With the Middle East witnessing a surge of interest in sport, regional law firms are jostling for the lead in the race to dominate the multibillion-dollar market in sports law.
Al Tamimi & Company, one of the UAE’s leading law firms, has announced a dedicated sports law practice as part of its operations across the GCC region.
The unit will be run from the firm’s offices in Qatar, where the money-spinning Fifa World Cup 2022 will take place.
Steven Bainbridge, the Doha-based lawyer who heads up the sport specialism in the region, said the initiative was a response to client demand. “We’ve had a critical mass of client queries about sports law, and we anticipate it being a productive long-run part of our business.” Other law firms are also believed to have recently beefed up their staffing numbers in sport.
He cited statistics recently produced by the accounting firm PwC showing that Europe, the Middle East and Africa was the second biggest earner in a global market for sport worth around US$145 billion and growing faster than world GDP.
Sport revenue in the Middle East and Africa come to around $42.8bn, second only to North America in global value. The Middle East and North Africa is the fastest growing region, with annual revenues increasing by 6.8 per cent per year.
Involvement by Arabian Gulf countries in European football, Formula One motor racing, golf, tennis and horse racing have all contributed to the surge in interest in the region.
“This potential brings vast opportunities and challenges and will most certainly act as a catalyst for sustainable development,” Mr Bainbridge said.
The benefits of investment in sport would be felt beyond field or track activities, he added. “There are lifestyle and health benefits. It is a more socially responsible approach.”
The big investment in global sports, such as Abu Dhabi’s ownership of Manchester City Football Club or Qatar’s multibillion-dollar project for the World Cup, would pay off over the long term.
“It’s a major outlay in the beginning, but over the lifetime of the asset it could be profitable. The spin-offs in terms of tourism, hotel occupancy and airline travel are considerable,” Mr Bainbridge said.
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Picture of Joumblatt and Hariri breaking bread sets Twitter alight
Mr Joumblatt’s pessimism regarding the Lebanese political situation didn’t stop him from enjoying a cheerful dinner on Tuesday with several politicians including Mr Hariri.
Caretaker Culture Minister Ghattas Khoury tweeted a picture of the group sitting around a table at a discrete fish restaurant in Beirut’s upscale Sodeco area.
Mr Joumblatt told The National that the fish served at Kelly’s Fish lounge had been very good.
“They really enjoyed their time”, remembers the restaurant owner. “Mr Hariri was taking selfies with everybody”.
Mr Hariri and Mr Joumblatt often have dinner together to discuss recent political developments.
Mr Joumblatt was a close ally of Mr Hariri’s assassinated father, former prime minister Rafik Hariri. The pair were leading figures in the political grouping against the 15-year Syrian occupation of Lebanon that ended after mass protests in 2005 in the wake of Rafik Hariri’s murder. After the younger Hariri took over his father’s mantle in 2004, the relationship with Mr Joumblatt endured.
However, the pair have not always been so close. In the run-up to the election last year, Messrs Hariri and Joumblatt went months without speaking over an argument regarding the new proportional electoral law to be used for the first time. Mr Joumblatt worried that a proportional system, which Mr Hariri backed, would see the influence of his small sect diminished.
With so much of Lebanese politics agreed in late-night meetings behind closed doors, the media and pundits put significant weight on how regularly, where and with who senior politicians meet.
In the picture, alongside Messrs Khoury and Hariri were Mr Joumbatt and his wife Nora, PSP politician Wael Abou Faour and Egyptian ambassador to Lebanon Nazih el Nagari.
The picture of the dinner led to a flurry of excitement on Twitter that it signified an imminent government formation. “God willing, white smoke will rise soon and Walid Beik [a nickname for Walid Joumblatt] will accept to give up the minister of industry”, one user replied to the tweet. “Blessings to you…We would like you to form a cabinet”, wrote another.
The next few days will be crucial in determining whether these wishes come true.
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