DLA Piper snares $10bn PPP Middle East mandate” />DLA Piper Rudnick Gray Cary has won a contract to advise a new Middle East bank on project finance work valued at a possible $10bn (£5.75bn).
The firm was approached by Gulf One Investment Bank to provide legal advice on contracts based on public-private sector partnerships. A Memorandum of Understanding (MoU) has been signed by both parties.
London-based partner Brian Clark, who signed the MoU for DLA Piper, said: “The bank approached us because they wanted a firm with a global presence and experience in this area. There’s a growing recognition in the Gulf states that they need to look at different ways of funding projects. PFIs and PPPs can meet those requirements.”
Clark specialises in public sector procurement, including outsourcing, PPP and PFI. Gulf One Investment Bank, set up in late 2005, wants to establish an infrastructure fund to finance projects in the region.
The deal will be a boost to DLA Piper’s newly launched Middle East practice, which is based in Dubai.