Development and Real Estate Finance
Advising Jeddah Economic Company Limited, the owner and developer of the Jeddah Economic City Project, and Alinma Investment Company, the fund manager of Alinma Jeddah Economic City Real Estate Fund, in the SAR 3.6 billion (approximately US$960 million) financing for the development of the project, including the kilometre-high tower, which is anticipated to be the tallest structure in the world upon completion.
Advising the fund manager of a Saudi real estate development fund in connection with an SAR 1.35 billion Shari’ah-compliant financing for the development of a mall in Riyadh, Saudi Arabia.
Advised the fund manager of a Saudi real estate development fund in connection with an SAR 800 million Shari’ah-compliant financing for the development of a mall in Jeddah, Saudi Arabia.
Advised a Saudi Arabian real estate developer in connection with SAR 6 billion of financing extended by Saudi banks to support its projects in Saudi Arabia.
Advised Humania Capital, the investment arm of the Bait Al Batterjee Group, as the Saudi borrower in connection with an SAR 400 million Istisna – forward Ijarah facility extended by Gulf International Bank for the construction of a hotel and rehabilitation centre in Jeddah, Saudi Arabia.
Advised a club of Saudi Banks in connection with the SAR 1.3 billion refinancing of a commercial tower in the King Abdullah Financial District, Riyadh, Saudi Arabia.
Advised a club of Saudi Banks in connection with an SAR 2 billion Shari’ah-compliant financing extended to a Saudi company for the acquisition of land with an aggregate area in excess of 5 million sqm.
Advised a club of Saudi Banks in connection with an SAR 1.7 billion Shari’ah-compliant financing extended to a Saudi company for the acquisition of land with an aggregate area in excess of 13 million sqm.
Advised the fund manager of a Saudi real estate development fund in connection with an SAR 680 million Shari’ah-compliant financing for the development of a residential compound in Riyadh, Saudi Arabia.
Advised a major Saudi Arabian bank in connection with an SAR 500 million financing for the development of infrastructure for three properties in Riyadh, Saudi Arabia.
Advised Jabal Omar Development Company in connection with its SAR 6 billion sale and lease back of various assets in Makkah including three hotels (the Makkah Conrad, the Hilton Makkah, and the Hyatt Regency Makkah) and Al Khalil Shopping Center to Alinma Investment Company.
Advised Jabal Omar Development Company in connection with a substantial facility extended by two major Saudi banks.
Advised Alinma Bank in an SAR 1.7 billion Shari’ah-compliant refinancing of a facility extended to a major mall developer in Saudi Arabia.
Advised the fund manager of a Saudi real estate development fund in connection with an SAR 132.5 million Shari’ah-compliant financing for the construction of more than 100 housing units in Saudi Arabia.
Advised the fund manager of a Saudi real estate development fund in connection with an SAR 120 million Shari’ah-compliant financing for the construction of two residential towers in Saudi Arabia.
Advised Alinma Bank in an SAR 400 million Shari’ah-compliant facility extended to a Saudi Arabian company in connection with the development of a hotel in Makkah, Saudi Arabia.
Advised Banque Saudi Fransi in connection with an SAR 98 million Shari’ah-compliant financing in relation to the development of a hotel in Jeddah, Saudi Arabia.
Project Finance
Advised a consortium of Masdar and EDF in connection with the financing documents for the Dumat Al-Jandal 400MW wind farm in Saudi Arabia.
Advised ACWA Holding in the project financing of the largest industrial gases deal in the world. The project, to be procured on a build-own-operate basis, is for the construction of a US$2 billion air separation unit for the supply of industrial gases to Saudi Aramco at Jizan. It is the first project financing of an air separation unit in the Middle East and the only such project to have been financed wholly on a Shari’ah-compliant basis. The deal was awarded “Project Finance Deal of the Year” for 2015 by Islamic Finance News.
Advised Saudi Tabreed District Cooling Company in connection with Shari’ah-compliant project financing facilities extended by two major Saudi banks for the construction of a district cooling project at King Khaled International Airport Riyadh, in the first project in the Gulf involving the outsourcing of utilities at an airport to the private sector.
Advised Miahona Company in connection with Shari’ah-compliant project financing facilities extended by two major Saudi banks for the construction of a potable water project at King Khaled Airport in Riyadh, Saudi Arabia.
Advised General Electric and Saudi Arabian Industrial Investments Company (Dussur), the sponsors, in connection with a Shari’ah-compliant facility extended by a Saudi Arabian bank to the project company established to develop a gas turbines production facility in the Eastern Province of Saudi Arabia.
Restructuring
Advising Azmeel Contracting Company, one of the largest construction companies in Saudi Arabia, in connection with its USD 2 billion financial restructuring proceedings under the Saudi Arabian Bankruptcy Law. The restructuring plan has been approved and the plan is in the process of being implemented. The transaction won the 2022 IFN Awards Insolvency and Restructuring Firm of the Year.
Advising Arkad Engineering & Construction Company, a major Saudi construction company, in connection with its financial restructuring proceedings under the Saudi Arabian Bankruptcy Law.
Advising a European bank in connection with payment defaults by a Saudi Arabian corporate borrower, including the enforcement of a ship mortgage registered against a ship owned by the borrower.
Advising a distressed Saudi Arabian construction company in connection with its restructuring options, including advice to the company in relation to the insolvency processes available under the Saudi Arabian Bankruptcy Law.
Advising a major oil services company in its capacity as a creditor of a Saudi Arabian construction company which entered into financial restructuring proceedings and thereafter liquidation proceedings under the Saudi Arabian Bankruptcy Law.
Advising a major oil services company in connection with dealing with a listed Saudi Arabian company that is subject to liquidation proceedings under the Saudi Arabian Bankruptcy Law.
Advising a Saudi Arabian steel manufacturing plant in connection with the restructuring of its commercial bank debt.
Advising a European bank in its capacity as a creditor of a Saudi Arabian listed company which entered into financial restructuring proceedings and thereafter liquidation proceedings under the Saudi Arabian Bankruptcy Law.
Advised a large Saudi family-owned business in restructuring its debt to a number of banks in Saudi Arabia and other jurisdictions.
Other
Advised a major Asian bank in connection with a US$10 billion sovereign secured term loan.
Advised a Saudi Arabian private credit fund in connection with an SAR 250 million financing facility to a Saudi Arabian financing company. The transaction won IFN Commodity Deal of the Year 2022.
Advised multiple Saudi venture capital funds participating in the Saudi government–sponsored “Musharakah” program supporting funds and investors targeting SMEs, including the first such fund, in Shari’ah-compliant financings extended by Saudi Arabian banks.
Preparation of standard form documentation (including standard forms of guarantees, assignments, pledges and term loan facilities) to be used by major commercial banks in Saudi Arabia.
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