Sustained investment and financial growth in the Saudi economy is behind Jones Day’s unprecedented decision to launch three new offices (Riyadh, Jeddah and Alkhobar) in the Kingdom, said the firm’s Europe/Middle East partner-in-charge Mary Ellen Powers.
The firm previously had a presence in Saudi Arabia in the late 1980s but due to the limited and restrictive scope of work available to foreign law firms, the firm was forced to exit the country in the early ‘90’s.
“The market for legal services in Kingdom of Saudi Arabia (KSA) today is significantly different. Much of the change has resulted from the sustained – and successful – effort by the Saudi government to create a broad-based economy by privatization of large segments of the economy. Now, 40% of the Kingdom is produced by the private sector; and there also exists significant inbound and outbound investment and finance activity which requires sophisticated legal services,” Powers said.
According to Powers, a real presence on the ground is required for the firm’s Middle East strategy to be effective. These offices will focus on project finance, M&A and dispute resolution.
Jones Day will practice in association with Alsulaim Alawaji & Partners Law Firm, with former Jones Day partner Yusuf Giansiracusa re-joining the firm as partner-in-charge resident in the Riyadh office, which opened on 1 Jan 2011. Name partner Alawaji interned with Jones Day before establishing his firm with Osama Alsulaim in 1990, and Giansiracusa started his career with Jones Day. “And so, with a relationship that stretches over decades, an alliance was ‘a natural evolution’ of the relationship” Giansiracusa said.
“We will start small in each office with one partner and one associate and we would expect to add a couple more lawyers in most of the offices in the next two years,” said Giansiracusa.
The Jeddah and Alkhobar offices of Alsulaim Alawaji & Partners/Jones Day will be officially launched later this year. Fahad Habib will relocate from Jones Day’s Washington office to head up the Jeddah office, while energy, M&A, finance and corporate partner Oliver Passavant will lead the firm’s Alkhobar office.ALB
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