Clyde & Co has announced it will open a new office in the Libyan capital of Tripoli; the first international firm to do so following the deposition of former Libyan leader, Muammar Gaddafi.
Libyan lawyer Albudery Shariha will join the firm from the Libyan Investment Authority, where he was general counsel, to head the Tripoli office. He will be joined by four associates by the time the office opens on Aug. 1. Clyde & Co has indicated that given the level of enquiries received, it will be actively recruiting both Libyan and international lawyers in the coming months.
“Libya is embarking on an exciting new phase this month, and there are significant opportunities as the country rebuilds,” said Shariha in a statement.
Libya's economy is expected to rebound sharply this year from a deep contraction it underwent in 2011 as oil production recovers and the country rebuilds after the civil war, according to Reuters. The International Monetary Fund (IMF) is forecasting growth in Libya to skyrocket by 116.6 percent in 2012, following a contraction of 60 percent last year.
Growth next year, meanwhile, is likely to slow to 16.5 percent and to 13.2 percent in 2014 as the economic effects of the war wane, the IMF added.
Clyde & Co projects partner Adrian Creed, who has extensive experience in advising companies on doing business in Libya, will work between the firm’s Abu Dhabi and Tripoli offices. The Tripoli-based team will be supported by dedicated multilingual Libya desks in London and Abu Dhabi.
“We expect to undertake a mix of contentious and non-contentious work for Libyan government entities and international clients,” added Creed in a statement. “A large number of companies are actively exploring opportunities in Libya, and we envision a steady increase in activity.”
The firm has been present for nearly 25 years in the Middle East, and operates from offices in Abu Dhabi, Dubai, Doha and via an associated office in Riyadh. Clyde & Co is currently advising the Libyan government on a number of matters.
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