February 2026 — Confidential

MIDDLE

EAST

FY27 Strategy

The question is not if Mourant invests in the Middle East.
The question is how much.

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The Opportunity

The UAE is having its
Singapore moment.

Singapore went from 0 to 9 people in 2 years on a pure Cayman funds proposition. The Middle East presents a larger, faster-growing opportunity — and Mourant has a narrowing window to establish first-mover advantage in ADGM before the market consolidates.

Explosive Growth

ADGM seeing +245% AUM growth in FY24 alone. Abu Dhabi's SWFs deploying capital at unprecedented scale across PE, AI, and infrastructure.

Perfect Fit

Mourant is THE private capital offshore law firm globally. 2/3 of Europe's PE houses. The same DNA that built the firm is exactly what the GCC's institutional investors need.

China Corridor

GCC-China trade at $300bn p.a. Mourant's physical presence in HK, Cayman and BVI creates a unique corridor play no other offshore firm can match.

The Singapore Playbook

“In Singapore, we went from zero to a team of 9 in two years — all on a Cayman funds proposition. The UAE offers the same trajectory with a larger addressable market.”

0→9
Headcount in 2 years
100%
Cayman funds play
UAE
Next chapter
Global Perspective

Where Mourant is.
Where Mourant isn't.

Singapore proved the model: zero to 9 people in 2 years on a Cayman funds play. The UAE — with explosive growth and $1T+ in managed assets — has one.

🇰🇾$8.2T
Cayman Islands
30,150
~100+ people
🇭🇰$4.5T+13%
Hong Kong
2,212 firms
~25 people
🇸🇬$4.5T+12%
Singapore
1,298 managers
9 people
🇦🇪$5T+245%
UAE (ADGM + DIFC)
$5T sovereign capital
1 people
🇯🇪HQ
Jersey
HQ Market
300 people
🇱🇺€5.9T
Luxembourg
EU #1 fund domicile
5 people
Opportunity — UAE
Proof of concept — Singapore
Established presence
Bubble size = AUM / market size
Mourant People Per $1 Trillion of Hub AUM
🇱🇺Luxembourg
16.7
🇰🇾Cayman Islands
12.2
🇭🇰Hong Kong
5.5
🇸🇬Singapore
2.0
🇦🇪UAE
0.2
1:$1T

One person covering one trillion dollars
of managed assets.

In Singapore, Mourant has ~2 people per $1T of hub AUM. In Hong Kong, ~5.5 people. In the UAE — the fastest-growing financial hub on earth — it's Rich. Alone.

“If Singapore justified 9 people at $4.5T with 12% growth, the UAE at $1T+ with 245% growth justifies at minimum the same investment.”

+12%
Singapore AUM Growth
9 Mourant people
+245%
ADGM AUM Growth
1 Mourant person
$700B
DIFC AUM
+58% YoY
$5T+
GCC SWF Capital
16 sovereign funds
01
Addressable Market

The GCC represents a convergence of sovereign capital, institutional growth, and cross-border complexity — precisely Mourant's core capability.

GCC Sovereign Wealth
$5T
→ $7T by 2030 (Deloitte / Diplo)
Abu Dhabi SWFs
$1.7T
World’s richest city by SWF assets (Skadden / Bloomberg)
GCC SWF Deployment
$136B
54% of all global SWF flows (Deloitte)
Islamic Finance
$3.7T
10%+ CAGR (EY)
Asset Management
$2.2T
9% CAGR (BCG)
China-GCC Corridor
$300B
20% of GCC trade (GCC BusinessWatch)
Family Offices
$1.2T
8% CAGR (EY)
UAE Companies
1.4M
250K new in 2025
50%
of all Islamic finance sits between the UAE and Saudi Arabia.
This represents the single largest concentration of Sharia-compliant capital globally — and a natural fit for Mourant's offshore structuring expertise.
02 — Market Entry

Why Abu Dhabi. Why ADGM.

Three jurisdictions. One clear winner for an institutional-focused offshore law firm.

DIFC

Dubai
Volume & Private Capital Hub
AUM
USD 700bn (+58%)
Managers
440 wealth & asset management firms (+19% YoY)
Ecosystem
7,700 active registered companies (+25% YoY)
Client Profile
Asset managers, family offices, private wealth, banks, corporates, hedge funds
Revenue Profile
High volume, lower average revenue per client
TAM Conclusion
Largest volume-weighted TAM, most competitive fee environment
Recommended

ADGM

Abu Dhabi
"The Capital of Capital" — Institutional Hub
AUM
+245% growth FY24; +42% H1 2025
Managers
150+ asset/fund managers; 200+ funds in 2025
Ecosystem
+42% YoY growth in active entities H1 2025
Client Profile
SWFs, state-linked platforms, global PE & alternatives, significant hedge funds
Revenue Profile
Fewer clients, highest average mandate size, complex cross-border work
TAM Conclusion
Highest revenue-weighted TAM per client despite smaller firm count

KAFD

Riyadh
Sovereign Wealth & National Champion Hub
AUM
No published data. Capital anchored by PIF / Vision 2030
Managers
Rapid growth in licensed managers relocating to Riyadh HQs
Ecosystem
Strong YoY expansion driven by policy & sovereign mandate flow
Client Profile
PIF, PIF portfolio companies, national champions, Saudi-anchored managers
Revenue Profile
Large mandates, primarily domestic / KSA-centric, relationship-led
TAM Conclusion
Deep but concentrated TAM, tied closely to Saudi sovereign balance sheets
The ADGM Advantage

Institutional DNA matches Mourant's DNA

ADGM is where the SWFs, the state-linked investment platforms, and the global PE managers operate. Fewer clients, but the highest average mandate size and the most complex cross-border work. That is Mourant's sweet spot — not volume, but value.

First-Mover Window
MaplesDIFC + ADGMEst. 2005
WalkersDIFC onlyEst. 2005
OgierDIFCEst. 2023
HarneysDIFCEst. 2026
MourantADGM (target)2026 →
03
Competitive Landscape

A 20-year duopoly is finally cracking open. Ogier entered in 2023. Harneys in 2026. The market is in motion.

9 offshore law firms operate in Mourant's space. Only 2 have been in the UAE for more than 3 years. The window for establishing a credible, differentiated presence is now.

Incumbent Duopoly — 20 years
MaplesBand 1
DIFC + ADGM — Since 2005
WalkersBand 1
DIFC only — Since 2005
New Wave Entrants
OgierNew entrant
DIFC — Est. 2023
HarneysNew entrant
DIFC — Est. 2026
MourantNext
ADGM — Targeting 2026 market entry
Mourant's Competitive Edge

The Clifford Chance of Offshore

Mourant is recognised as the gold standard in offshore law. Exemplary quality, global reputation, institutional trust.

Unique Corridor Play

Physical presence in HK, Cayman, BVI, Jersey and Luxembourg. No other offshore firm can match this cross-border infrastructure.

Multi-Entity Management

PE is the DNA — Mourant's sweet spot. Secondaries, fund admin, multi-vehicle structures. Each fund = recurring revenue.

04 — Target Audience

The Middle East 100

710 contacts across 100 target firms and 50 introducer law firms. Structured by segment, prioritised by mandate potential.

SWF & Corporate

Addressable
16 GCC SWFs
Mourant Target
15
Contacts
90

Asset Managers

Addressable
350 UAE / 20 KSA
Mourant Target
50
Contacts
150

Family Enterprises

Addressable
150 GCC
Mourant Target
35
Contacts
140

Law Firms & Banks

Addressable
80 & 30
Mourant Target
55
Contacts
330
Abu Dhabi's Sovereign Wealth Funds
$1.1T+
ADIA
Largest, less active
$330B
Mubadala
Most active — $29.2B deployed in 2024 across 52 deals
$263B
ADQ / L’IMAD
Fastest growing — assets doubled in 4 years

Sheikh Tahnoon bin Zayed Al Nahyan chairs multiple funds and entities, directing Abu Dhabi's capital deployment strategy. Associated entities — G42, Lunate, Royal Capital — represent quasi-state investment platforms and additional entry points.

05
Go-to-Market

Bilateral Engagement

Unscalable but essential
Direct 1:1 relationship building — Rich in-market
Fly-in partner support from Jersey, Cayman, HK
380+ direct contacts across MME100
330+ introducer contacts via onshore law firms
Mourant Edge

Digital Content Engine

The capability no competitor has built
Content flywheel — short-form (LinkedIn), mid-form (insights), long-form (whitepapers) published on a dedicated ME content calendar
Pre-loaded CRM pipeline — 710 contacts across MME100 and Legal50, segmented by firm type and jurisdiction
Inbound at scale — digital marketing to drive leads while competitors rely solely on in-person meetings
Firm-first approach — Mourant’s CMO backs this as a game-changer that puts Rich ahead of every offshore peer in the region
Content Flywheel
Short-form
LinkedIn posts
Mid-form
Insights
Long-form
Whitepapers

Events

Highest conversion channel
Mourant-led branded initiatives
Co-branded with Legal50 and enabler ecosystem
Selective 3rd party events for highest ROI
Oct 2027 Leadership Conference in Abu Dhabi
Why This Matters

“Every offshore law firm in the UAE runs the same playbook: fly in, shake hands, attend a conference, fly home. Rich is building something none of them have — a digital content engine that generates inbound pipeline at scale while he sleeps.”

Capability Comparison
Fly-in meetings✓✓
Conference circuit✓✓
Digital content engine✓
Inbound lead generation✓
710-contact CRM pipeline✓
Dedicated content calendar✓
CompetitorsMourant
Dual Origination Model
A

Direct — End User Access

Build internal touchpoints within SWFs, asset managers, and family enterprises. Direct relationship with the decision-maker. Win a Mubadala JV with KKR directly.

B

Indirect — Onshore Law Firms

Allen & Overy, Kirkland & Ellis, Addleshaw Goddard — they know the royals, they originate the mandates. Mourant takes the offshore expertise (80/20 fee split). USP: willingly partner, not compete.

Meet Your Middle East Lead
06 — Financials

3% → 10% of firm revenue by 2030

Excluding litigation (sporadic, lucrative but unpredictable), the Middle East is on a clear growth trajectory from £2.8m to £5.5m over the planning horizon.

FY2024
Law£1.7m
MGS£1.1m
Total£2.8m
FY2025
Law£3.1m
MGS£1.3m
Total£4.4m
FY2026
Law£3.4m
MGS£1.5m
Total£4.9m
FY2027
Law£4m
MGS£2m
Total£5.5m
£2.7m
Litigation (excluded)
£1.5m
MGS Revenue FY26
£0.6m
FinCorp / Funds / ITPC
07
Millions Entrust Their Business With Rich

Proof of concept is already in motion. Five significant mandates landed in the current period — each originated through a different channel.

01

Mubadala / MGX

JV between Mubadala and G42. Largest fund ever raised in the Middle East (~USD 50bn). Onshore counsel A&O Shearman with ~180 lawyers. Multiple Cayman and ADGM vehicles.

02

Public Investment Fund

High-profile Saudi client originated through Kirkland & Ellis. Strategically significant transaction for one of the region's most influential investors.

03

Abdul Latif Jameel

Corporate governance project assessing risk profile for entire Jersey structure. Mourant approached directly by GC based on internal recommendations.

04

Saudi Telecom Company

Instructed by Addleshaw in KSA for group restructure.

05

Rakiza

Jersey-domiciled US$1bn successor infrastructure fund via Gibson Dunn. Jersey managing GP, Oman-licensed adviser, 10 GCC SWF investors.

09 — The Ask

What is required from you?

Five decisions that unlock Mourant's Middle East opportunity.

01

Green Light

Proceed with UAE market entry — ADGM as primary jurisdiction

02

ME Working Group

Partner KPIs linked to Middle East strategy

03

Digital Marketing

Dedicated ME digital marketing plan including website

04

Content Calendar

Sustained content creation to drive inbound pipeline

05

Leadership Conference

October 2027 staged in Abu Dhabi — 100 people, 2/3 equity partners

The Conclusion

Not if Mourant

invests in the Middle East.

How much.

Mourant
February 2026