Baker McKenzie today announced it has received a Regional Headquarters (RHQ) licence from the Ministry for Investment of Saudi Arabia (MISA), in addition to acquiring a majority stake in its associated firm in the Kingdom.
The firm, previously known as ‘Legal Advisors Abdulaziz Alajlan & Partners in association with Baker & McKenzie’ in Saudi Arabia will be known as ‘Baker McKenzie Law Firm’, operating under the Baker McKenzie brand, according to a statement released on Monday.
The RHQ will be based in Riyadh and managed by Karim Nassar, a senior legal consultant specialising in capital markets, M&A, and funds.
Details of the majority stake have not been disclosed.
Baker McKenzie has been active in Saudi Arabia and the Middle East region since the 1970s, either directly or in co-operation with local law firms. In Saudi Arabia, it has a longstanding association with Legal Advisors, a law firm established in 1998. Meanwhile, in the UAE, Baker McKenzie recently parted ways with prominent UAE law firm Habib Al Mulla & Partners, which has since operated independently.
Baker McKenzie has a total of eight offices in the region, including two Saudi offices in Riyadh and Jeddah.
“This is a positive milestone in the year we celebrate more than 45 years of supporting clients with their business dealings in and with Saudi Arabia,” said Milton Cheng, global chair of Baker McKenzie, in a statement. “Both developments demonstrate our commitment to this fast-growing economic hub and are further evidence of our continued investment in the MENA region more broadly.”
Nassar added: “We look forward to continuing to advise our clients on their most complex cross-border matters, including in the context of Vision 2030 and the diversification of the Saudi economy. We are also thrilled to have acquired an equity interest in Legal Advisors, after so many years of seamless collaboration with them, and to begin operating in the Kingdom under the Baker McKenzie brand.”
Saudi Arabia’s RHQ programme came into effect on January 1, 2024, requiring multinational businesses to move their regional headquarters to the Kingdom should they wish to contract with government organisations, agencies, or funds.
It is part of Vision 2030, which aims to grow the Kingdom’s economy by diversifying the private sector.
Kirkland & Ellis was the first international law firm to establish its Riyadh office as its regional headquarters, though it only has one office in the Middle East. Other law firms to do so include DWF, Clyde & Co, Greenberg Traurig, Latham & Watkins, and White & Case.
