The sole Malaysian law firm in the Middle East, Zaid Ibrahim, has terminated its alliance with Singapore’s Allen & Gledhill.
The alliance was intended to target ASEAN transactions relating to projects and privatisation, Islamic finance, capital markets, and M&A, with a view to breaking into the Indonesian and Vietnam markets. A spokesperson on behalf of both firms confirmed the dissolution of the alliance and said that the relationship remains amicable. “Both firms remain committed to the ASEAN region and will remain good friends and continue to work with each other, albeit outside a formal alliance structure,” said the spokesperson.
According to various sources in the region, the alliance was broken off as it did not prove as fruitful as originally intended by both firms. “The biggest achievement of the alliance was probably getting a few dozen people to turn out for the opening press conference,” said one lawyer who has been following the alliance since late 2007. “If you look at what has happened since, it has been a bit of an anti-climax.”
Farid Hussein, head of Zaid’s Dubai operations, said the dissolution of the alliance does not affect the firm’s Middle East presence. “The alliance was limited to certain jurisdictions only. Zaid Ibrahim & Co Middle East … was not part of the alliance and as such, is not affected by the dissolution in any way.”
Zaid launched its DIFC office a year after the alliance with Allen & Gledhill was announced. The firm has said it will launch two offices in Australia, focusing on the market for Islamic finance work in the Asia-Pacific region.
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