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Jipyong Co-Hosts Seminar with Saudi Arabian Law Firm Hourani ＆ Partners

2024.10.17

On October 16th, Jipyong LLC (“Jipyong”) jointly hosted a seminar with Saudi Arabian law firm Hourani ＆ Partners at the Grand Central auditorium in Jipyong headquarters.  
 
The event began with opening remarks by Senior Foreign Attorney Seung Min LEE (Head of Global Business Group), who served as a moderator, and a welcome address from  Managing Partner Ji Hyung KIM.  This was followed by a presentation from Mr. Min Jung, Head of the BI Group at Jipyong’s Management Consulting Center, who provided insights into “Macroeconomic Trends and Major Industry Outlook in Saudi Arabia.”  
 
Mr. Jung said, “Saudi Arabia's economy has recently experienced a gradual recovery, driven by growth in the consumer and non-oil sectors, despite a contraction in the oil sector due to declining oil prices and cut oil production.   
 
Since the announcement of ‘Vision 2030,’ the non-oil sector has continued to grow steadily as the kingdom has increased investment in manufacturing, high-tech industries, and mega-projects to address the structural challenges of an economy vulnerable to global economic and oil price fluctuations. It is expected that the Saudi Arabia’s economy will enter a growth phase again from 2024, and is expected to grow at around 4% in 2025 due to the expansion of international crude oil demand and improvement in the fiscal and economic growth of Saudi Arabia.”  
 
In addition, Hayel Hourani, a Managing Partner of Hourani & Partners, and Zain Satardien, a Partner and the head of Tax and International Trade, presented on the ‘Recent Developments in Saudi Arabia's Reform Legislation and Regulatory Framework’ and ‘Key Considerations and Risks in Pursuing Corporate Ties in Saudi Arabia,’ followed by a Q&A session.  
 
“We hope that this seminar provided an opportunity to gain a better understanding of the current situation and investment environment in Saudi Arabia, as well as strategic insights on how to effectively manage opportunities and potential risks in the future. Jipyong will continue to focus on improving the inconveniences that Korean companies face when expanding overseas and increasing work efficiency based on our expertise and strong network in overseas business,” said Senior Foreign Attorney Seung Min LEE.  
 
<img alt="" src="https://www.jipyong.com/uploads/editor/image/2024/10/20241016104916_241016.png" />

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