Managing the Downside – An Integrated Approach to Legal and Commercial Risk in the Middle East
The UK’s Energy Industries Council (EIC) Connect hosted its highly successful “Connect Middle East” event in Abu Dhabi at the beginning of June. Connect Middle East, supported by Abu Dhabi National Oil Company, MASDAR, Abu Dhabi Chamber of Commerce, UK Trade & Investment and the British Centre for Business, was an opportunity for UK origin oil and gas supply chain companies to network with ADNOC and major EPC contractors in the region and to showcase their products and services at the front line.
The conference and exhibition was attended by more than 500 delegates and saw ADNOC, BP, Shell, MASDAR, Emirates Nuclear Energy Corporation (ENEC) and ACWA Power join leading contractors Fluor, Petrofac and McDermott for a full day of conference sessions, vendor briefings and appointments with companies looking to do business with them.
An atendee explained: “Due to the problems and limitations of litigation and arbitration in the region, the emphasis has to be on prevention rather than cure and this involves detailed due diligence, well-crafted contracts and development of long-term relationships. This is the focus of our approach and we hope this will translate into real economic value-add to our clients.
“We work with many private equity and venture capital-backed companies, which are targeting rapid business expansion in the region and medium-term exit opportunities for investors. Although the region contains many opportunities it also has legal and commercial risk management challenges. Failing to properly tackle these can be highly damaging to exit prospects and values.
“This year’s EIC Connect Middle East provided an ideal platform for us and gave us the opportunity to connect with the 20 or so clients who were represented at the event.”