Gide Loyrette & Nouel closes three offices in the Middle East

October 28, 2010 French firm Gide Loyrette & Nouel has announced that it will close its Abu Dhabi, Dubai and Riyadh offices, eliminating its presence in the Middle East region.

The firm – which opened its Riyadh office in 1978, pointed to the drop off in transactions work, as well as increased competition from English firms.

“Dubai is shrinking dramatically so whatever remains of work in construction and, in some cases project finance, would naturally go to those English firms that have been there for ages,” said the firm’s managing partner Pierre Raoul-Duval. “The return of investment there was unsure, and we weren’t sure we could offer young lawyers a future.”

The firm is also set to close offices in Prague and Belgrade.

Read more at asia.legalbusinessonline.com.

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