Jun 23, 2017 11:40 AMJHI wishes our many friends in the Muslim world a happy Eid al-Fitr. We hope you enjoy the celebration of the spiritual, intellectual and human growth you and your families achieved during the month of Ramadan.We would also like to advise clients and friends who do not observe this holiday to expect office closures throughout the Middle East region, including JHI resources in Saudi Arabia & the United Arab Emirates, during the holiday.
Jul 5, 2016 2:41 PMJHI wishes our many friends in the Muslim world a happy Eid al-Fitr. We hope you enjoy the celebration of the spiritual, intellectual and human growth you and your families achieved during the month of Ramadan, despite the challenges to peace and security during the Holy Month this year. We would also like to advise clients and friends who do not observe this holiday to expect office closures throughout the Middle East region during the holiday.JHI will continue its expansion in the region and hopes that, even as they mourn those lost this past week, the good people of Medina, Jeddah and elsewhere in the Kingdom celebrate God-given life and its highest pursuits.
In the United States, we celebrated the 240th anniversary of our Independence on July 4. These past several weeks have seen barbarity at its worst. With specific reference to the terrorist attack at Medina, we in the Land of Liberty, irrespective of faith, stand with and pray for the innocent victims of that atrocity. Everyone has a right to freedom from terror.
While the savage primitives of ISIS/IL are strongly suspected of coordinating the attack in Medina and other places throughout Saudi Arabia, no group as of the date of this writing has claimed responsibility and the motives of the suicide bomber in Medina are as yet unknown. It was nonetheless a murderous act of barbarity that the whole of the civilized world must reject. ANY "cause" served by the use of Terror as a tactic must, summarily, be deemed illegitimate.
Further, when terrorism is employed, the actors betray their so-called "cause" to be nothing more than a pretext for a war of conquest. This is the reality civilized people across the globe must face with the determination that any such enemy will be defeated and placed in history's rubbish pile, along with so many other would-be tyrants of the past.
Dec 22, 2015 10:19 AMThe Law Firm of JASON HUF INTERNATIONAL, pc (JHI) will close the doors of its New York HQ Office for the Christmas and New Year Holidays starting today, December 22, 2015 at 5:00pm.
JHI will resume regular business hours on Monday, January 4, 2016. As usual, because of necessary and prudent building security measures, office visits in 2016 will be by Appointment Only.
During the Holiday Season, the Jeddah office and the Khalil Khazinar Law Firm will remain open. In the event of an urgent matter arising during the Holidays, Mr. Huf can be reached directly by e-mail.
From everyone at JHI, Merry Christmas!! And, best wishes for a happy and prosperous New Year!
Sep 16, 2015 2:24 PMDuring King Salman's recent visit to Washington, DC, members of the Saudi delegation issued several announcements concerning planned commercial reforms and other developments that could prove significant to Foreign Direct Investment (FDI) in Saudi Arabia (KSA) as the Kingdom looks to broaden its economy at a time when low oil prices are projected to be the norm for the medium term. We will highlight some of the more significant announcements in this and subsequent notes.
While Saudi Arabia remains committed to continuing its current record-setting output of light sweet crude (one of the major factors contributing to low oil prices), the KSA is now facing projections of massive budget deficits and rapidly depleting cash reserves. Increased FDI, particularly from the United States, appears to be critical to the KSA's strategy for coping with the downsides of consistently low oil prices.
Reforms in the Arab world often begin with teasers that function as "trial balloons". This note will reference such a trial balloon floated by a Saudi official associated with the Deputy Crown Prince. In a closed door meeting with business leaders in DC, this official announced that the Kingdom is considering opening the Saudi banking market to permit entry of additional foreign banks - especially American ones - wishing to do business in the Kingdom. In additional to financing major projects, it is hoped that such banks would also cater to small businesses and individual depositors.
Even with the recent entry of a branch of a bank based in fellow Gulf Cooperation Council (GCC) Member State Qatar, Saudi Arabia is still seen as, perhaps, the most "under-banked" market in the world. To attract additional FDI, which has been in slight decline in recent years, some see the entry of additional Foreign banks and the capital they bring as critical. Entry by foreign banks based elsewhere in the GCC has been helpful, but it will take the power of additional American and other western banks to take a more broad-based growth to the next level.
Not stated, but understood, in this announcement is Saudi Arabia's desire that western powers continue to see that they have a stake in the stability of the Kindgom vis-a-vis its continuing conflict with Iran and, increasingly, Russia.
Of course, the devil is in the details: What will be required to gain entry? And, once in the market, how secure is a bank's investment in the Kingom and how will such a bank be regulated and taxed? How might such a venture impact an investing bank's legal and regulatory position at home?
JHI will continue to track the flight path of this trial balloon and let you know where it lands...
Jul 17, 2015 1:11 PMJHI wishes our many friends in the Muslim world a happy Eid al-Fitr. We hope you enjoy the celebration of the spiritual, intellectual and human growth you and your families achieved during the month of Ramadan.
We would also like to advise clients and friends who do not observe this holiday to expect office closures throughout the Middle East region during the holiday.
Jul 28, 2014 2:48 PMJHI wishes our many friends in the Muslim world a happy Eid al-Fitr. We would also like to advise clients and friends who do not observe this holiday to expect delays in certain services, and possible disruptions of projected time frames, due to office closures throughout the Middle East region during the holiday.
Jason Huf International, pc
"Exploring the Boundaries of Your Business."