The Legal 500

Al-Jadaan & Partners Law Firm in co-operation with Clifford Chance LLP is a full-service group with a ‘big presence’ in the local banking market. It notably covers capital markets as well as project and structured finance transactions including the burgeoning area of sharia-compliant financing, thanks in no small part to the extensive expertise of managing partner Mohammed Al-Jadaan. Acting in conjunction with its Dubai office, the practice advised Zain Saudia Arabia on a $2.5bn murabaha financing facility, involving a combination of sharia-compliant and Export Credit Agency-backed facilities. Abdulaziz Al-Abduljabbar heads the team.

Legal Advisors in association with Baker & McKenzie is ‘one of the two or three international firms that has exhibited a strong commitment to the Saudi region’. The combination of its extensive knowledge of the local banking sector and the on-the-ground presence of key partners Ian Siddell and Julie Alexander ensures it has a prominent role on the country’s key project, structured and trade finance deals. It acted for Saudi Arabian Mining Company on multi-tranche project financing of an aluminium smelter and an aluminium rolling mill.

April 2010 saw Latham & Watkins LLP enter the Saudi market by recruiting Mohammed Al Sheikh’s team following the dissolution of its association with White & Case LLP. The newly formed Law Office Mohammed A Al Sheikh, in association with Latham & Watkins LLP therefore benefits from the finance capabilities of Riyadh-based partners Chris Langdon and Mohammed Al Sheikh, supplementing the firm’s global Islamic finance expertise. It played an instrumental role in the first high-yield and Rule 144A sukuk issuance.

Abdulaziz AlGasim Law Firm in association with Allen & Overy LLP recently advised an overseas export credit agency on a direct financing transaction to a Saudi corporate. It continues to provide local law advice to the Islamic Corporation for the Insurance of Investment and Export Credit, an affiliate of Islamic Development Bank. Julian Johansen is the key figure.

Law Office of Hassan Mahassni demonstrates ‘in-depth knowledge of the project finance sector, a high ability to meet deadlines, and an excellent understanding of clients’ needs’. Led by the ‘highly experienced, professional’ Basel Barakat, the team advised Saudi Binladin Group on the SAR6bn sharia-compliant financing of King Abdulaziz International Airport in Jeddah.

Hatem Abbas Ghazzawi & Co. had a busy year in the capital markets field, with well-respected specialists Asad Abedi and Andreas Haberbeck advising Royal Sun Alliance affiliate Al Alamiya Insurance Co on the $53m initial public offering of 30% of its share capital. On the conventional finance front, Ali Abedi acted for the lenders on a facility to provide working capital to Shuaibah Water & Electricity Company.

Law Offices of Dr Mujahid M. Al-Sawwaf is one of the few independent firms that offers a credible alternative to the international firms, thanks to its excellent knowledge of the local banking sector. The firm provides securitisation advice to international clients including Goldman Sachs. David Wells and John Whitbeck are recommended.

King & Spalding in affiliation with the Law Office of Mohammad Al-Ammar handles acquisition, asset and project financing for clients such as Arcapita Bank and RBS. Nabil Issa splits his time between Riyadh and Dubai.

Nigel Thompson is a ‘standout figure’ in Law Office of Mohanned bin Saud Al-Rasheed in association with Baker Botts L.L.P.’s ‘professional, knowledgeable and efficient’ banking practice. The group made a significant commitment to the region by relocating Robert Jordan, former US ambassador to Saudi Arabia, to its Dubai office. The firm’s global reputation in energy and power makes it a key figure in the project finance sphere, and it has been advising Saudi Electricity Company on the development and financing of its independent power projects programme.

‘Superlative law firm’ The Law Firm of Salah Al-Hejailan in association with Freshfields Bruckhaus Deringer LLP further strengthened its market position in 2010 with the formalisation of its longstanding association with Sheikh Salah Al-Hejailan’s respected Saudi practice. Tobias Müller-Deku and his team advised Samba Financial Group on SAR3.2bn bridge financing for Saudi Arabian Airlines’ new fleet.

Islamic finance underpins Abdulaziz Al-Assaf in association with Norton Rose (Middle East) LLP’s banking and finance practice in the region, which attracts clients such as Nomura and Riyad Bank. Darran McGlinchey heads the Riyadh team, which was appointed as primary legal adviser to the Saudi Capital Markets Authority in 2010. Donald Francouer left the practice to take an in-house legal position.

Al Sulaim Al Awaji & Partners Law Firm handles project financing and syndicated loan transactions, primarily for lenders such as Saudi American Bank. It handles some borrower-side instructions.

Since establishing its Saudi presence in 2008, Al Tamimi & Company has crafted a credible banking practice with strong local law expertise. The ‘business-oriented, pragmatic’ Riyadh team, led by Nicholas Diacos, advised Riyad Capital on drafting its standard form equity swap agreement, and advises clients such as ICICI Bank and Goldman Sachs on conventional and sharia-compliant financing.

Al-Yaqoub Attorneys & Legal Advisors in Association with Hogan Lovells’ Islamic finance expert Imran Mufti handles sukuks for prominent Saudi financial institutions. The group draws on the international firm’s cross-border network for conventional finance advice.

Omar El Assir at The Law Office of Attayyar in Association with Alem & Associates advises on funds and sharia-compliant structures. Highlights in 2010 included advising on forming a SAR600m closed-ended real estate fund, as well as a fund specialising in sharia-compliant operating lease transactions.

Khalid A Al-Thebity Law Firm in affiliation with Dewey & LeBoeuf LLP’s clients include investment banks and financial advisers such as Venture Capital Bank and Audi Saudi Arabia. Managing partner Khalid Al-Thebity advised ACE Arabia Cooperative Insurance Company on its IPO.

Mohammed Al-Ghamdi Law Firm In Association with Fulbright & Jaworski LLP. handles cross-border sharia-compliant financing from Riyadh, with New York and Dubai assisting where necessary. Islamic financing expert Michael McMillen advised a US capital company on the sharia-compliant securitisation of life insurance settlements.

The Law Firm of Wael A. Alissa in association with SNR Denton & Co advises clients such as Sumitomo Corporation and Gulf One Investment Bank on banking matters through Christopher Aylward, who splits his time between Bahrain and Riyadh.