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Legal market overview
Thanks in large part to its oil reserves, the Saudi economy remains the most stable in the region. Infrastructure development continues to be a key driver in job creation; a significant proportion of the Kingdom’s annual development budget is focused on education and healthcare projects, while the ongoing trend towards outbound investment has seen local companies investing in projects around the world. Renewable energy has not taken off in quite the way that was expected, but it remains a key area.
In a significant legal market development, Clifford Chance LLP and Clyde & Co became the first firms in the Kingdom to establish joint Saudi and foreign owned law partnerships.
Legal Advisors, Abdulaziz I. Al-Ajlan & Partners in Association with Baker & McKenzie Limited and Hammad Al-Mehdar & Co in alliance with Simmons & Simmons LLP expanded their regional coverage by opening second offices. Following the merger of Squire Sanders and Patton Boggs, legacy Squire Sanders’ Middle East practice opted to exit from the merged firm and establish a separate regional practice with offices in Lebanon Kuwait and Saudi Arabia, where it is operating as Al-Enezee in Association with EK Partners. Squire Patton Boggs continued its partnership with former Patton Boggs affiliate partner Khalid Al-Thebity and his Riyadh-based firm. The merged firm operates in Saudi Arabia as Khalid Al-Thebity Law Firm In Affiliation With Squire Patton Boggs.
Legal Business: country analysis
Behind the veil – Can Islamic finance live up to the sales pitch?
Islamic finance flourished during the downturn and has
emerged as a significant practice for both Middle East and international firms. How sustainable is the workflow and what lies ahead for the key players?
Click here to read the feature.
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The size and progress of the modern Saudi economy has naturally lead to more advanced legislation. A landmark development was the launch of the "King Abdullah Project to develop the Judiciary" which has rebuilt the Saudi judicial structure. This new Saudi Arbitration Law  which has received the Royal Ascent Last April ("Arbitration Law") is another cornerstone in building regulatory reform. This means that all the constitutional procedures for the Law to be binding and effective with the exception of publication in the local Official Gazette Um Al Qura. The Law will become effective thirty days as of its publication date -and it has not been published yet.
by Jeremy Scott - firstname.lastname@example.org
VEGAS LEX is expanding cooperation with Russian book-publishing businesses. Its new client is a major and greatly respected publisher of educational material, Prosveshcheniye.
On April 27, 2015, VEGAS LEX was recognized in two new categories of Chambers Europe 2015, and a number of VL professionals were recognized on the world level.
On May 12-15, 2015, the Public-Private Partnership Development Institute organized a professional development program for Rostelecom staff on PPP projects. VEGAS LEX experts were invited to speak at training sessions.
Andreas Neocleous & Co LLC advised and assisted KKCG Group with its recent acquisition of an additioAndreas Neocleous & Co LLC advised and assisted KKCG Group with its recent acquisition of an additional 22.35% stake in the investment fund Emma Delta, which owns a 33% interest in the Greek lottery group OPAP. Following the completion of this transaction, KKCG will be the largest investor in Emma Delta, and will hold an effective stake of almost 14.8% in OPAP.
On Thursday, 26 March 2015, the French Competition Authority made a ruling (15-D-04) in a case involving an agreement between millers on a double concerted increase in the price of flour sold in bakeries in 2007. Of the twenty companies implicated at the end of the investigation, only three were ultimately penalised. CMS Bureau Francis Lefebvre represented the interests of Moulin de Sauret.- CMS
Igor Chumachenko,VEGAS LEX Partner and Head of the Real Estate, Land & Construction Practice, has spoken at a conference during the REX forum that focused on the legal and economic risks for developers.
Zavadetskyi Advocates represented the Ukrainian subsidiary of AXA Insurance in criminal investigations of USD 9 million and USD 1.2 million damage events with the insured assets in the war zone in Eastern Ukraine. Within the investigation procedures advocates of the bureau proved that the events are to be qualified as excluded from the insurance coverage. Following the investigations Zavadetskyi Advocates proceeded with representing the client in the ensuing commercial litigation.
The participants of the Korporativny Yurist magazine’s webinar discussed the structure of contractual relationships and dispute resolution practices in construction with VEGAS LEX expert Nikolay Andrianov.
SK Capital Partners, a US-based private investment firm with focus on the specialty materials, chemicals and healthcare sectors, has acquired a controlling interest in AEB Group, a global leader in wine ingredients with growing positions in beer ingredients and food detergents. Headquartered in Brescia, Italy, AEB Group operates a network of production facilities and laboratories throughout Europe and the Americas.
Valora has signed an agreement to sell Valora Warenlogistik AG to 7Days Media Services GmbH. Valora Warenlogistik includes Valora's activities in the warehouse and transport logistics sector in the German and Italian speaking part of Switzerland. The transaction is subject to approval by the competent merger control authorities.