When Saudi Aramco went ahead with its IPO in December 2019, raising $25.6 billion, it was the largest such sale the world had ever seen, eclipsing even Alibaba’s 2014 debut on the New York Stock Exchange, and belying the idea that the Middle East was a backwater unsuited to the ways of global finance.
Law firms based in the region have had a field day, with a select group of Tier 1 firms reaping dividends. Allen & Overy, Clifford Chance, White & Case and Baker McKenzie, have been among those to hit the jackpot. The betting is that the remainder of 2023 is going to be strong in the region.
