Clifford Chance has highlighted the Middle East’s importance to the firm’s bottom line by relocating a funds team to the region.
Partner Nigel Clark, who was made up this year, will relocate to Dubai in October along with senior associate Charlotte Douglass and a junior associate. Global funds head Jason Glover said a huge increase in the amount of private equity money being raised in the Middle East has created a need for a team on the ground, adding that the Dubai funds team will double in size within its first year.
“Oil prices are creating growth in all sorts of areas and that’s fuelling huge growth in the private equity market,” said Glover. “A lot of funds are being set up in the Middle East and some are three to four times the size that would normally be seen.”
The team has initially been signed up for a two-year stint in the Middle East, with negotiations ongoing over whether it will go to the region on UK or local remuneration packages.