Firms To Watch: Banking and finance

Led by Ahmed Butt from Riyadh, the banking and finance team at Khalid Al-Thebity Law Firm In Affiliation With Greenberg Traurig has a strong reputation in advising on conventional and Islamic financing work, with a particular focus on public sector matters.

Banking and finance in Saudi Arabia

Legal Advisors, Abdulaziz I. Al-Ajlan & Partners in association with Baker & McKenzie Limited

Legal Advisors, Abdulaziz I. Al-Ajlan & Partners in association with Baker & McKenzie Limited has a pre-eminent reputation in Saudi Arabia's banking market. The firm is sought after by prominent domestic banks and corporations for its expertise in project financing and Islamic finance, to name a couple of areas. The team is led by Ian Siddell who brings over three decades of experience in handling Islamic and project financing work, with a particular focus in advising on shariah-compliant transactions. Other key practitioners are Basel BarakatDelwar Hossain and Fatima Alhasan.

Practice head(s):

Ian Siddell


Other key lawyers:

Basel Barakat; Delwar Hossain; Fatima Alhasan


Testimonials

‘The team is highly skilled when advising on multiple demanding and complex transactions in Saudi Arabia.’

‘Basel Barakat’s work is always thorough and of the highest quality.’

‘Basel’s advice is always top notch, clear and concise, and he has very deep knowledge of the Saudi Arabian laws and practices. He understands our needs, offers practical and pragmatic advice and is always available. Simply put, he is a first class lawyer.’

Key clients

Saudi Arabian Mining Company (Ma’aden) and related companies


Banque Saudi Fransi


Khair Inorganic Chemical Industries Company (InoChem)


Saudi Binladin Group Company Limited


The National Commercial Bank / NCB Capital


Arab National Bank


Riyad Bank


ACWA Power International


Al Rahji Banking and Investment Corporation


HSBC Saudi Arabia/The Saudi British Bank (SABB)


The Saudi Investment Bank


Gulf International Bank B.S.C. / GIB Capital


Arab Petroleum Investments Corporation (APICORP)


Ministry of Finance


ABC Islamic Bank (E.C.)


Banque Misr S.A.E


Natixis


Alimna Bank


Work highlights


  • Acted as local counsel to a consortium on its’ acquisition of a 100% stake in the Second Milling Company.
  • Acting for a prominent KSA-based lender concerning the provision of financing facilities to a pan-regional water and power projects conglomerate.
  • Provides ongoing assistance to Thakher Development Company and Mohammed Alsubeaei & Sons Investment Company (MASIC) (a major shareholder in TDC) regarding a real estate financing for the purposes of what is expected to be one of the largest mixed-use development project called “Thakher City”.

Khoshaim & Associates

The banking and finance team at Khoshaim & Associates is highly regarded for its strength in representing clients drawn from multiple sectors, including government, energy, utilities, construction, and mining. The client base also takes in international banks, Islamic financiers and export credit agencies. Karim Wali has an excellent reputation for advising on Islamic financing matters. Hamdan Van Den Brule, who made partner in January 2022, specialises in handling PPP projects; he shares leadership of the practice with Wali and Zeyad KhoshaimPaul Matrosov is a key practitioner.

Practice head(s):

Zeyad Khoshaim; Karim Wali; Hamdan van den Brule


Other key lawyers:

Paul Matrosov; Naryman AlKassimi


Key clients

NEOM


Saudi Aramco


Emaar, the Economic City


The Saudi National Bank


Banque Saudi Fransi


Riyad Bank


Arab National Bank


The Saudi British Bank


Saudi Arabian Ministry of Health


Vision Invest


Work highlights


  • Advising the lenders, Banque Saudi Fransi and Riyad Bank, on a US$840 million refinancing concerning ArcelorMittal Tubular Products Jubail’s acquisition of Jubail Energy Services Company.
  • Advised Banque Saudi Fransi, Riyad Bank, The Saudi British Bank and The Saudi National Bank on acting as Mandated Lead Arrangers on the US$3.76 billion financing to be granted to the Red Sea Development Company and The Red Sea Real Estate Company I for Phase One of the Red Sea Project in Saudi Arabia.

King & Spalding in Affiliation With the Law Office of Mohammad Al-Ammar

King & Spalding in Affiliation With the Law Office of Mohammad Al-Ammar is well known in the Saudi Arabian market for its strength in handling a wide range of finance matters, including acquisition, construction, corporate, project and real estate financings. Practice head Zaid Al-Farisi, based in the Riyadh office, has extensive expertise in advising on conventional and Islamic finance issues. Other key practitioners include Nabil Issa, managing partner of the Dubai and Riyadh offices, Mohammed Alammar and Dubai-based Michael Rainey, who acts for lenders and borrowers in Shariah-compliant transactions. Jawad Ali has retired.

Practice head(s):

Zaid Al-Farisi


Other key lawyers:

Nabil Issa; Michael Rainey; Mohammed Alammar


Testimonials

‘A full team of lawyers with a range of specialties, fully complementing each other’s respective areas of expertise.’

‘The team is competent, responsive and thorough.’

Key clients

Arab National Bank


The Saudi British Bank (SABB)


Banque Saudi Fransi


Gulf International Bank


Riyad Bank


Gulf International Bank


JPMorgan


Emirates NBD Bank


Azmeel Contracting Company Limited


Arkad Engineering and Construction Company


Riyad Capital


Humania Capital


Alkhabeer Capital – KSA based asset manager


Arcapita Investment Partners Limited


Shorooq Partners


Work highlights


  • Advising Azmeel Construction Company on all aspects of its financial restructuring proceedings, involving the first use of perpetual sukuk in connection with a restructuring.
  • Advised Arab National Bank on two real estate transactions with an aggregate value of SAR 3.7 billion.

Law Office of Salman M. Al-Sudairi in association with Latham & Watkins LLP

Law Office of Salman M. Al-Sudairi in association with Latham & Watkins LLP has an excellent reputation within the banking and finance space in Saudi Arabia. Key pillars of strength for the practice include project finance matters, restructuring issues and shariah-compliant financing work. Islamic finance mandates are prominent in the group’s workload. Salman Al-Sudairi is sought after for his expertise in advising on complex, multi-jurisdictional matters. Amar Meher left to join Addleshaw Goddard in May 2023.

Other key lawyers:

Salman Al-Sudairi


Key clients

BNP Paribas


Mashreqbank


HSBC Bank Plc


The Saudi British Bank


Al-Gosaibi Services Company Ltd


Davidson Kempner European Partners, LLP


Arab National Bank


Banque Saudi Fransi


The Saudi British Bank


Saudi National Bank


Riyad Bank


Saudi National Bank


ArcelorMittal Tubular Products Jubail Company


Jabal Omar Development Company


Al-Rajhi Bank


Alinma Bank


Intesa Sanpaolo


Bank of China


First Abu Dhabi Bank


HSBC Bank Middle East


JPMorgan Chase Bank


Mizuho Bank


MUFG Bank


Standard Chartered Bank


Sumitomo Mitsui Banking Corporation


Abu Dhabi Islamic Bank


Natixis


Citibank NA


HSBC Continental Europe


Bank of America


Credit Agricole Corporate and Investment Bank


ING Bank N.V.


SIG Combibloc Group Holdings


Abdullatif Alissa Group Holding Company


National Industrialization Co. (TASNEE)


Work highlights


  • Provides ongoing advice to the Creditors Committee on the proposed settlement of Saad Trading/Al-Sanea.
  • Advised Jabal Omar Development Company on a SAR 5.9 billion refinancing and the restructuring of a SAR 1.6 billion murabaha facility concerning phases of a project.
  • Advising Alinma Bank, Al Rajhi Bank, Arab National Bank, Banque Saudi Fransi and The Saudi British Bank in relation to the SAR 7.73 billion restructuring of Azmeel Contracting Company.

White & Case

White & Case has longstanding experience and expertise with the banking and finance space in Saudi Arabia. Abu Dhabi-based Adam Pierson regularly acts on large-scale project financing matters across the region, with a particular focus on the energy sector. Ivan Paskal is a key name for debt financings; Alec Johnson handles complex cross-border matters; and Dinmukhamed Eshanov is sought after by infrastructure clients for his strength in advising on project and construction agreements. Abu Dhabi-based Alexander Malahias and Antoine Cousin are also key names to note. Mahmoud Abdel-Baky joined in April 2023.

Practice head(s):

Adam Pierson; Ivan Paskal; Alec Johnson; Din Eshanov; Antoine Cousin; Alexander Malahias


Other key lawyers:

Mahmoud Abdel-Baky


Key clients

Saudi Arabian Oil Company (Saudi Aramco)


Red Sea Development Company


Saudi Power Procurement Company (SPPC)


Saudi Water Partnership Company (SWPC)


Saline Water Conversion Corporation (SWCC)


The Lenders to Advanced Polyolefins Company


Metro Jeddah Company (MJC)


Matarat Holding


National Water Company (NWC)


Water & Electricity Company (WEC)


National Center for Privatization and PPP


Alshahrani Almansour (in collaboration with DLA Piper)

Alshahrani Almansour (in collaboration with DLA Piper)'s banking and finance practice has notable strength in representing borrowers and lenders in a wide spectrum of conventional and Islamic finance matters. Fintech remains a growing area of instruction for the team, which is jointly led by Paul Latto and Dubai-based James Iremonger. Latto is highly regarded for his strength in handling complex leveraged and acquisition finance mandates. Keith Bullen is well known for his solid track record in advising on energy-related project matters.

Practice head(s):

Paul Latto; James Iremonger


Other key lawyers:

Keith Bullen


Key clients

Creditors‘ Coordinating Committee for Ahmad Hamad Algosaibi Brothers & Company


Japan Bank for International Cooperation


Lucid


Derayah LLPC

Derayah LLPC – Saudilegal is an independent firm with a solid reputation for advising on complex cross-border project finance transactions. Department head Ali Abedi fields strong expertise in asset and project financing matters. Asad Abedi is also a key name to note.

Practice head(s):

Ali Abedi


Other key lawyers:

Asad Abedi


Key clients

ACWA Power


Air Products


Marubeni Corporation


Abu Dhabi National Energy Company (Taqa)


Al Jomaih Energy & Water Company Limited


Work highlights


  • Assisting Japan’s Marubeni Corporation and the UAE-based Abu Dhabi National Energy Company (Taqa) with the planned Marjan cogeneration independent steam and power plant (ISPP) and Tanajib desalination plant.
  • Advised the consortium of Marubeni Corporation (Marubeni) 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

Law Firm of Hassan Mahassni‘s dedicated banking and finance team, led by Emad Zahrani, has solid expertise in advising clients from the renewable energy sector on project financings. Faisal Linjawy’s practice is notable for focusing on joint ventures, incorporations, restructuring and liquidation. Legal consultant Foram Majmudar is a key contact. Atif Mulla has left the firm.

Practice head(s):

Emad Zahrani; Faisal Linjawy; Foram Majmudar


Linklaters

Linklaters regularly handles high-value Islamic financing work across the Gulf for an established client base of governmental bodies, large corporations and investment banks. Omar El Sayed fields expertise in acquisition, private equity and real estate financing. Kieron Zaman is a key practitioner to note, while Dubai-based Reem Al Sayegh, who was promoted to the partnership in May 2022, has experience in handling syndicated financings, with a particular focus on real estate and Islamic finance.

Practice head(s):

Omar El Sayed; Reem Al Sayegh; Kieron Zaman


Key clients

NEOM Company


The Saudi National Bank


Banque Saudi Fransi


Gulf International Bank


Abu Dhabi Islamic Bank


Saudi Electricity Company


Saudi Telecom


Goldman Sachs


Riyad Bank


Mawarid Holdings


HSBC


Work highlights


  • Acted for Saudi Electricity Company as borrower in relation to a dual conventional and Murabaha revolving credit facility, valued at over US$2.5bn, provided by a syndicate of international banks from the Middle East and Asia.
  • Advised a syndicate of international lenders on a US$1.6bn refinancing transaction involving the Advanced Energy Systems group.
  • Advised a syndicate of UAE lenders on a US$490m refinancing transaction involving the Zakher Marine International group.

Mohammed Al-Ghamdi Law Firm in association with Norton Rose Fulbright US LLP

Mohammed Al-Ghamdi Law Firm in association with Norton Rose Fulbright US LLP is highly regarded for its expertise in complex cross-border financings. Robin Balmer heads up the team from Dubai and focuses on asset and project finance matters, as well as shariah-compliant transactions. David Johnston, who was promoted to partner in March 2022, has solid expertise in advising energy and infrastructure clients on construction and project development matters. Associate Hesa Al Saad is a name to note.































Practice head(s):

Robin Balmer


Other key lawyers:

David Johnston; Hesa Al Saad


Work highlights


  • Advised HSBC Bank Middle East Limited, HSBC Saudi Arabia and ten other financial institutions, as mandated lead arrangers, on a US$1.1bn, sustainability-linked, dual-tranche murabaha financing to Ahli United Bank in Bahrain.
  • Advised a group of senior lender clients on part of the project financing provided to Al Jubail International Water Company in relation to the Jubail 3B Independent Water Project.

Al Tamimi & Company

Noted for its expertise in project and trade financing work, Al Tamimi & Company's team has been kept busy handling large financing and refinancing mandates, particularly in the tourism sector. The department is led by Dubai-based Rafiq Jaffer, who is well known for advising financial institutions on deals involving conventional and Islamic structures.


Practice head(s):

Rafiq Jaffer


Key clients

ACWA Power


Aljomaih Energy and Water Company


The Saudi British Bank (SABB)


HSBC Saudi Arabia Ltd.


Emirates NBD


Covington & Burling LLP


Credit Suisse AG (DIFC Branch)


Work highlights


  • Acting as local counsel for ACWA Power concerning a senior debt refinancing for Rabigh Arabian Water & Electricity Company, a subsidiary of the client.
  • Acting as local counsel for ACWA Power in connection with the provision of senior debt facilities to Marafiq Red Sea for Energy Company, a subsidiary of the client, concerning the Red Sea development project.
  • Advising the Tourism Development Fund as lender, and Ajdan AlKhobar Real Estate Company as borrower, on a SAR 150 million finance facility for the construction of a hotel.

The Law Firm of Wael A. Alissa in association with Dentons

With an established presence in both Riyadh and Jeddah, The Law Firm of Wael A. Alissa in association with Dentons acts for a client base of prominent banks and financial entities throughout Saudi Arabia. The team’s wide range of expertise spans project and corporate finance to restructurings and debt capital markets matters. The team is led by Umera Ali, who splits her time between Riyadh and Dubai, and is well versed in handling restructuring issues and complex Islamic finance work. Qasim Aslam, who leads the Middle East Islamic Finance practice, is a practitioner to note.

Practice head(s):

Umera Ali


Other key lawyers:

Qasim Aslam


Key clients

The Saudi National Bank (SNB)


European Bank for Reconstruction and Development (EBRD)


HSBC Saudi Arabia


Standard Chartered Bank


The Commercial International Bank (CIB)


Ministry of Finance – Saudi Arabia


Avolon Aerospace Leasing Limited


Bidaya Home Finance


Work highlights


  • Assisting the Saudi Arabian Ministry of Finance with a financing portfolio concerning its Special Support Program and its Project Support Fund.
  • Advising the National Commercial Bank on converting a istisna’ facility structure to a murabaha facility structure in connection with a greenfield development project.
  • Assisting the Saudi National Bank with amending financial documents in connection with an istisna’ facility provided to the Al Raya Real Estate Company.