Legal Advisors, Abdulaziz I. Al-Ajlan & Partners in association with Baker & McKenzie Limited, stands as a market leader in Saudi Arabia’s banking sector, garnering the attention of prominent domestic banks and businesses. Their remarkable expertise extends to project financing and Islamic finance, with a distinguished team led by Ian Siddell, boasting a wealth of twenty-seven years of experience in Islamic and project financing, with a keen focus on multi-sourced and export credit agency-supported financings. In addition, Basel Barakat, Delwar Hossain, and Fatima Alhasan, contribute to the firm’s esteemed reputation in the financial landscape.
Banking and finance in Saudi Arabia
Legal Advisors, Abdulaziz I. Al-Ajlan & Partners in association with Baker & McKenzie Limited
Practice head(s):
Ian Siddell; Basel Barakat
Other key lawyers:
Delwar Hossain; Fatima Alhasan
Testimonials
‘Baker & McKenzie team has great expertise and vast know-how in the Saudi Arabian Market.’
‘Ian Sidle is probably the best banking and finance lawyer in the Saudi Market, with vast experience for over than thirty years in the kingdom. Ian is the go-to lawyer for large banking and finance transactions and debt restructuring deals.
Hossain Delwar is known for his responsiveness, ability to deploy resources to tackle banking transactions, and deep expertise in relation to structuring banking products and financing transactions. ’
Key clients
Saudi Arabian Mining Company (Ma’aden)
Banque Saudi Fransi
Samba Financial Group / Samba Capital
Saudi Binladin Group Company Limited
The National Commercial Bank
Arab National Bank
ACWA Power International
Al Rahji Banking and Investment Corporation
HSBC Saudi Arabia / The Saudi British Bank
The Saudi Investment Bank
Gulf International Bank B.S.C / GIB Capital
Arab Petroleum Investment Corporation (APICORP)
ABC Islamic Bank (E.C.)
Olayan Saudi Holding Company
Saudi Arabia Ministry of Finance
Saudi Electricity Company
SNB Capital Company
Khair Inorganic Chemical Industries Company (InoChem)
Mohammed I. Alsubeaei & Sons Investment Company (MASIC)
Abdullah Ibrahim Mohammed Alsubeaei Holding Company (AIMS Holding)
Abdulrahman Saleh Al – Rahji and Partners Company
Bank AlJAzira
Thakher Development Company (TDC)
Islamic Corporation for the Development of the Private Sector (ICD)
Olayan Saudi Holding Company
Saudi Arabia Ministry of Finance
Saudi Electricity Company
Saudi Electricity Company
SNB Capital Company
Khair Inorganic Chemical Industries Company (InoChem)
Mohammed I. Alsubeaei & Sons Investment Company (MASIC)
Abdullah Ibrahim Mohammed Alsubeaei Holding Company (AIMS Holding)
Abdulrahman Saleh Al – Rahji and Partners Company
Bank AlJAzira
Thakher Development Company (TDC)
Islamic Corporation for the Development of the Private Sector (ICD)
Work highlights
- Advising in connection with the transformation program involving the recapitalization plans of Saudi Binladin Group Company Limited.
- Acted for HSBC Saudi Arabia as legal counsel to the facility agent and lenders in relation to a SAR 10 billion syndicated financing to Saudi Electricity Company (SEC).
- Acting for Tadawul listed Methanol Chemicals Company (Chemanol) in relation to SAR 695 million murabaha based refinancing and expansion project financing facilities from Banque Saudi Fransi and Alinma Bank.
Abuhimed Alsheikh Alhagbani Law Firm (AS&H) in co-operation with Clifford Chance
Unlike many other international firms which work with Saudi Arabian firms as associations, Abuhimed Alsheikh Alhagbani Law Firm (AS&H) in co-operation with Clifford Chance is a joint venture between the international firm and a Saudi partner. The practice is led by Yasser Al-Hussain, who is an expert in a wide range of transactions, including Islamic finance, project finance, and debt market transactions. Al-Hussain acts as lead on many of the firm’s largest clients, including the Saudi United Investment Company, and the Public Investment Fund. Recently relocated to Riyadh from Dubai, Ahmed Choudhry supports the practice on a variety of conventional and Islamic finance transactions.
Practice head(s):
Yasser Al-Hussain
Other key lawyers:
Ahmed Choudhry
Key clients
Saudi Electricity Company
The Public Investment Fund
The Ministry of Finance
HSBC Saudi Arabia
Awqaaf Investment Company
The Saudi British Bank
Saudi National Bank (formerly The National Commercial Bank)
King Abdullah Financial District Development and Management Co
Emirates NBD
Bank Albilad
Work highlights
- Advised the Saudi United Investment Company (as borrower) and the Public Investment Fund of the Kingdom of Saudi Arabia (as guarantor) in relation to a USD17 billion term loan facility, being provided to the borrower by a syndicate of nearly thirty local and international lenders.
- Advised Water and Electricity Holding Company (Badeel) as sponsor in respect of the senior finance facilities and the equity bridge loan facility for the Shuaibah 3 IWP Project.
- Advised PIF in connection with a SAR 1 billion convertible shareholder loan provided to Emaar, the Economic City.
Khoshaim & Associates
The banking and finance division at Khoshaim & Associates enjoys a stellar reputation for its advice to a broad range of clients spanning financial services, energy, and construction sectors. Notably, international banks, specialist Islamic financiers, and government authorities and public sector entities also seek their counsel. Karim Wali is a distinguished figure, renowned for his expertise in financing large construction and real estate projects. Zeyad Khoshaim, recently nominated as a Member of the Court to Permanent Court of Arbitration, jointly leading the practice alongside Wali and Hamdan Van Den Brule. Key practitioner Paul Matrosov further bolsters the team’s capabilities.
Practice head(s):
Zeyad Khoshaim; Karim Wali; Hamdan van den Brule
Other key lawyers:
Paul Matrosov; Naryman AlKassimi
Key clients
NEOM Company
Saudi Aramco
Emaar, The Economic City
The Saudi National Bank
Banque Saudi Fransi
Riyad Bank
Arab National Bank
Saudi Awwal Bank
Saudi Arabian Ministry of Finance
Saudi Arabian Ministry of Health
Aircraft Leasing Company (ALC)
Work highlights
- Successfully advised the senior lenders in respect of the $8.4bn financing, development, construction, operation and maintenance of the Helios green hydrogen project at NEOM in the Kingdom of Saudi Arabia.
- Successfully advised Riyad Bank and Ministry of Finance, Project Support Fund in relation to a SAR 1.35bn financing for the development of the Jawharat Al Riyadh Mall under a real estate fund managed by Riyad Capital, with Arabian Centers Company as the investor.
- Successfully advised The Saudi National Bank (SNB) and the other finance parties in relation to the proposed revolving facility for Saudi Arabian Mining Company (Ma’aden).
King & Spalding in Affiliation With the Law Office of Mohammad Al-Ammar
King & Spalding in Affiliation With the Law Office of Mohammad Al-Ammar excels in top-end and complex financing, funds, and restructuring. Leading the practice, Zaid Al-Farisi, having returned to Riyadh in 2022, boasts extensive expertise in banking, financing, and restructuring in Saudi Arabia. The team also relies on the acumen of key practitioners like Nabil Issa, managing partner of the Riyadh and UAE offices, Mohammed Alammar – who excels in cross-border acquisitions, private equity, and venture capital – and Michael Rainey, an expert in representing lenders and borrowers in both conventional and Shari’ah-compliant financings.
Practice head(s):
Zaid H. Al-Farisi
Other key lawyers:
Nabil Issa; Michael Rainey; Mohammed Alammar
Key clients
Alkhabeer Capital
Arab National Bank
Arcapita Investment Partners Limited
Arkad Engineering and Construction Company
Azmeel Contracting Company Limited
Banque Saudi Fransi
Emirates NBD Bank
Energia SPC Limited
Gulf International Bank
Humania Capital (the investment arm of the Bait Al Batterjee Group)
JPMorgan
Riyad Bank
Riyad Capital
Saudi British Bank (SABB)
Shorooq Partners
Work highlights
- Acts as restructuring counsel for Azmeel Contracting Company (Azmeel), one of the top five construction companies in Saudi Arabia. The transaction is precedent-setting because it represents the first time a perpetual sukuk has been used in connection with a restructuring.
- Advised Riyad Capital on the establishment of the fund, Riyad Financing Fund II – this financing was one of the first transactions to be structured through a fund established under the new private credit regime regulations published by the Saudi Arabian Capital Markets Authority.
- Advised Energia, as borrower, in obtaining financing from RPL Holding Limited (the lender); the proceeds from the financing agreement were applied to pay off a loan previously entered into with NBK Capital Partners Mezzanine Fund II, L.P., to fund the buy-back of shares from a minority shareholder and settle a deferred consideration liability under an asset purchase agreement.
Latham & Watkins LLC
The Latham & Watkins LLC boasts an exceptional standing in the Saudi Arabian banking and finance arena. The practice excels in project finance, restructuring, and shariah-compliant financing, with a prominent focus on Islamic finance mandates. The firm has long relationships with some of the most prominent banks in Saudi Arabia, as well as development and real estate companies. Peter Norris, counsel, heads the practice - he focuses on banking finance and Islamic finance transactions, including sukuk structures. Salman Al-Sudairi is a highly sought-after expert, renowned for his counsel on restructuring as well as on Saudi Arabian regulatory and government advisory matters.
Practice head(s):
Peter Norris
Other key lawyers:
Salman Al-Sudairi
Testimonials
‘The quick thinking of the Latham Banking and Finance team is always appreciated. The standard of work is produced at an extremely high level, even more so than we have come to expect. Their understanding of our business need is meet perfectly with the knowledge of our vision and work requirements being uniquely tailored to exactly what we need.
‘Latham’s Banking and Finance Team’s presentation and quality of work goes above and beyond that expected of a Law Firm. They provide continued support and advice and deliver on work requests often before our deadlines, at an exceptional standard and quality. This is reason that they are fully trusted by us. Their reputational standards are meet and exceeded without fail, each and every time. ’
‘When working with Harj Rai and his team, Peter Norris (Counsel) and a team of select associates, you can be confident that they have the highest knowledge and standard of work that we shall receive from anyone working and supporting Harj Rai and Peter Norris, of which this year, has been met tenfold.’
Key clients
Ministry of Finance of Saudi Arabia
Jabal Omar Development Company
Riyad Bank
Tadawul Real Estate Company
Muvi Cinema Company
Arab National Bank
Banque Saudi Fransi
SABB
Saudi National Bank
The National Commercial Bank
Work highlights
- Advising the Ministry of Finance of the Kingdom of Saudi Arabia in connection with approx. SAR90bn debt restructuring of the Saudi Binladin Group Company Limited (SBL).
- Advised Tadawul Real Estate Company, a real estate development and operation services provider, in connection with SAR1.3bn murabaha facility for the purposes of refinancing existing debt.
- Advising Muvi Cinema Company, the first home-grown cinema brand in the Kingdom of Saudi Arabia, in connection with its SAR1.15bn murabaha based financing.
White & Case
White & Case boasts extensive experience and prowess in Saudi Arabia’s banking and finance arena. Adam Pierson, based in Abu Dhabi, leads the team, advises Saudi Aramco on multiple complex projects. Ivan Paskal is a key figure in strategic transactions and infrastructure funds for energy companies, while Alec Johnson also excels in energy and green finance. Infrastructure clients turn to Din Eshanov for his expert advice on project and construction agreements; he is the firm's global relationship partner for NEOM. The team is further strengthened by Abu Dhabi-based Alexander Malahias and Antoine Cousin.
Practice head(s):
Adam Pierson; Antoine Cousin; Ivan Paskal; Alec Johnson; Alexander Malahias; Din Eshanov; Waad Alkurini
Testimonials
‘Excellent team of great lawyers.’
Key clients
Saudi Arabian Oil Company (Saudi Aramco)
Red Sea Development Company
NEOM Company
Public Investment Fund (PIF)
The Lenders to Advanced Polyolefins Company
Saudi Power Procurement Company (SPPC)
Saudi Water Partnership Company (SWPC)
Saline Water Conversion Corporation (SWCC)
National Center for Privatization & PPP
Work highlights
- Representing a project company in connection with the financing of a greenfield facility powered by renewable energy sourced from wind, solar and battery storage for production and export of green hydrogen to global markets, to be located in the Middle East.
- Advised a consortium of nine Saudi abd regional banks in connection with the SAR 6.1 billion Islamic project financing of Advanced Polyolefins Industry Company’s new petrochemicals complex located in Jubail Industrial City, Kingdom of Saudi Arabia.
- Advising Saudi Aramco on the structuring, tendering, development and financing of: the 320MW Jafurah cogeneration power project to provide power and steam to support the Jafurah field development program in Saudi Arabia; and the 185,000 m3/day Zuluf water treatment plant to support water injection for the Zuluf onshore oilfield project in the Arabian Gulf.
Alshahrani Almansour (in collaboration with DLA Piper)
Alshahrani Almansour (in collaboration with DLA Piper) commands a prominent position in the banking and finance domain in Saudi Arabia. Fintech continues to be a focused area of growth for the team, from new fintech platforms to the protection of technology driven products. The firm has also seen strong growth in its restructuring and Islamic finance. The practice is led by Paul Latto and James Iremonger. Latto excels at complex leveraged and acquisition finance mandates, as well as derivatives and capital markets.
Practice head(s):
Paul Latto; James Iremonger
Key clients
Creditors‘ Coordinating Committee for Ahmad Hamad Algosaibi Brothers & Company
Sadara Chemical Company
Japan Bank for International Cooperation
Derayah LLPC
Derayah LLPC – Saudilegal, an independent Saudi firm, stands as a trusted name renowned for its counsel on intricate cross-border project finance transactions. Ali Abedi
leads the practice from Jeddah. Abedi is personally involved in the practice’s most significant matters, he brings formidable expertise to asset and project financing matters. Based in Riyadh, Abdulaziz Alsulmy supports Abedi in many of his matters.
Practice head(s):
Ali Abedi
Other key lawyers:
Abdulaziz Alsulmy
Testimonials
‘The Derayah team is available, knowledgeable, prompt, practical and thorough. This is the go-to firm in the KSA for banking, finance and project finance. ’
‘Ali Abedi stands out as a great practitioner.’
Key clients
Air Products
ACWA Power
Marubeni Corporation
Abu Dhabi National Energy Company (Taqa)
Al Jomaih Energy & Water Company Limited
Work highlights
- Advised ACWA Power and Air Products on their agreement with Saudi Aramco to form a gasification and power joint venture.
- Advised Japan’s Marubeni Corporation and the UAE-based Abu Dhabi National Energy Company (Taqa) on the planned Marjan cogeneration independent steam and power plant (ISPP) and Tanajib desalination plant.
- Advised the consortium of Marubeni Corporation and Al Jomaih Energy & Water Company Limited (Al Jomaih) on various legal aspects of the 300MW Rabigh Solar PV Independent Power Project (IPP).
The Law Firm of Hassan Mahassni
The Law Firm of Hassan Mahassni has a strong banking practice with a history of advising on public-private partnerships. The practice is led by Emad Zahrani, Faisal Linjawy‘ and Foram Majmudar. Zahrani’s practice stands out for its focus on complex transactions involving facility arrangements extended by foreign institutions, while Linjawy has deep experience in Shariah-compliant finance structures.
Practice head(s):
Emad Zahrani; Faisal Linjawy; Foram Majmudar
Linklaters
Linklaters, recently granted a licence to practice law from a new office in Riyadh in Saudi Arabia by the Ministry of Justice, caters to a well-established clientele comprising governmental bodies, major corporations, and investment banks. Omar El Sayed has a prominent presence in syndicated loans and Islamic financings in the Gulf region. Matthew Keats stands out as another key practitioner; he has over twenty-five years of experience in advising on large scale project development and financing. Additionally, David Miles brings a wealth of experience in energy and infrastructure financings in the Middle East.
Practice head(s):
Omar El Sayed; Matt Keats; David Miles
Key clients
NEOM
The Oil and Gas Holding Company B.S.C. (“nogaholding”)
The Saudi National Bank
Banque Saudi Fransi
Gulf International Bank
Abu Dhabi Islamic Bank
Saudi Electricity Company
Saudi Telecommunication Company (“stc”)
Goldman Sachs
Riyadh Bank
HSBC
Work highlights
- Advising the Public Investment Fund on the refinancing of an existing jumbo unsecured syndicated term credit facility loan, the largest self-arranged term loan ever raised for general corporate purposes.
- Advising Saudi Electricity Company on an unsecured dual tranched conventional and Islamic facilities which included two separate Islamic tranches as well as a conventional tranche.
- Advising the groups of existing and new ECAs and commercial lenders on the expansion of the existing SATORP refinery to add the new greenfield Amiral petrochemicals complex.
Norton Rose Fulbright
Norton Rose Fulbright has a stellar reputation for its adept handling of intricate cross-border financings. Team leader Robin Balmer, based in Riyadh and Dubai, specializes in asset, project, and property finance, as well as shariah-compliant transactions. In April 2023, Abdulkhaliq Elshayyal joined the Riyadh office as a partner in the banking and finance team. David Johnston, recently promoted to partner in 2022, focuses on major project finance transactions. Associate Hesa Al Saad is a notable junior lawyer within the firm.
Practice head(s):
Robin Balmer
Other key lawyers:
David Johnston; Hesa Al Saad
Work highlights
- Advised HSBC and SMBC International Bank on a $1.165bn green loan dual-tranche commodity murabaha financing to Al Rajhi Bank.
- Advised Bank Albilad and Bank Aljazira on a $1.165bn commodity murabaha financing to Hamad and Ahmed Mohammed Almozaini Real Estate Co.
- Advised The Saudi British Bank on the financing arrangements to Shuaibah Three Water Desalination Company in relation to the Shuaibah 3 power generation and seawater desalination project.
Al Tamimi & Company
Counting both regional and global financial institutions among its clients, Al Tamimi & Company advises on conventional and Islamic financings and fields in-depth knowledge of financial regulatory matters. Aviation finance is another particular area of expertise for the team. Practice co-head Rafiq Jaffer ‘stands out‘, advising high-profile clients, such as the Saudi Arabian British Bank. Jody Waugh, an expert in corporate and property development financing transactions, co-leads the group and advises an impressive list of regulators, banks, finance companies and investment banks. AgathI Trakkidi brings experience in syndicated loan transactions and bilateral facility agreements to the team.
Practice head(s):
Rafiq R. Jaffer
Testimonials
‘The team is knowledgeable, available, practical, prompt and thorough.’
‘Rafiq Jaffer stands out.’
‘Local and regional expertise’
Key clients
Qatar National Bank (KSA Branch)
The Saudi British Bank (SABB)
First Abu Dhabi Bank PJSC – Saudi Branch
ACWA Power Company (Saudi Listed Joint Stock Company)
Al Jomaih Energy & Water Company
HSBC Saudi Arabia
Work highlights
- Advised the Bank of China on the incorporation of a foreign bank branch in KSA, including assistance with the discussions and the license applications with the relevant government authorities.
- Advised the Saudi British Bank (SABB) on the derivatives and cash equities clearing documents with non clearing members for clearing at the Muqassa.
The Law Firm of Wael A. Alissa in association with Dentons
The Law Firm of Wael A. Alissa in association with Dentons has a strong client base, notably including the Saudi National Bank, European Bank for Reconstruction and Development, and the Saudi Arabian Ministry of Finance. Umera Ali leads the practice, splitting her time between Dubai and Riyadh - she focuses on restructuring, Islamic finance, and debt capital market restructuring.
Practice head(s):
Umera Ali
Work highlights
- Acted as counsel to a SNB in relation to the prepayment and conversion of the existing SAR 650,000,000 Ijara financing facility into a murabaha facility provided to Ahli RIET Fund (originally created prior to the issuance of the special purpose vehicle law allowing for investment fund to be created as special purposes vehicles), and the real estate mortgage law and the movable asset and pledge law in the KSA.
- Acted in relation to SAR1.150 Murabaha Facility provided to Muvi Cinema Company for the development of new cinemas in the Kingdom of Saudi Arabia.
- Assisting the consortium (which led by the UAE’s Alcazar Capital) in preparing a bid for multiple leading social infrastructure PPPs being procured by Saudi Aramco in Saudi Arabia, including reviewing negotiating bid documentation, drafting commercial documentation (EPC and facilities management), advising on bid clarifications and procurement requirements and advising on and negotiating the financing.