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Legal Market Overview

Kuwait, which is now under the reign of Nawaf Al-Ahmad Al-Jaber Al-Sabah, has a stable social, political and economic landscape. The economy, much like those of Arab neighbours, is heavily reliant on oil, amounting to nearly half of its GDP. Kuwait holds approximately 7% of the world’s oil reserves but is seeking to diversify its economy away from oil and into social infrastructure and tourism.

Whilst there was significant interruption in the financial market, there has been an uptick in transactional work with a rise in private M&A, despite the COVID measures in place.

Within the legal market, practitioners have seen an uptick in mandates connected with the technology, health and telecoms industries. The e-commerce sector is seen an emerging market and shows promising signs of growth due to high internet penetration, a young population and domestic investments, according to KPMG.

The Kuwaiti legal market remains closed to international law firms and they do not have a presence. Foreign entities cannot operate or own a company in the country unless it has a Kuwaiti partner(s) who owns at least 51% capital of the company. Key players include strong local firms Al Markaz Law FirmAl Oula Law Firm (Adel Abdulhadi & Partners)Meysan Partners and ASAR – Al Ruwayeh & Partners, as well regional firm Al Tamimi & Company.