The regional real estate, construction and hospitality sectors have been turned upside down over the last two years, with Covid-19 bringing these sectors to a halt. The impact of the pandemic remains, however, the resurrection of these vital sectors across the region is a welcome relief because they support the development of modern cities, which in turn have attracted commerce and tourism to the Middle East and North Africa.
This latest edition of Law Update, provides vital insights, updates and commentary on the latest trends taking shape across the real estate, construction, hotels and leisure sectors. The articles within this edition cover a broad range of topics, from what’s next for real estate in Dubai, to commentary on Saudi real estate, a market that is set to become the main bedrock of the region for years ahead. You will find articles on reforming real estate laws in Qatar, foreign investment and ownership in Oman, and mitigating risks on hotel construction projects and the lessons learnt from Covid.Read the full report
Al Tamimi & Company has announced an expansion of its presence in Saudi Arabia by opening an office in Jeddah, the firm’s second office presence in the country.
Al Tamimi, the Middle East’s largest law firm, is currently going through an expansion phase, with new office openings in Oman, Bahrain and Egypt over the last 18 months. With the opening in Jeddah, the firm now has 16 offices located in 9 countries across the region.
The new Jeddah office will be led by Sumit Soni, who has previously practiced in Canada, the Cayman Islands and Saudi Arabia. Sumit has over seven years of experience in Saudi Arabia handling general corporate commercial matters, including M&A and joint ventures. He also advises clients on a wide range of Islamic finance and conventional lending matters.
Saudi Arabia’s economic outlook remains encouraging, despite recent lower oil prices. Ratings agency Fitch recently reissued an AA grade with a stable outlook for the country, while the IMF has forecast GDP growth of 4.5 percent for Saudi Arabia in 2015.
Commenting, Husam Hourani, Managing Partner at Al Tamimi, said: “We are delighted to be opening a second permanent presence in Saudi Arabia, which means we are now servicing clients in the country’s two largest legal markets, Riyadh and Jeddah.
“Saudi Arabian GDP is nearly 50% of the entire GCC so we recognise the importance of the market to both our clients and our own regional practice. This is reflected in our decision to open this new office.
“Our Jeddah office includes Saudi, Middle Eastern and Western lawyers, and we will be offering full service support to clients on the ground. The office will also be supported by Al Tamimi’s wider network around the region.
“The Jeddah office allows us to continue to build upon a number of our core regional strengths, including: construction, transport, employment, healthcare, hospitality, and dispute resolution.
“As we are one of the few international law firms with a license to advise on Saudi legal matters, we are able to provide a seamless service between our advisory and dispute resolution practices in Saudi Arabia. This is seen as a major plus by our clients.”
Sumit Soni, Head of Jeddah Office, added: “Our new Jeddah office enables us to support even more businesses and individuals in a market that continues to grow and offers exciting investment opportunities. We are licensed to practice in our own name, without requiring a local association, allowing us to ensure consistent and high quality legal services to all of our clients.
“Our brand name is well recognised in the Saudi Arabian market and we look forward to working with our existing local and international clients, which have inquired as to when our Jeddah office would be opening, as well as introducing our range of services to new clients.”
Through its original presence in Riyadh and wider regional office network, Al Tamimi has extensive experience advising local and international clients on a range of matters in Saudi Arabia, including funds, real estate and construction.
The firm’s second Saudi office will be located in Jameel Square, Tahlia Street, Jeddah.