By R. Jason Huf
Some of you may have obtained entry to the "Monastery" (as I've taken to calling my office) as and when business has required. However, for most of those reading this, I realize that I'm letting you in on a little secret: the advertised address of JHI's NYC HQ office is just a mail stop associated with a shared space & services operation on the 6th floor of good old 11 Broadway. To maintain my strict "No Pop-Ins" Policy, the exact location of the Firm Headquarters Office/ Monastery's actual physical presence is kept confidential, and that confidence is only breached when necessary.
Being able to advertise the mail stop as the office address, and the convenience of renting conference room space by the hour on the 6th floor, both enable me to concentrate on my work with minimal interruption. In addition to this "buffer", availing myself of the shared services when certain tasks need to be performed rather efficiently assists me with keeping costs down, which in turn contributes to my ability to maintaining hourly rates that are very competitive.
(As an old boss of mine used to say, "This is not the Fish Market"; but, with our competitive rates and innovative price structures, there may not be much need for you to bargain when seeking high-quality, world-class International Legal Services that your company can afford)
Perhaps most fundamentally to those of you (still) reading this piece, JHI can make available to your company the seamless provision of professional services spanning just about the entire legal prism, without having to figure massive overhead costs into our hourly rates (or more innovative billing arrangements). The outfit that runs the 6th floor operation only caters to attorneys, and many of these attorneys elect to house their firms and solo practices in physical office space on the site. Irrespective of the level of their arrangement, all who participate in some form or another are listed in a directory and, over time, some of us get to know each other reasonably well.
These attorneys practice in virtually every area of the law, and possess a variety of experience levels. In short, I have at my fingertips a storehouse of legal minds to draw upon, from commercial real estate specialists, to business litigators, to tax professionals - even a very smart fellow who focuses on energy trading. And, like myself, they tend to maintain a relatively unburdensome level of overhead costs, which in turn, permits them to be reasonable with their fees as well.
A few people still tend to think of my practice as rather narrow, until I dispell them of that illusion - JHI is a Commercial, Corporate, Energy & Banking law firm and we perform a wide range of services for clients hailing from a broad variety of industries. We just happen to have extensive experience in the Middle East, which may occassionally give rise to some folks instinctively thinking of JHI as a boutique servicing a particular "specialty" area. However, JHI's capabilities are even broader than I previously reasoned:
Between the NYC HQ, our Jeddah, Saudi Arabia Office, additional reources in the UAE (Abu Dhabi & Dubai) and access to Singapore and various major cities in India, JHI as a Brand is known as a capable provider of professional services in the Middle East and South Asia, ranging from company formation to arbitration, for those who have invested - or are looking to invest - in those regions in the world.
What JHI is not (yet) necessarily known for is our ability to assist businesses based in the Middle East and elsewhere with their expansion into the US "mega-market". Whether you are an individual foreign investor entering through the EB-5 Visa process, or a family-owned conglomerate of businesses looking to invest in US real estate, or a publicly traded company in Riyadh entering a joint venture, or a participant in the new US public-private partnerships designed to reform the nation's infrastructure, JHI is well-placed to help get you started as well as protect your US-side business interests down the road.
We have access to an entire network of intellectual assets encompassing a variety of practice areas ordinarily comanded only by big law firms, without having to factor "big firm" overhead into our fees. So, when investing from West to East, or East to West, consider the cost-effective but powerful option of contacting JHI for your legal needs.
Feel the difference and put our NYC HQ and affiliated Community of Attorneys to work for you in concert with our Jeddah office and/ or resources in the UAE, India & Singapore (wherever you're from!) as we help you and your company Explore the Boundaries of Your Business.
– Jason Huf
Wednesday, August 8, 2017
New York, NY
Aug 8, 2017 7:01 PM
By R. Jason Huf
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...