JIPYONG LLC

The Middle Eastern market has long been an important partner for the Korean economy. In particular, the cooperation in the energy and infrastructure sectors has contributed significantly to the economic development of both countries. However, in recent years, Middle Eastern countries have been pursuing de-oil policies, i.e., policies to reduce oil dependence by actively fostering new industries. These changes present new opportunities for Korean companies, and it is time to take a strategic approach to entering the Middle Eastern market.

The Middle Eastern countries are investing heavily, driven by massive amounts of oil money. In particular, their future strategies, such as Saudi Arabia’s “Vision 2030” and the UAE’s “Next 50,” etc., are increasing investments in new industries. To this end, the Middle Eastern countries are providing various incentives to attract foreign investment. They offer a variety of incentives to encourage companies to invest, including reduced taxes, provision of land, and simplified licensing procedures.

Since 2010, Jipyong has been providing reliable legal services across the Middle East through specialized practice groups composed of expert attorneys in each field at its headquarters, dedicated teams in each country, and foreign attorneys with profound regional expertise and sectoral knowledge.

The Middle East presents a complex landscape with religions, cultures, and customs markedly distinct from those of Korea.  It also requires careful preparation, including the establishment of comprehensive management frameworks to address unpredictable risks such as political instability and evolving legal and regulatory environments. In response, Jipyong has established strong business partnerships with a wide range of professional entities such as local law firms, accounting firms, technology advisory firms, and consulting firms to render legal advice to the clients to mitigate the risk of entering the Middle Eastern market while capitalizing on new business opportunities.