professional associates of Ogier. The information and expressions of opinion which it contains are not intended to be a comprehensive study or to provide legal advice and should not be treated as a substitute for specific advice concerning individual situations.

Regulatory information can be found under Legal Notice