Despite a slew of eye-wateringly expensive deals in the region, international law firms could be forgiven for being hesitant to expand in the Middle East, as a narrative of simmering political tensions in the region rumbles on amid fluctuating oil prices.
But with Saudi Arabia ramping up its efforts to diversify its revenue stream and lessen its dependence on oil as part of its Vision 2030 initiative, lawyers working in the region say the market is abuzz with interest over the kingdom’s opening up to foreign direct investment.
