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Foreign law firms talk Saudization quota: British law firms are concerned about being squeezed out of the country as they struggle to meet regulatory requirements to ensure that 70% of their lawyers are Saudi nationals, up from a previous quota of 50%, the Telegraph reports. Foreign firms operating in the Kingdom are collectively competing for “a limited number of Saudi nationals that are practicing at the required standard to work at a law firm,” one legal recruitment professional said.
The Public Investment Fund (PIF) was among the co-investors who incurred losses in Vista Equity Partners‘ 2021 acquisition of Pluralsight Inc., which culminated in a USD 4 bn loss after a recent debt restructuring, Bloomberg reports, citing unnamed sources familiar with the matter. The business information service couldn’t determine the exact size of PIF’s loss.
The Financial Times is out with a piece on Saudi Arabia’s condemnation of Israeli National Security Minister Itamar Ben-Gvir’s “extremist and inflammatory” remarks backing the idea of building a synagogue at Al Aqsa mosque. The comments by the ultranationalist minister also earned him reproach from within his own government, with a Netanyahu government-aligned paper labeling him as a “political pyromaniac,” the salmon-colored paper said.
