Overview
One of the smallest and richest countries of the Arab world, Qatar’s burgeoning economy stems from its oil and natural gas revenues. The country’s wealth continues to grow year upon year and the government is now focusing on the construction and infrastructure projects to support such an economy, which is expected to double to approximately $150bn in around five years. Thousands of expatriate workers have been brought in to assist on projects intended to showcase Qatar globally.
Law firms are benefiting from the focus on urban development, which is set to increase, following Qatar’s successful bid to host the 2022 World Cup. Large-scale instructions come from key domestic clients Barwa and the QIA, which are focused on driving the country’s vision to become a major international hub for investment. In 2010, Barwa Real Estate Company acquired the assets of the Qatar Real Estate Investment Company (also known as Alaqaria) in exchange for shares in Barwa. This has been a major source of legal activity and resulted in the conglomerate becoming Qatar’s largest listed real estate company, with a combined market capitalisation of over $3bn.
In order to appeal to domestic clients, more international firms are establishing a presence on the ground. The most recent arrivals are White & Case LLP and Allen & Overy LLP, in 2009 and 2010 respectively. However, soon after opening its doors to the Qatari market, White & Case LLP lost 13 partners across the Middle East to Latham & Watkins LLP, prompting a shake-up of lawyers not only in Doha, but across the region.