Al Busaidy Mansoor Jamal & Co.

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Author Archives: Bernadette

AMJ advises Qatar Petroleum on deal with Oman for Block 52

Filed under AMJ Deals, AMJ News, Insurance, Oil and Gas

AMJ has advised Qatar Petroleum on the acquisition of a 30% participating interest in the contractor’s interest under the exploration and production sharing agreement (EPSA) for Block 52 offshore of Oman. The deal involved AMJ advising Qatar Petroleum on Oman’s corporate, oil and gas and environmental laws and related regulatory approvals.

Following the completion of the assignment, the contractor under the EPSA will consist of affiliates of Eni with a 55% stake, Qatar Petroleum with 30% and Oman Oil Company Exploration and Production LLC with 15%.

Block 52 is an area of more than 90,000 km2 located offshore in the southern region of Oman extending from Al Wusta region towards Dhofar, encompassing the Hallaniyat islands. Largely under-explored, it is located in water depths ranging from 10 meters to over 2,000 meters. Following acquisition of the interest by Qatar Petroleum, the contractors are expected to embark on executing an exploration programme involving the acquisition and processing of 3D seismic which would be followed by exploratory drilling.

The AMJ team comprised senior partner, Mansoor Malik, and senior associate, Asad Qayyum. Allen & Overy acted as international counsel to Qatar Petroleum on the deal.

Commenting on the deal, Malik said “It is a pleasure to have advised Qatar Petroleum on its first hydrocarbon interest acquisition in Oman. As a premier LNG explorer and operator in the world, Qatar Petroleum’s entry into Oman is indicative of the attractive opportunities for investment available in the country”.

New rules for marketing insurance products in Oman

Filed under Capital Markets, Insurance, Takaful

Oman insurance rules

Oman’s Capital Market Authority (CMA) has published new rules for the marketing of insurance and takaful products in Oman (Decision E/69/2017). These replace the previous rules issued in 1983.

The new rules introduce a raft of additional requirements including:
– obliging insurers to complete CMA-issued application forms;
– expanding the documentation that an insurer needs to furnish in support of its application for product approval including: policy documents in Arabic, or Arabic translations (which are deemed to override their English counterparts); the insurer’s pricing policy for the product (which must be consistent with the insurer’s board approved underwriting and pricing policy); and marketing materials for the policy;
– recognition of fairness standards, which oblige insurers to ensure that policy documentation is balanced and fair;
– introduction of a time-bound application process (30 days in which to complete the application process from initial filing) and response process (30 days from filing of a complete application for the CMA to respond); and
– levying fees which insurance companies are required to pay the CMA for scrutiny of the product application (OMR 100) and for marketing it in Oman (OMR 500).

While overall the new rules bring structure to the previous practice-driven approach to obtaining CMA approval for marketing new products, insurers are likely to need further guidance on matters not specifically addressed by them. These include the procedure to be followed upon a refusal or deemed refusal of an application by the CMA, or the impact on insured parties and reinsurers of the cancellation by the CMA of consent for marketing a product.

For more on Oman’s insurance law, contact Ardeshir Patel.

AMJ advises Howden Broking Group on key Oman acquisition

Filed under AMJ Deals, AMJ News, Insurance


AMJ recently advised leading insurance group, Howden Broking Group on the acquisition of a majority stake from the founder shareholders of New Generation Insurance Services in Oman. The new entity is renamed Howden Insurance Brokers LLC. The parties agreed not to disclose details of the transaction terms.

Howden is the retail broking arm of UK-based Hyperion Insurance Group, the world’s largest employee-owned insurance group which employs more than 3,800 people across 38 countries in Europe, the Middle East, Asia Pacific and the Americas.

This transaction represents a major step in the development of Howden’s business in Oman. David Howden, CEO of Howden and parent company Hyperion said in a statement to the press that “Oman has a rapidly growing insurance market and one to which we can bring a fresh approach for clients by leveraging our existing expertise in the region as well as the wider Group’s access to specialist products and markets in London and internationally.”

AMJ’s was led by senior partner, Mansoor Malik, and senior associate, Asad Qayyum working closely with in-house counsel at Howden and Hyperion.

AMJ appoints new litigation counsel

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Filed under AMJ appointments, AMJ News

Erik Penz

AMJ has appointed Erik Penz, a former partner in Norton Rose’s Toronto office, as Special Counsel in the firm’s litigation and arbitration department. His hire boosts the Muscat-based team to two senior partners, three special counsel, ten associates and four trainees, the largest in Oman.

Erik has extensive experience of handling complex, multi-jurisdictional disputes across a wide range of sectors, including energy, construction, transport and mining on behalf of multinational corporations, foreign governments/state-owned enterprises, and Canadian listed companies. These cases include multi-jurisdictional and multi-party proceedings, high-value commercial disputes, insolvency proceedings, fraud and asset-tracing, company/joint venture/partnership disputes, employment litigation and administrative law matters.

He is an experienced advocate who has appeared before the Court of Appeal for Ontario, the Divisional Court, the Superior Court of Justice, arbitration panels and administrative tribunals. In addition to his advocacy on behalf of clients, Erik has extensive experience advising on claims, liabilities, risk mitigation, and dispute-resolution strategy.

Mansoor Malik, AMJ’s managing partner and joint head of head of litigation, commented: “Erik brings a wealth of litigation and arbitration experience with him that will strengthen our capability to meet the commercial and dispute resolution needs of clients at a time when disputes are becoming ever more complex against a backdrop of challenging market conditions.”

AMJ wins two awards at IFLR 2017

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Filed under AMJ Awards, AMJ News


AMJ won two prestigious legal awards at the International Financial Law Review (IFLR) Middle East Awards at Dubai’s Burj Al Arab on October 18. AMJ won both the ‘Oman Law Firm of the Year’ for the seventh year in a row, and the ‘Domestic Deal of the Year’ award for its work on a merger between the International Petroleum Investment Company and Mubadala Development Company.

The annual IFLR Awards, now in its 12th year, brings together leading global and regional corporate law firms to celebrate the most outstanding legal deals that have taken place in the region in the preceding 12 months. The Awards recognise the best law firms in each jurisdiction based on performance in business law, finance, capital markets and M & A. Winners are selected based on innovation and the complexity of deals completed.

In addition to these two awards, AMJ was shortlisted alongside the GCC’s top, global law firms for advising the Government of Oman on its US$ 2 billion international sukuk issuance, and on the landmark merger between Falcon Insurance/Arabia Insurance merger earlier this year.

AMJ’s founder and managing partner, Mansoor Jamal Malik commenting on the awards said, “We are delighted with our success at the IFLR awards. In an increasingly competitive market for legal services, these independent research-based awards are an important benchmark of performance. They also highlight the resilience of the Omani government and business community in adopting bold and creative approaches to structuring deals in order to deliver key projects despite the tough market conditions of the past few years.”

For more information, contact Bernadette Bhacker-Millard