Clyde & Co to launch jointly-owned firm with Saudi partner
Clyde & Co is to formally integrate with its affiliate firm in Saudi Arabian capital Riyadh, making it the second international outfit to launch a Saudi and foreign-owned company in the Kingdom.
September 22, 2014 at 04:14 AM
3 minute read
Clyde & Co is to formally integrate with its affiliate firm in Saudi Arabian capital Riyadh, making it the second international outfit to launch a Saudi and foreign-owned company in the Kingdom.
In a statement today the firm said it had received approval from the Saudi authorities to open an office under the Clyde & Co banner, functioning as a joint operation with local outfit Abdulaziz Al-Bosaily Law Office, with which it has had an association since 2009.
The partnership will be 75% owned by Clyde & Co and 25% by Abdulaziz Al-Bosaily – the current owner and managing partner of the local outfit, who is also a partner of Clyde & Co.
Another partner and 11 fee earners will become Clyde & Co employees with the restructure, which the firm hopes to finalise by early 2015.
The move will take Clyde & Co away from the traditional associated office model, and is understood to be a major step forward for the firm as it looks to expand its Saudi business.
It comes just nine months after Clifford Chance launched a joint Saudi and foreign owned law firm with two partners from local outfit Al Jadaan – its former alliance firm.
Al-Bosaily – who previously oversaw DLA's Saudi business and also worked for Al Jadaan as legal counsel – will head the office and act as the general manager of the new structure.
Construction partner Ben Cowling, who has been resident in KSA since 2012, will continue to be based in the Riyadh office and assist with management.
"The first advantage is that we can obviously brand ourselves as Clyde & Co in Saudi, which is important for linking with the international network," he said.
"It enables us to integrate the staff and means career paths for those working towards partnership are clearer.
"Also we can recruit or open offices elsewhere [as Clyde & Co] – it gives us more options. The big picture benefit is that it wil demonstrate to clients that we are serious about being here."
Jonathan Silver, head of Clyde & Co's Middle East and North Africa practice, said: "The registration of a Clyde & Co office in Saudi Arabia is very much a part of our regional strategy. It reflects the strength of the relationship we have built with Abdulaziz since we created the association 5 years ago and the confidence we have in him and the team in KSA.
"The Saudi economy continues to be the largest and most attractive in the AGCC and with the strength and depth of the offering we provide to local and international businesses, we have very high hopes for the growth of our Saudi practice through the new structure over the coming years."
Clyde & Co currently has five offices in the Middle East and Africa, located in Abu Dhabi and Dubai in the UAE, Doha in Qatar, Riyadh in Saudi Arabia, and Tripoli in Libya.
In Saudi, 75% of the team are Saudi nationals. It is supported by Clyde & Co's wider regional team, which includes more than 140 lawyers.
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