Business of Law: The Middle East
Type
E-journal
Date
7 May 2010
Jurisdiction
Saudi Arabia, Abu Dhabi, Dubai, UK
Taxonomy
Lending & Security, Sole Trader, International Institutions & Organisations, Companies & Corporate Bodies
Copyright
LexisNexis
Associated digest links
Shortage of Islamic Finance Expertise Holds Back London, LNB News 09/11/2009 58
Analysis
Law firms have been investing in offices in the Middle East as a hedge against the UK downturn. But is this a wise decision and should other smaller firms join the trail south-east? Simon Adams of Clyde & Co in Dubai and Nick Carter-Pegg of BDO talk to Neasa MacErlean
When the downturn started in 2008, several international law firms made a strategic decision to concentrate more resources on the Middle East. Not only is the Middle East the producer of a third of the world's oil but Dubai, in particular, was in the midst of a property boom. In fact, as we all know, that boom turned to bust 18 months ago, many properties fell 60 per cent in value and parts of the Middle East were also hit by their own financial crisis.