Omar Elsayed – GC Powerlist
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Middle East 2023

Financials

Omar Elsayed

General counsel | Qiddiya Investment Company

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Middle East 2023

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Omar Elsayed

General counsel | Qiddiya Investment Company

Can you foresee any key developments to the way general counsel work over the next five years? 

The role of general counsel is rapidly evolving. Today’s general counsel are increasingly being asked to play a more strategic role in their organisations and are expected to be trusted advisers and business partners, rather than strict lawyers, that help guide the organisation to achieve its goals. There are several key developments that are likely to shape the way general counsel work over the next five years. These include the rise of technology, the increasing focus on compliance and the changing nature of the workforce. The effect of such developments will be magnified in Saudi Arabia given the amount of internal change and external openness envisaged under Vision 2030. 

How do you balance your responsibilities as a GC with your involvement in dispute resolution and M&A matters?  

Balancing my responsibilities as general counsel with my involvement in specific transactions requires careful time management, prioritisation, and delegation skills. When I assumed the role of general counsel, I first secured favourable rates with top tier law firms that had the required capabilities and expertise to cover the business-as-usual needs of the organisation. I then started to build a team from the top down focusing on core capabilities needed. This allowed me to manage my time and involvement effectively including by setting clear priorities that align with the organisations business needs while delegating tasks that do not require direct involvement. I also adopted several technology and automation tools to improve efficiency and free up time for significant matters. This included a contract life management system with an AI component. 

 

Could you share an example of a time when you came up with an innovation that improved how your legal team works and did not come at a large expense? 

It is difficult to refer to one example of a cost reducing innovation. For me it was more of applying practices and tools honed over decades of private practice that, although not invented by me, felt like innovations to the organisation when I took over as general counsel. 

If I had to name one that I felt had the biggest impact, it would be changing the legal department’s approach to negotiating and closing transaction by aligning with the organisations’ key objectives. This changed the risk profile, which in turn, significantly reduced the time and effort (thus cost) required to reach agreement with contractors and partners. 

While such change may seem obvious, it is far from that in big organisations with multiple corporate functions, most of which confuse their departmental objectives with that of the organisation as a business.  

   

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