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Cayman Islands firm Walkers has become the first offshore practice to set up a transactional office in Dubai, as it aims to take advantage of the burgeoning Middle East market.
The office will be led by managing partner Rod Palmer and partner Robert Varley and will offer advice on funds, private equity and finance, including Islamic finance products such as Sukuks, a type of Islamic bond. Walkers is also in the process of recruiting local lawyers.
Walkers senior partner Grant Stein told The Lawyer: "We've been monitoring Dubai for a number of years and have decide to set up now in response to client feedback and the massive growth in the market."
Dubai gives Walkers its fifth office along with the British Virgin Islands, the Cayman Islands, Hong Kong and London.