We are advising Sadara Chemical Company in connection (i) with several loan facilities that are provided, insured or guaranteed by ECAs and (ii) loan facilities provided by commercial banks for the development of one of the world’s largest integrated performance chemicals and plastics complex, at an estimated total cost of US$19.3 billion. The total senior debt for the project is estimated to be US$12.6 billion (including the below mentioned Sukuk). The ECA financing includes a US$4.975 billion direct loan to Sadara from the Export-Import Bank of the United States (US Ex-Im Bank), which will be the largest loan made by US Exim to date.

Value: US$19.3 billion |Closed: June 2013

We advised Sadara and Dow on the issuance of a US$2 billion Sukuk as part of the financing for the development of one of the world’s largest integrated performance chemicals and plastics complex, at an estimated total cost of US$19.3 billion. This is only the second project Sukuk to be issued in Saudi Arabia and the largest public Sukuk overall.

Value: US$2 billion | Closed: April 2013

We acted as advisor to the lenders of International Diol Company (“IDC”) in connection with financing that was used to refinance existing facilities and also enter into an additional term facility to part finance expansions and debottlenecking of its plant and machinery in order to produce greater volumes of Butanediol and derivatives and produce new volumes of Gamma-butyrolactone. IDC is majority owned by Sipchem, in joint venture with the Saudi Public Pension Agency, GOSI, Huntsman Corp., Davy Process Technology and others which has been producing 75,000 mtpa of Butanediol and derivatives prior to the expansion and debottlenecking.

Value: Confidential |Closed: 31 March 2013
We are advising RAWEC, the existing utility provider to the Petro-Rabigh petrochemicals complex, in connection with its financing of the expansion of the utilities to the $10 billion second-phase expansion of the petrochemicals complex.

Confidential, but press reports estimate at US$ 10 billion | Scheduled Closing: 3rd Quarter 2013

We assisted the China Development Bank Corporation and Sinosure in connection with the financing of buses exported by a Chinese supplier under a commercial contract to a Saudi borrower/importer. 

Value: US$112 million | Closed: December 2012

We represented Sadara Chemical Company and Dow in connection with a bridge financing from the Saudi Arabian Public Investment Fund. This was the first bridge financing provided by the Public Investment Fund.

Value: Confidential (press reports have referred to a US$2bilion loan) | Closed: 2nd Quarter of 2012

We represented ACWA Power in connection with its bidding, developing and financing of a build-own-operate basis the 3,927MW independent power project (IPP) in Qurayyah. Financing was provided by local and international banks as well as three ECA’s. This is the world’s largest independent power project. Qurayyah IPP was awarded Middle East Power Deal of the Year 2011 by Project Finance Magazine, and Best Project Finance Deal of the Year by Euromoney Islamic Finance Awards 2012.

Value: US$2.85 billion | Closing: 2nd quarter 2012

We represented three borrowers (Saudi Acrylic Acid Company, Saudi Acrylic Polymers Company and Saudi Acrylic Monomers Company) in connection with the financing for three petrochemicals projects being developed by four companies being the local petrochemicals firms Tasnee and Sahara, Rohm and Haas from the US and Germany’s Evonik Industries. The financing was structured so that lenders make one commitment to the three borrower companies, which is split between them based on the size of their overall project cost. This project was awarded the Middle Eastern Petrochemicals Deal of the Year 2012 by Project Finance Magazine.

Value: US$1.2 billion | Closed: 2nd Quarter 2012

We represented Banque Saudi Fransi in connection with a Multipurpose Import Facility to Shuaibah Water and Electricity Company. The obligations of Shuaibah Water and Electricity Company in the Multipurpose Import Facility had to be in accordance with its existing project finance obligations.

Value: Confidential | Closed: 1st Quarter 2012

We also advised the lenders, led by JBIC, in connection with a bid by one of the consortia for the SEC Qurayyah IPP with a capacity of 1,800 - 2,100 MW.

Value: Confidential | Closing: 4th Quarter 2011

 

We advised Alcoa in connection with its joint venture with Saudi Arabian Mining Company (Ma'aden) for the development of a fully integrated aluminium complex. In its initial phase, the joint venture will develop a bauxite mine with an initial capacity of 4,000,000 metric tons per year (mtpy), an alumina factory with an initial capacity of 1,8000,000 mtpy, an aluminium smelter with initial hot-mill capacity of between 250,000 and 460,000 mtpy.

Value: $10.8 billion | Closed: December 2010

 

We advised GE Commercial Aviation Services in connection with the lease of ten Airbus A320 to Saudi Arabian Airlines as part of the airline's strategic plan to modernize its fleet.

Value: Confidential | Closed: November 2009

 

We advised the Credit Agricole Indosuez affiliate Banque Saudi Fransi in connection with a loan to Shuaibah Water and Electricity Company.

Value: US$25 million | Closed: May 2009

 

We advised Chevron Phillips Chemical Company and its Saudi Arabian partner in connection with the design, construction and financing of a petrochemical facility in Jubail.

Estimated Value: US$5 billion | Closed: April 2008

 
 

We advised Marafiq, the utilities company for the industrial cities of Jubail and Yanbu, in connection with the development, financing and construction of a 2,750 MW and 800,000 m3 IWPP in Jubail.

Value: US$3.443 billion | Closed: May 2007

 

We advised National Petrochemical Industrial Company in connection with the development, financing and operation of 400,000 tons per annum propylene and poly-propylene plants in Yanbu, Saudi Arabia. The financing includes SIDF and PIF loans, as well as an investment from GOSI. SABIC is one of the two off-takers.

Value: US$750 million | Closed: April 2007

 

We advised the lenders to the preferred bidder for the 850 MW power and 212,300 m3/d Shuqaiq IWPP.

Value: US$2 billion | Closed: January 2007

 

We advised the project company consisting of Marubeni, JGC, Itochu and ACWA Power in connection with the development, financing and operation of a captive IWSPP for the Rabigh refinery and petrochemical complex, to provide up to 600 MW of electricity, 7600 tons per hour of desalinated water and 42,000 tons per hour of steam.

Value: US$1.2 billion | Closed: March 2006

We advised the lenders to the project company in connection with the Shoaiba IWPP. This is the first IWPP in Saudi Arabia, to produce 900 MW of electricity and 176 million gallons per day of desalinated water. The lenders provided Islamic, ECA and conventional tranches.

Value: US$2.2 billion | Closed: January 2006

 

We advised the Japanese shareholder consortium Japan Arabia Methanol Company (Mitsui, Mitsubishi, Daicel Chemical and Iion Shipping) in the development, financing and construction of a 970,000 tons per annum methanol plant on a limited recourse basis in Jubail, Saudi Arabia, the first major Japanese investment in Saudi Arabia following a 20-year hiatus.

Value: US$350 million | Closed: October 2003

 

We advised the lenders in a limited recourse financing of the first Independent Power Project in Saudi Arabia, which was named Middle East IPP Deal of the Year by Project Finance magazine. The project company Jubail Energy Company, a joint venture between CMS Energy and National Power Company, provides power and steam (approximately 240 MW and 510 ton steam) to SADAF on a BOOT basis.

Value: US$200 million | Closed: July 2003

 

 

 

 

 
 

Chambers Global 2017

 
  " They have a very good understanding of the local market. Their team is strong and diversified and they have an understanding of international topics and cases."
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IFLR 1000, 2017 edition

 
 

“They are smart, responsive and thoughtful. Absolutely our go-to firm in the Kingdom, as they have been for over 15 years,” says one.

“Excellent services, knowledgeable, highly responsive, creative and they offer practical advice for compliance on Kingdom legal matters – I would highly recommend them,”
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  European Legal 500,
2017 edition
 
 

The firm is a popular choice for financial and commercial disputes, and regularly acts for international banks. Ongoing cases include representing certificate holders claiming for sukuk defaults worth in excess of $500m in connection with outstanding loan repayments.
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      saudilegal 2017