Big Law firms rushing to expand their reach in Saudi Arabia are seeing more competition, even as slumping oil prices float a gloomy cloud over deals work across the Middle East.
Nearly four dozen multinational law firms launched or expanded practices in Saudi Arabia in the past two years, following a rule change allowing them to operate independently. The firms were lured by the prospect of steering diverse projects backed by the kingdom’s $700 billion Public Investment Fund, but an oil-price dip has widened the government’s deficit and threatens to slow business opportunities across the region.
“Even as we’ve ...
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