AFRICA BUSINESS GROUP

Transcription

1 AFRICA BUSINESS GROUP

2 AFRICA A REGION ON THE RISE Africa is experiencing its longest uninterrupted period of economic growth in over 40 years. Indeed, Sub-Saharan Africa is one of the world s fastest growing regions. In 2000 its GDP was US$331 billion. By 2012, it already quadrupled to US$1.3 trillion. The World Bank state the current GDP at market prices is US$1.728 trillion as at 2014*. The International Monetary Fund expect real GDP to grow by 4% in Underpinned by global demand for the continent s abundant natural resources, such as gold, oil, chromium and platinum, much of Africa s recent growth is being driven by stronger fiscal discipline, a fast-growing consumer base and increased political stability across the continent. Factors which continue to attract ever-increasing levels of foreign investment, particularly in key sectors such as energy, consumer goods and services, telecoms and infrastructure. Undoubtedly, challenges remain. Much of the continent s transport, technology and financial services infrastructure is in need of development and, despite vast natural resources, power production is inefficient and unreliable. The fall in global oil prices brings fresh challenges, notably on foreign exchange reserves and on balancing fiscal breakeven prices with investment and public spending programmes. But as many developed economies slowly emerge from a prolonged period of stagnation, Africa is one of the few global economic brightspots, providing exceptional opportunities for growth, innovation and expansion. AG s knowledge of the complex political, geographical and social challenges businesses face in Africa is beyond that of any other law firm I have worked with. I particularly value the way in which complex issues are simplified and they will set out the pros and cons of possible routes and recommend a specific line of action - this approach helps inform the eventual decision. DIAGEO AFRICA, M&A LAWYER * 1

3 THE OPPORTUNITIES Mobile commerce The last decade has seen Africa experiencing the fastest telecoms growth in the world and Africa is already the world s second most connected region after Asia, with over 650 million mobile subscribers (compared with a total population of around 1.1 billion). While voice is still the major revenue earner for most telecoms operators, operators are seeking to grow revenue through diversification through mobile apps, mobile advertising and through transactions. Mobile payments or m-payments in many parts of Africa has outstripped any other region in the world and almost all of the mobile operators have mobile money offerings. It is easier to pay for a taxi by phone in Nairobi, for example, than it is in New York or London. Africa has become a test-bed for m-payment systems. Systems that could just as easily apply to other markets around the world, including the UK, where Vodafone launched its m-payment proposition in The success of m-payments typifies both the challenges and opportunities of doing business with Africa. As economies expanded and the pool of consumers grew, existing banking infrastructures could not keep up with the changing demands of both businesses and consumers for an alternative to cash-based transactions. Instead, innovators looked at alternative ways to triangulate suppliers of products, financial institutions and consumers, based on the practical realities they encountered. And mobile phones provided the solution. That means that the next wave of opportunities is likely to be beyond mobile payments, and extending into areas such as mobile-only banks, mobile advertising, micro-finance providers and mobile-insurance. Exploiting the opportunity required a new commercial paradigm based on what was available on the ground, not on what had worked in Europe, North America or Asia. It is an innovative, agile and creative approach that continues to drive growth for m-payment providers, and could be just as successful in other areas of the market. AG Activity: we have helped global consumer businesses like BAT, CDC, Diageo and PZ Cussons to develop and expand their footprint across the region, building new facilities, acquiring new businesses and forming new strategic partnerships. We ve also been at the forefront of mobile commerce developments and UK fintech. For example, we advised Barclays on its partnering agreement with Everything Everywhere for the UK s first NFC mobile payments solution, and acted for a number of UK issuers and a global card scheme in relation to the establishment of the Apple Pay platform in the UK. We also represent clients across a broad range of mobile and telecoms issues, including in respect of investment in telecoms and partnering with operators, as well as setting up mobile virtual network operators for various clients. Energy It s no secret that Africa has huge hydrocarbon resources, from long exploited oil fields in West Africa to more recent finds in Tanzania, Uganda and Kenya. Historically, it has been left to the global oil companies to exploit many of the continent s resources, but recent years have seen a big push to develop the role and capabilities of indigenous players as well as sophisticated international investors and sovereign wealth funds such as Temasek. Most of the focus in the past has been on oil, as poor infrastructure and challenging geological conditions made gas fields difficult to exploit. Private investment from companies such as Seven Energy in Nigeria, however, is now helping to develop gas fields and build much needed distribution infrastructure to enable gas to be used to power newly built electricity generating plants, as well as industry. Major offshore gas discoveries by supermajors and international independent oil companies are also driving the development of a number of LNG projects in countries like Angola, Mozambique and Tanzania. Renewable energy is another growth area. With vast rural areas remote from grids, many parts of Africa are unable to benefit from the investment in traditional energy. Fortunately, there are abundant renewable energy resources such as solar, wind, biomass and small hydropower potentials, and a number of countries, including Nigeria, are developing policies to promote renewables as a vital part of their energy mix. Growing competition for Africa s energy assets from countries such as China, India and other South East Asian countries, meanwhile, is also driving the pace of development. Even with its chronic power problems, for example, from the Nigerian economy grew at a rate of 6% per annum. As energy challenges are addressed, the potential for even higher levels of growth is clear. AG Activity: our team has handled a number of sophisticated oil & gas transactions across Africa, including the acquisition, divestiture, structuring, development and financing of: upstream oil & gas (including conventional and unconventional resources, both onshore and offshore) midstream oil & gas (including LNG, pipeline, storage, and other infrastructure) downstream oil & gas (including petrochemical, refining and marketing and trading operations) as well as electric power, utility and related renewable and conventional energy matters. We advise clients in joint ventures, private placements, public listings and other methods of monetisation. We regularly work on complex crossborder deals and our clients include integrated oil companies, state-owned entities, independent exploration and production companies, LNG developers, traders and importers, private equity funds, lenders, contractors, regulated gas utilities, refiners and retailers, marketers, natural gas storage developers, pipeline companies, gatherers, natural gas processors, distribution companies and end users, among others. We also have extensive experience in advising on regulatory matters across all energy sectors. Consumer power The increasing consumption of goods and services, retail, financial services and telecommunications, has made a growing contribution to Africa s rise in recent years, accounting for two-thirds of the continent s GDP growth. Ownership of cars and motorcycles in Ghana, for example, has risen by 81% in the past five years and internet penetration, while still relatively low, is growing rapidly. The African Development Bank suggest that there will be a rise in Africa s middle class which will result in 1.1 billion by 2060, in turn African consumer spending is set to rise to $1.4 trillion by The continent also has a disproportionately young population, with over half of the people aged under 25, particularly in the larger urban centres which lends to internet penetration in the continent increasing to 6.83% in the last 15 years. AG Activity: So, for many businesses, Africa s expanding consumer markets are among the biggest opportunities for growth over the next few decades. Infrastructure Infrastructure has long been a rich source of commercial opportunities in Africa, often based around the development of the mining and energy sectors. But infrastructure is also one of the continent s biggest challenges, and is fundamental to the wider potential for economic growth. For a continent of over 50 countries, for example, there is very little cross-border transport infrastructure. This makes it very difficult to create hubs to service several countries: it is hard to move people and goods around the continent. It s a similar situation in power, where underinvestment and inefficiency is the norm. Nigeria, an example which typifies the challenges, has a similar population size to Brazil, but produces only 5% as much electricity. Despite its vast reserves of oil and gas, Nigeria is also a net importer of fuel due to its lack of adequate refining capability. However, plans by the Dangote Group to build the first major refinery in Nigeria look set to be a significant step forward, as does the privatisation of the country s electricity generation industry. Social infrastructure such as housing, schools, hospitals, water treatment and street lighting, is another area of huge potential. Ghana, for example, recently implemented an Act to facilitate the development of the country s PPP framework to improve the delivery of such projects - another indicator of commitment and support at the highest level to make more of Africa s infrastructure opportunities. * * * 2 3

4 OUR AFRICA EXPERIENCE: DELIVERING OPPORTUNITIES, OVERCOMING CHALLENGES Advising a global recruitment firm on its Angolan joint venture Advising Hikma Pharmaceuticals Plc on its Ethiopian joint venture and distribution arrangements with the Midroc Group Various equity fundraisings for an AIM-listed resources company with assets in Cameroon and Liberia Acted for Seven Energy on its acquisition from Oando plc of East Horizon Gas Company Secondary placing of ordinary shares for an AIM-listed West Africafocused oil and gas group Advising a multinational mining company on its operations in Mozambique Advising Taiwan/ Singapore Interests behind a series of naptha consignments from Sonatrach on force majeure implications immediately following 9-11 Affordable housing scheme in Nigeria, for a Middle Eastern investor Merger of two mining companies with assets in Ghana, Guinea, Mali, South Africa and Tanzania Advising a West African subsidiary of a UK listed company on a major dispute with its joint venture partner and joint venture company Trade mark portfolio management for various high profile clients across the continent Advised Qatar International Islamic Bank, on its joint venture with leading Moroccan financial institution CIH Bank to estatblish an Islamic bank in Morocco Advising BG Group on all aspects of upstream, midstream and downstream development in connection with gas fields offshore Tanzania and proposed construction of LNG facilities including negotaition iwht host government and coventures Acted for Seven Energy on its acquisition of SRL 905 Holdings Limited Acting for a UK FTSE 100 corporation on a series of high value ICC arbitrations in Kenya and Tanzania concerning joint ventures in both countries Acted for Seven Energy on a US$255m equity issuance to the IFC, the IFC Africa, Latin American and Caribbean Fund and Temasek Advising Sing apore/south African Interests on a long-term down-stream logistics-related JV Agreement for oil & gas carriage ex Malongo HSBC: banking transactions in South Africa BAT: restructuring of Zimbabwean tobacco companies for BAT Merger of Guinness Ghana and Ghana Breweries for Diageo US$225m acquisition of Meta Abo brewery in Ethiopia for Diageo Acting on a US$100m ICC arbitration against a major oil and gas entity in North Africa Advised on the creation of a local content joint venture in Nigeria between a supplier of offshore drilling rigs and a local Nigerian company Advising PRC Shipowner s Interests in connection with the wrongful detention of a vessel & its crew at Owendo, and securing the safe release of both Tate & Lyle: sale of T&L Monaco to ADM Conducting a review of, and subsequently redesigning, an international oil company s compliance programme in Nigeria Advising a Middle East Investoron a major infrastructure project in Djibouti Diageo sale of 20% of Tanzania Breweries and buy back of 20% of Kenya Breweries from SABMiller (US$300m in total) Catalyst Principal Partners: acquisition of a mineral water business in Ethiopia for US$24m Advised lenders on financing aspects of a confidential bid for the acquisition of certain upstream interests in the Niger Delta to be sold by Shell Acting for a Nigerian oil and gas company on a US$100 million ICC arbitration Disposal by a UK of a mining services business in South Africa Advising CDC on its investment in Healthcare Global Africa PZ Cussons: implementation of a global HR system, migrating information from servers in Ghana, Kenya and Nigeria Advising CDC on its investment in GEMS private schools in Kenya and Uganda We advised the directors of a large international upstream oil and gas group whose parent company is listed on the Stockholm OMX. The Group s interests included assets in Tunisia, Equatorial Guinea and the Republic of Congo US$120m acquisition of Serengeti Breweries in Tanzania for Diageo Hyundai Engineering: advice on contractual issues in relation to Phase II of the Alaoji Power Plant Project in Nigeria Drafting/negotiating long-to-medium term sale & purchase agreements and related contracts of carriage for Nigerian crude oil ex Bonny Equatorial Guinea - Farm-in & Country Entry: advising a European IOC on its country entry and potential acquisition of exploration assets in the Republic of Equatorial Guinea, including negotiation of the farm-out and joint operating agreements and production sharing contract with the national oil company Angola & Mozambique - Farm-in: advising an IOC on farm-in across several Blocks offshore Angola and Mozambique Advising a UK business on an internal forensic investigation into allegations of bribery in Nigeria ERHC Energy: dispute with the Nigeria-Sao Tomé & Principe Joint Development Authority Various mining and forestry concessions in Zimbabwe, Nigeria and Tanzania Project financings in Nigeria, Sierra Leone, DRC, Ghana, Botswana, Mozambique, Zambia and Uganda PZ Cussons: joint venture for the production and distribution of dairy products in West Africa Managing and supervising a corruption, fraud and bribery investigation (Zimbabwe, DRC, Zambia and South Africa) Representing global tanker-fleet Interests in disputes over alleged late deliveries of crude oil to a major South African energy company Egypt - Gas Supply, Pipeline, LNG: advising BG Group on arrangements to purchase and supply gas from the Leviathan field to ELNG and related pipeline construction. Advised a confidential client as financial adviser on the proposed issue of a private placement sukuk by the Sudanese government. Advising ABF subsidiaries British Sugar, R Twining and Company and Illovo Sugar on factory and office developments in Zambia, Nigeria and South Africa Advising BAT on its bid for NTE, the Ethiopian Tobacco Monopoly Diageo: set up and break up of marketing, brand and production JVs across Southern Africa with Heineken and Namibia Breweries Advising BAT on its acquisition of a Sudanese tobacco company Advising a mining and natural resource specialist on a dispute in the Republic of Benin relating to an oil and gas exploration permit AIM IPO of a South Africa-based, Africafocused mining services company Advising CDC on its investment in UNICAF which provides online education in Africa Acted for Seven Energy on its issuance of US$150m convertible bonds, listed on the Cayman Stock Exchange 4 5

5 THE CHALLENGES to the local economic, fiscal or political landscape) you can live with and which you cannot; political risk may of course continue to apply following completion and this may have structural implications for the deal Expect delay: regulatory frameworks may not be well developed and timetables may not be followed; this may heighten concerns about any gap to completion Managing disputes Good deals are hard to come by and many involve sales by private individuals: stay close to them during the negotiation period, especially given the potential delays. The surge in foreign investment in Africa has made disputes a commercial inevitability. Successful resolution requires experience, the right legal and commercial skills and a flexible approach that incorporates local knowledge. Here are some key areas to consider: Value risks Due diligence needs to be rigorous: it may be hard to quantify legal risks (for example due to lack of precedent or clear regulatory process) so it is important to find the right local lawyer to advise on the legal analysis but also on market practice and regulator attitudes Enforcement Enforcement should always be the first consideration when dealing with a dispute in Africa - an arbitral or judicial decision is only as strong as a party s ability to enforce it Given the enforcement protections afforded by the 1958 Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the New York Convention) and the 1965 Convention on the Settlement of Investment Disputes between States and Nationals of other States (the ICSID Convention), international arbitration is the preferred method of dispute resolution for international businesses seeking to resolve high value or complex disputes in Africa Local advice should always be taken on the exact process for enforcement of arbitral or judicial decisions at the outset different countries will have different procedures and often with vastly different deadlines Many African countries are signatories to bilateral investment treaties (BITs) which, in addition to providing foreign investors and their investments with important international law protections, enable investors to have a direct cause of action against the host state in a neutral forum, rather than being subjected to the jurisdiction of local courts, which may be biased, unpredictable and fraught with delay. Make sure that the outcome of due diligence is focussed on impact and practical mitigations as well as contractual protections Possession is 9/10 s of the law: the best contractual protections may mean little depending on the seller s identity and the territory in which you may wish to enforce your rights (or recover assets) if necessary focus on retention options (including, for example, by reference to deferred consideration and any subsequent minority buy-out rights) Inevitably compliance will be a critical concern, which needs a very careful but sensitive approach to due diligence and also a joined-up approach to contractual protections and business integration planning; a planned delay to completion may be desirable to complete the integration planning before taking ownership (subject to balancing any gun-jumping issues under any merger control process) Consider joint venturing: retaining personal business connections and knowledge of how business gets done in the territory may be critical to maintaining and growing the business. Dispute resolution clauses Generally Thought should be given at the outset of any project to dispute resolution considerations including the inclusion of a bespoke dispute resolution provision that will maximise the efficiency and predictability of dealing with any future disputes that may arise, structuring local entitles to ensure that BIT protection is in place, understanding the landscape of the local courts, and having knowledge of the avenues available to obtain interim relief and protection Plan and execute the deal and deliver the integration plan on the ground: visibility, local relationships (with sellers and regulators) and the ability to respond rapidly are really important As with most international disputes, parties may look for a dispute resolution process that is perceived to be independent from any of the states connected to the parties involved: Singapore, Dubai and London are therefore popular arbitration venues for Africa-related disputes, the former being popular with investors from South East Asia and China whilst Dubai is favoured by many Middle Eastern investors. Africa s own arbitration centres are on the rise with new centres in Lagos, Mauritius and Nairobi Expect surprises: a flexible and nimble approach to problem-solving is vital to close the deal and the integration plan; give yourself as much contractual flexibility as possible Plan ahead: if you anticipate involving third party financing at any point in the life of your project or deal (whether from commercial lenders or DFIs) then plan ahead and ensure you put in place a bankable corporate structure (with appropriate offshore entities) and take care to ensure all procedural steps are carefully complied with in the expectation that your lenders will undertake a thorough due diligence exercise. The seat of arbitration chosen by the parties is also particularly important because it determines the extent of local court involvement in the arbitral process and the degree to which any award arising from the arbitration can be challenged. When considering a foreign seat of arbitration, it is important to obtain advise on these issues The language, composition of an arbitral tribunal and provisions dealing with service of documents and proceedings are also important elements to consider. Delivering deals Delivering any deal is about managing execution risks and value risks. Inevitably, an African transaction can involve significantly greater uncertainty than a developed market deal and buyers/investors/funders need to be suitably prepared. Here are a few thoughts on risk management: Execution risks The local market may well be volatile: think carefully about which types of material adverse changes (to the business or 6 7

6 OUR GLOBAL CONNECTIONS AND ENGAGEMENT IN AFRICA We are natural collaborators, and, in addition to our offices in the UK, the GCC and Asia, our model is built on strong relationships with law firms across Africa and around the world. We share expertise, know-how, precedents and market knowledge with other firms and develop strong personal relationships to make sure that we are aligned in providing a joined up service for our clients. Member of the UKTI Sub-Saharan Africa Task Force We receive regular know-how updates from across the region (now available on the Africa App). Proactive relationships with law firms across Africa (Doing Business in Africa App) The Addleshaw Goddard team was first class. We had a real strategic opportunity to firm up our relationship with Heineken in the global market by putting the Heineken and Diageo businesses in Ghana together. Addleshaw Goddard provided full support regarding the English law aspects and the interpretation of Ghanaian law. There were several occasions where people had to get planes to Africa with just a couple of hours notice - and for us that demonstrated outstanding service. DAVID HARLOCK ASSOCIATE GENERAL COUNSEL AFRICA, TURKEY AND RUSSIA DIAGEO Training and hosting of African lawyers in our business Collaborating with local law firms to host seminars and training sessions for clients in the region Regular secondments into businesses and law firms in Africa Highly ranked in The FT Innovative Lawyers Report 2013 for the design and delivery of a training programme for junior African lawyers across a number of sub-saharan nations Panel roles at Africa IBA and other meetings (e.g. on M&A and arbitration in the territory) Member of ILFA (International Lawyers for Africa) We have regular speaking roles at Africa-focused events We share expertise, knowhow, precedents, training and market knowledge with other firms 8 9

7 SPECIALIST KNOWLEDGE AND EXPERIENCE We have a wealth of experience in Africa. For example: KEY CONTACTS Christopher Taylor Partner - Head of Africa Business Group Guy Winter Partner - Corporate, Oil & Gas Deals - we regularly advise clients on mergers and acquisitions in the region: we have recently acted for clients on corporate and commercial deals in Angola, Cameroon, Djibouti, Ethiopia, Ghana, Kenya, Liberia, Namibia, Nigeria, South Africa, Tanzania, Uganda, Zimbabwe and across the whole SADC territory. We work closely with our clients on assessing risks (and impact), not least through our sector-tailored due diligence process and corresponding warranty protections. Andrew Rosling Partner - Corporate - Mergers and Acquisitions Andrew McVeigh Partner - Construction & Development Disputes - we have acted for a wide range of clients in disputes across the continent in international arbitration and actions in the local courts. Our recent experience includes acting on litigious and regulatory matters (including three major ICC arbitrations) in Algeria, Libya, Kenya, Tanzania, Nigeria, the Democratic Republic of São Tomé and Príncipe, Equatorial Guinea and the Republic of Benin. James Law Managing Associate - Corporate Finance Simon Courie Partner - Infrastructure, Projects & Energy Risk and Compliance - compliance is one of the major challenges to doing business with Africa. We provide our clients across the region with tailored advice which allows them to do business whilst managing the risks. We also regularly assist our clients in putting in place and implementing policies and procedures that help reduce the risk of compliance related issues such as bribery and corruption. Sam Cary Associate - Construction & Development Nick Ashcroft Managing Associate - Litigation Intellectual Property and Reputation Management - as with all emerging markets, protecting intellectual property and reputation management can be challenging. We regularly act for clients in registering, protecting and enforcing intellectual property rights in the region. Infrastructure and PPP - we advise on innovative, timely and robust solutions for a wide variety of project finance transactions across a range of sectors including oil and gas, renewables (such as solar and waste-to-energy), mining, processing plants, roads, ports and rail as well as social infrastructure PPPs. The team has experience across the region in leading high value and strategic projects advising funders (including DFIs), sponsors/investors, developers, contractors and suppliers. Examples of jurisdictions in which our lawyers have closed deals include Nigeria, Sierra Leone, DRC, Ghana, Botswana, Mozambique, Zambia and Uganda. Oliver Carruthers Partner - Infrastructure Projects & Energy Emma Armitage Partner - Litigation and Intellectual Property Korieh Duodu - based in Ghana Consultant (Advocate, English qualified) for Addleshaw Goddard LLP Marlon Cohen Managing Associate Commercial Digital, Mobile & Telecoms In market expertise - we enjoy non-exclusive relationships with our preferred law firms across Africa. We invest heavily in those relationships and our clients benefit from integrated, collaborative relationships and a one firm approach to providing legal services. This means that we provide a joined up service and a risk filter for our clients to help them make informed decisions and to mitigate proactively risk. We also have a significant amount of on the ground experience from time spent in-market and through secondment programmes. This gives us a unique insight into local operations in the continent and also gives us a greater understanding of business practices across Africa. Finance - - we have substantial experience in the representation of lenders, sponsors and borrowers on various types of finance and project development transactions across Africa. Our Africa team also includes experts in Islamic finance who have been involved in first of their kind deals in Africa. Mark Molyneux Partner - International Arbitration & Fraud, Bribery and Compliance Anna Nerush Partner Corporate, Oil & Gas Angus Rollo Partner - Corporate, Oil & Gas Sarah Vasani Partner - International Arbitration Head of Investor State Arbitration Harold Brako Partner - Litigation Ben Sims Associate - Corporate Finance Jeremy Cruse Managing Associate - Corporate AG s advice in my view is unique in that it is genuinely commercial and pragmatic is in context for the organisation and balances technical strength, appropriate risk appraisal and leadership to drive a transaction forward. DIAGEO M&A LAWYER 10 11

8 This is a great example of the firm listening to its clients in Africa. They have identified the challenge and addressed it with an app. With the highest mobile penetration in the world, this is an innovative knowledge management initiative. LEGALWEEK As a global impact investment firm, finding reliable, quality information is critical to our business. AG s app (Doing Business in Africa) helps us quickly find information we can trust. The well curated data helps us quickly navigate each country and the integrated newsletter is a great way to dive deeper into topical issues. ADVANCED GLOBAL CAPITAL This tool is a unique step forward for business for the whole region. Africa is a complex mix of different jurisdictions and legal framweworks and for the first time we now have a product that reflects this diversity and allows investors easily to find their key legal reference points and to connect with the right lawyers. We are delighted to be participating ALUKO & OYEBODE Addleshaw Goddard secured the Knowledge Management Innovation award off the back of its Africa app, which provides information on doing business in Africa and is produced in conjunction with its network of alliance partners based in the continent LEGALWEEK 12 13

9 addleshawgoddard.com Aberdeen, Doha, Dubai, Edinburgh, Glasgow, Hong Kong, Leeds, London, Manchester, Muscat, Singapore and Tokyo* * a formal alliance with Hashidate Law Office 2018 Addleshaw Goddard LLP. All rights reserved. Extracts may be copied with prior permission and provided their source is acknowledged. This document is for general information only. It is not legal advice and should not be acted or relied on as being so, accordingly Addleshaw Goddard disclaims any responsibility. It does not create a solicitor-client relationship between Addleshaw Goddard and any other person. Legal advice should be taken before applying any information in this document to any facts and circumstances. Addleshaw Goddard is an international legal practice carried on by Addleshaw Goddard LLP (a limited liability partnership registered in England & Wales and authorised and regulated by the Solicitors Regulation Authority and the Law Society of Scotland) and its affiliated undertakings. Addleshaw Goddard operates in the Dubai International Financial Centre through Addleshaw Goddard (Middle East) LLP (registered with and regulated by the DFSA), in the Qatar Financial Centre through Addleshaw Goddard (GCC) LLP (licensed by the QFCA), in Oman through Addleshaw Goddard (Middle East) LLP in association with Nasser Al Habsi & Saif Al Mamari Law Firm (licensed by the Oman Ministry of Justice) and in Hong Kong, Addleshaw Goddard (Hong Kong) LLP, a Hong Kong limited liability partnership pursuant to the Legal Practitioners Ordinance and regulated by the Law Society of Hong Kong. In Tokyo, legal services are offered through Addleshaw Goddard s formal alliance with Hashidate Law Office. A list of members/principals for each firm will be provided upon request. The term partner refers to any individual who is a member of any Addleshaw Goddard entity or association or an employee or consultant with equivalent standing and qualifications. If you prefer not to receive promotional material from us, please us at unsubscribe@ addleshawgoddard.com. For further information please consult our website or Ref: 10749