Overview
The legal market is looking promising in The Hashemite Kingdom of Jordan with the government taking positive steps to boost exports and help local companies. There are also significant developments in the country’s energy sector and moves to increase private sector investment, with an increase in gas exploration and production, and renewable energy.
This is a welcome development for law firms in a country heavily reliant on oil imports for its energy. Jordan’s natural resources are limited to phosphates and agricultural produce, and the general economy is largely dependent on tourism and foreign aid, for which the US is the main provider.
Jordan is becoming the business capital of the region and is the investment destination of choice for many businesses. Firms report that the market is generally slow while it recovers from the global recession.
Aqaba, the major seaport, is playing a significant role in the expansion of Jordan’s economy with positive effects on infrastructure. Jordan’s recent efforts to drive economic growth by teaming up with the private sector for key projects bodes well for its economic development.
International law firms frequently advise clients in the region. Cleary Gottlieb Steen & Hamilton LLP regularly advises the Jordanian government, while White & Case LLP, Freshfields Bruckhaus Deringer LLP, and Mayer Brown International LLP advise Jordanian private-sector clients.