Experience
Projects & Government Contracts
We advised Medtronic in connection with a joint venture with a Saudi Arabian government owned company for the development, financing and construction of an industrial facility for the manufacture of medical equipment.
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We represented the lenders to an international consortium bidding for the Fadhili cogeneration plant independent power project (IPP) in the Eastern Province of Saudi Arabia, which is sponsored jointly by Saudi Aramco and Saudi Electricity Company. The IPP has a power generation capacity of about 1,300MW to 1,500MW and has a steam production capacity of about 2.25 million pounds an hour (lb/h).
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We acted as Saudi counsel to the mandated lead arrangers in the Saudi Aramco Cogeneration Project for the development, financing and construction of three plants by the Power Cogeneration Plant Company on a BOOT basis. This included relevant facilities, substations and auxiliary equipment. During the third phase, we acted as Saudi counsel to the bidding consortium (led by Marubeni Corporation) and the lenders. We continue to advise on follow up matters such as the validity of new share pledge agreements and the renewal of security registrations.
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We advised Sadara Chemical Company and the Dow Chemical Company 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 complexes, at an estimated total cost of US$19.3 billion. We took the lead on Saudi aspects of the issuance. This is only the second project sukuk to be issued in Saudi Arabia and the largest sukuk overall. We continue to provide expert advice on an ongoing basis to ensure compliance with the Capital Market Law and Listing Rules. We continue to carry out follow-up work such as advising on the March 2016 capital increase of SAR2 billion, advising on the renewal of the security registrations for the pledged assets and accounts, and advising on additional project documents.
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We advised Nabors Industries in connection with an onshore drilling joint venture with a subsidiary of Saudi Aramco to own, operate and manage onshore drilling rigs in Saudi Arabia.
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We represented ACWA Power in connection with its bidding, developing and financing of a build-own-operate based 3,927MW independent power project (IPP) in Qurayyah. Financing was being provided by local and international banks as well as three ECAs. 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.
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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.
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We 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.
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We advised a multinational consortium in connection with its bid for the expansion and management of Prince Mohammed Bin Abdulaziz Airport Madinah on a BTO basis.
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We advised, together with Shearman & Sterling, Alcoa in connection with its joint venture with Saudi Arabian Mining Company, Ma'aden, for the development of a fully integrated aluminum 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 1,800,000 mtpy and an aluminum smelter with an initial hot-mill capacity of between 250,000 and 460,000 mtpy.
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We advised Fraport AG in connection with the setting up of a Saudi Arabian subsidiary and the management contracts for Riyadh Airport and Jeddah Airport.
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We advised the mandated lead arrangers in connection with a US$500 million syndicated murabaha (Islamic) facility to Al-Rajhi Bank. This was Al-Rajhi Bank's debut syndicated murabaha facility.
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We advised (together with Goldman Sachs, Riyad Bank and Allen & Overy) the Saudi Arabian Telecommunications and Information Technology Regulator in connection with the issuance of the second Saudi Arabian GSM licence. This was the first Saudi Arabian privatization/deregulation where competition to the incumbent service provider was allowed.
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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. This facility provides up to 600 MW of electricity, 7,600 tons per hour of desalinated water and 42,000 tons per hour of steam.
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We advised the project company in the development and construction of the first Independent Water Project in Saudi Arabia that was implemented on a BOOT basis for Saudi Aramco in Rabigh.
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We advised the consortium bidding for the development, financing and operation of an IWP being promoted by EMAAR Economic City in King Abdullah Economic City, Saudi Arabia consisting of a 70,000 m3 per day reverse osmosis plant. This project was subsequently cancelled.
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We advised the first subsidiary of Chevron Phillips Chemical Company and its Saudi Arabian partner in connection with the removal of the SIDF mortgage granted in the design, construction and financing of a petrochemical facility in Jubail.
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We advised a foreign shareholder in connection with the development, financing and construction of a 300,000 tons per annum VAM plant in Jubail, Saudi Arabia.
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We advised the lenders in connection with the design, engineering, construction, commissioning, financing and operation of a 60,000 tons per annum chlor-alkali plant, a 30,000 tons per annum epichlorohydrin plant, a 45,000 tons per annum calcium chloride plant and a 50,000 tons per annum caustic soda plant and related off-sites and utilities located in Jubail sponsored by Nama Chemicals Company. The project was 100% financed by Islamic debt. This included SIDF financing.
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We advised one of the consortia bidding for the development, financing and operation of an IWPP being promoted by Marafiq in Yanbu, Saudi Arabia consisting of 1,700 MW of electricity and 150,000 m3 per day desalinated water. The Public Investment Fund (PIF) is a substantial shareholder of Marafiq and sponsor of the project due to credit support from the Ministry of Finance. This project was converted to an EPC.
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We advised the lenders, including JBIC, to the winning consortium consisting of Sumitomo Corporation, Malakoff International and Al-Jomaih bidding for the Ras Az Zawr IWPP. This project was subsequently transferred and is being currently being implemented on an EPC basis.
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We advised both the consortium and the lenders (including JBIC) to the consortium bidding for the development, financing and operation of the Riyadh PP 11 IPP (2,000 MW of electricity) sponsored by SEC in Riyadh, Saudi Arabia.
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We advised the lenders, including JBIC, to another consortium bidding for the Shuaibah IWPP. Said consortium decided not to bid just prior to the bid date.
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