Why are investors pulling out of Saudi Arabia?

[Salma]

The stock market in Saudi Arabia plunged as the nation prepare for sanctions over the 'disappearance' of journalist Jamal Khashoggi. In fact, stocks have dropped more than 9% since Khashoggi 'disappeared' almost three weeks ago. Further impact on the nation include:

1. The stock market tumbling has impacted the nation's 2030 vision which aims to increase foreign investment, boost tourism and grow the private sector.

2. Richard Branson has pulled back from two projects to develop red sea tourism and allegedly suspended talks with Saudi government about a $1 billion investment in his space companies.

3. Finally, a huge investment conference named 'Davos in the Desert' scheduled next week has seen some prominent speakers and participants drop out. The drop outs include CEO of JPMorgan (Jamie Dimon), executive chairman of Ford (Bill Ford) and CEO of Blackrock (Larry Fink and Stephen Schwarzman)

Anyone up for a paragraph on impact on law firms?

 

[Jaysen]

The stock market in Saudi Arabia plunged as the nation prepare for sanctions over the 'disappearance' of journalist Jamal Khashoggi. In fact, stocks have dropped more than 9% since Khashoggi 'disappeared' almost three weeks ago. Further impact on the nation include:

1. The stock market tumbling has impacted the nation's 2030 vision which aims to increase foreign investment, boost tourism and grow the private sector.

2. Richard Branson has pulled back from two projects to develop red sea tourism and allegedly suspended talks with Saudi government about a $1 billion investment in his space companies.

3. Finally, a huge investment conference named 'Davos in the Desert' scheduled next week has seen some prominent speakers and participants drop out. The drop outs include CEO of JPMorgan (Jamie Dimon), executive chairman of Ford (Bill Ford) and CEO of Blackrock (Larry Fink and Stephen Schwarzman)

Anyone up for a paragraph on impact on law firms?

Me!

(tomorrow)

 

[AJ]

I know The Lawyer is a paid for subscription, but they this week had a really good piece on the the legal environment in the UAE: Shifting sands in the UAE as international firms pull back.

@Jaysen @Selma95 would definitely recommend if you're interested in the topic/region.

 

[Salma]

I know The Lawyer is a paid for subscription, but they this week had a really good piece on the the legal environment in the UAE: Shifting sands in the UAE as international firms pull back.

@Jaysen @Selma95 would definitely recommend if you're interested in the topic/region.

I am interested, thanks

 

[Jaysen]

Thanks AJ. I've come across a lot of firms pulling out of the Middle East when writing up the insights so very interesting to see why.

Here it is for anyone else: https://www.thelawyer.com/middle-east-law-firms/. I don't believe it's under a paywall but you do need to have signed up to The Lawyer.