Lands of opportunity

When Latham & Watkins makes a serious strategic move, everyone takes notice. So when it hired Rindala Beydoun from Vinson & Elkins in February to spearhead its move into the Middle East and quickly announced plans to open offices in Dubai, Abu Dhabi and Doha at almost the same time, peers had a fit.

‘You can’t underestimate the effect this has had on the market,’ Mark Anderson, managing consultant at the Dubai office of Laurence Simons, says. ‘It’s the highest profile firm to move into the Middle East, and it will be creaming off the top-level work throughout the region. Its decision to open three offices at once is a clear statement of intent.’

As the summer came to an end in 2007, western banks began to realise that the economy had also started to cool. Months of panic and sub-prime turmoil may have been eased by the decision of America’s Federal Reserve to assist JPMorgan Chase to rescue Bear Stearns, but as banks continue to feel the squeeze, an attitude of cautious optimism seems the best possible outlook.

Worryingly for the US and the UK, uncertainty at home has only increased the attractiveness of the emerging markets. Dubai, as the gateway to the east, has continued to thrive. The Middle East has never had it so good.

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