Kuwait > Legal market overview
Kuwait’s economy experienced a perfect storm of events with the bursting of the Dubai bubble, the ‘Arab Spring’, and volatility in global financial markets converging on the jurisdiction.
Banking and finance lawyers were left with restructurings in lieu of deals after investor confidence dipped, and project finance entered a period of uncertainty, with PPP projects struggling to come full circle. By contrast, dispute resolution lawyers saw an uptick in work.
On the legislative front, the new Capital Markets Law, despite concerns about its implementation, has provided the regulatory framework for future investment. It aims to provide foreign investors with assurances about the safety of the Kuwaiti market. Recent PPP legislation, designed to boost infrastructure with private sector capital, is expected to generate projects work as it moves beyond a problematic introductory phase.
The market has two international law firm associations in place, namely The Law Office of Dr Ahmad Al-Samdan in association with SNR Denton & Co and DLA Piper Kuwait in Association with (NEN) Al-Wagayan, Al Awadhi and Al-Saif. However, both firms experienced partner departures towards the end of 2011.
Allen & Overy LLP, Ashurst LLP, Baker & McKenzie, Clifford Chance, King & Spalding LLP, Linklaters LLP and Norton Rose (Middle East) LLP also remain active in the jurisdiction.
ASAR – Al Ruwayeh & Partners (In Association with Stephenson Harwood) is the leading domestic firm.