Akin has hired a project finance partner from White & Case as it gears up to launch an office in Riyadh, Saudi Arabia. 

Alexander Malahias has joined the 900-lawyer firm after nearly two decades at White & Case. He will co-lead the launch of the new office later this year, Akin's third in the Middle East after Abu Dhabi and Dubai. 

Abid Qureshi, Akin's co-chair elect, said the Riyadh launch was a "critical piece" in the firm's long-term growth strategy.

“We continue to see sustained, long-term growth in the Middle East, and this is the next step in building out our capabilities in the region. Our clients are seeking trusted advisors with local insight,” he added. 

Malahias advises government entities, sponsors, financial institutions, corporate and creditor clients on first-of-their-kind project finance transactions across Saudi Arabia and the Middle East. His practice spans sectors including energy transition projects, large-scale tourism and real estate, oil and gas and petrochemicals, power and utilities and infrastructure. Akin pointed to his relationships with Saudi real estate development company Red Sea Global and NEOM, the planned city being built in Tabuk Province that was launched in 2017 by crown prince Mohammad bin Salman. 

“Alex is a dealmaker with a keen understanding of the Middle East legal landscape and his experience will be a great asset as we continue to grow our presence in the region,” said Sebastian Rice, partner-in-charge of Akin’s international markets. “His presence in Saudi Arabia will allow us to provide seamless support to our clients across key jurisdictions.”

Malahias will be based in Akin’s Abu Dhabi office until the firm receives its final approvals on its application for a license to operate in Saudi Arabia.

A White & Case spokesperson commented: “We can confirm that Alexander Malahias has left White & Case. We wish him well in the future.”

Akin’s upcoming Saudi launch follows the kingdom changing its code of law practice in 2023 to enable foreign firms to set up their own practices without the constraints of a local partner. The change came with a number of conditions, including that 70% of a firm’s lawyers must be Saudi nationals.

Dozens of leading US and UK law firms have opened offices in the kingdom or applied to do so since the rule changes, as the Kingdom becomes increasingly important for clients. The Saudi government’s Vision 2030 project to diversify its economy away from dependency on oil has seen it launch $1.3trn in real estate and infrastructure projects alone over the past eight years, Bloomberg reported. 

Many law firms, like Clifford Chance, Linklaters and Latham & Watkins, had previously operated there through associations with local outfits, while others, including Addleshaw Goddard, Greenberg Traurig and CMS, have entered the market for the first time.  

Earlier this month Pinsent Masons launched an office in Riyadh, while in February BCLP announced plans to open bases in Riyadh and the coastal city of Al-Khobar and Reed Smith said it had secured its licence from the Kingdom’s Ministry of Justice.