Hey! This is a really good question in my opinion, and I think Saudi is a great option to consider in your answers. I remember talking about the expansion in the region during some questions that popped up in my cycle too.
The country is undergoing some major changes to grow its economy and reduce reliance on oil. This is part of Vision 2030, which is basically Saudi Arabia’s plan to bring in more foreign investment, create new industries (beyond oil), and make the country a more business-friendly place. A big part of this vision is attracting top law firms to set up shop in Saudi Arabia.
In 2023, Saudi Arabia made changes to its laws to make it easier for foreign law firms to operate there. For example, they reformed their Code of Law Practice to make things smoother for firms to get a license. But, there are still some conditions to follow, like having two partners based in Saudi Arabia for at least 180 days a year and ensuring that at least 70% of the lawyers in the office are Saudi nationals.
I believe the country is an attraction to law firms as it’s investing trillions into its economy, with $3 trillion in sovereign wealth funds. These funds need legal advice for big international deals. Plus, with the new Investment Law, foreign companies have more incentives to set up in Saudi Arabia, which means more business for law firms. The government is also offering benefits like tax exemptions and special permissions for firms that set up a Regional Headquarter (RHQ) in the country. An RHQ serves as the main hub for the entire Middle East and North Africa region, not just a local office.
And the deal flow is booming! Just look at Saudi Aramco’s IPO in 2019 which I think raised over $25 billion. There are more IPOs and high-value deals happening, which is creating lots of work for corporate lawyers.
