Financial Institutions
Horizons & Co. is committed to guiding financial institutions on all the contentious issues – such representation has been a central focus our firm since our inception. Through extensive engagement in complex disputes, we have gained unparalleled insight into the distinct regulatory requirements and unique commercial operations of the sector.
With a comprehensive understanding of the UAE banking industry, we seamlessly navigate our clients' operating environment to provide immediate and effective support. Our lawyers excel in both preventing and resolving disputes, offering practical and creative advice aligned with our clients' strategic objectives.
We cover a broad spectrum of banking and financial disputes, including areas such as investment banking litigation, white collar crime, enforcement, Islamic finance, and compliance. While litigation has traditionally been favoured by financial institutions, the evolving landscape sees a shift towards arbitration. Our firm, equipped with market-leading expertise in all forms of dispute resolution, is well positioned to advise on both approaches.
Representative Experience
- An investment arm of a major western government on a dispute concerning financing, whereby the investor reneged on its repayment obligation and provided cheques with insufficient balance as set out in their agreement.
- A UAE-based financial institution on a USD 4 million dispute against a joint stock company incorporated in Bahrain, regarding an agreement for the service and operation of credit and debit cards, under the Arbitration Rules of the International Islamic Centre for Reconciliation and Arbitration.
- One of the world’s largest banks in a dispute with a prominent construction and transport company based in Abu Dhabi arising from a credit facility agreement signed between our client and the construction company in 2017, amounting to AED 1 billion, with the company managing to repay only AED 600 million, including interest, before defaulting due to the impact of COVID-19.
- Dubai Islamic Bank on a dispute in relation to the Arabtec Holdings bankruptcy, whereby our client filed a case against Arabtec Construction (subsidiary) for the value of approx. AED 752 million due to its position as guarantor in relation to a facilities agreement.
- Deutsche Bank Dubai on a commercial claim relating to a cheque issued under the name of our client for the value of EUR 2.5 million.
- Dubai Islamic Bank in respect to an immediate judgment application before the DIFC courts concerning a construction contract for one of Dubai’s flagship urban projects – Gate Avenue, Dubai International Financial Center (DIFC).
- Dubai Islamic Bank on a claim of approx. AED 345 million against one of the largest hospitality groups in the UAE, the Mohammed Omar Bin Haider Group.
- A GCC bank on the preparation of a transfer of claim request before the Dubai Court, valued at an amount of USD 2.2 million.
- A syndicate of 10 separate banks, including Emirates NBD Bank PJSC, HSBC Bank Middle East Limited, ICICI Bank, and Dubai Islamic Bank, in relation to bankruptcy proceedings before the Abu Dhabi Court against KBBO group, Emirates Hospitals, His Highness Sheikh Saeed al Qubaisi, and Khalifa Al Muhairi for facilities valued at more than AED 7 billion (USD 2 billion).
- HSBC Bank Middle East Limited in relation to execution applications for bounced cheques to the value of AED 130 million and applications for the enforcement of two separate mortgages.
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