White & Case > Riyadh, Kingdom of Saudi Arabia, Saudi Arabia > Firm Profile

White & Case
The Business Gate Building No. 26 Zone C, Airport Road
P.O. Box 12115
Riyadh 11473
Saudi Arabia

Saudi Arabia > Banking and finance Tier 1

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.

Saudi Arabia > Capital markets Tier 1

The ‘solution driven and very approachable’ capital markets team at White & Case often acts for high level issuers, arrangers, and managers in structuring and executing capital markets transactions. The practice is led by Sami Al-Louzi and Debashis Dey, both of whom are based in Dubai. Al-Louzi is well-versed in advising on IPOs on the Saudi Stock Exchange. Dey specialises in Islamic finance in the capital markets, and often works on establishing large Islamic finance issuance programmes. In October 2023, Ibrahim Soumrany left the practice to join Gibson Dunn.

Practice head(s):

Sami Al-Louzi; Debashis Dey

Testimonials

‘Very hands on, always responsive, solution driven and very approachable.’

 

Key clients

Saudi Arabian Oil Company

Saudi Telecom Company

Al Rajhi Capital Company

Nayifat Finance Company

Arabian Centres Company

Saudi Real Estate Refinance Company

HSBC Saudi Arabia

Morgan Stanley Saudi Arabia

SNB Capital Company

J.P. Morgan

Citi

Riyadh Cables

Goldman Sachs

Tamer Group

Soliman Fakeeh Hospital

NCB Capital

GIB Capital

Bank of America

Deutsche Bank

AlBilad Capital

Saudi Fransi Capital

HSBC Limited

Emirates NBD

KFH Capital

Riyadh Cables Company

Perfect Presentation Company

Citigroup Global Markets Limited

Dubai Islamic Bank PJSC

Standard Chartered Bank

Work highlights

  • Advising the arrangers on the establishment of $4bn Trust Certificate Issuance Programme of Al Rajhi Banking and Investment Corporation and the managers on the inaugural issuance of $1bn Senior Sustainable Certificates due 2028 under the programme.
  • Advised the Saudi Real Estate Refinancing Company in connection with establishment of SAR 10bn domestic Sukuk issuance programme and the inaugural issuances of SAR 1bn guaranteed Sukuk due 2028 and SAR 3bn guaranteed Sukuk due 2031 in March 2021, which were followed with the issuances of SAR 2 billion guaranteed sukuk due 2031 in December 2021 and SAR 4 billion guaranteed sukuk due 2030 in April 2022.
  • Advised HSBC Saudi Arabia Limited, Al Rajhi Capital Company and Alinma Investment Company as dealer managers and Riyad Capital Company as agent, on the liability management exercise comprising the voluntary cancellation and exchange for new sukuk of 18 series of outstanding bonds and sukuk (worth $6.9bn) issued by the Kingdom of Saudi Arabia.

Saudi Arabia > Projects and energy Tier 1

White & Case has a strong historical position within the Saudi Arabian project and energy market, notably advising the Public Investment Fund, Saudi Aramco, NEOM and many other state agencies. Backed by the bench strength of partners in Abu Dhabi, Dubai and London, Alec Johnson and Waad Alkurini anchor the firm’s office in Riyadh. Johnson specialises in advising sponsors, lenders and procurers on a variety of projects, with a focus on energy infrastructure, while Alkurini brings experience to advising financial institutions and borrowers on financing transactions based on both conventional and Shari’ah structures, including restructuring and syndicated financing.

Practice head(s):

Alec Johnson; Waad Alkurini

Testimonials

‘Great team.’

‘Excellent 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 the project company in connection with the financing of a greenfield facility powered by renewable energy sourced from wind, solar and battery storage for the production and export of hydrogen to global markets to be located in the Middle East.
  • Advised a consortium of nine Saudi and regional banks in connection with the SAR 6.1bn 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 a 320MW Jafurah cogeneration power project to provide power and steam to support the Jafurah field development program in Saudi Arabia; and a 185,000 m3/day Zuluf water treatment plant to support water injection for the Zuluf onshore oilfield project in the Arabian Gulf.

Saudi Arabia > Commercial, corporate and M&A Tier 2

White & Case has a strong presence in both Saudi Arabia and the wider Middle East, including offices in Egypt, Oman, Qatar, and UAE. This allows the firm to assist clients with complex, multi-jurisdictional challenges, including outbound investment to the Middle East or inbound investment to Saudi Arabia. The firm acts for private and national clients, notably, Saudi Aramco and the Public Investment Fund. Leading the practice are Sami Al-Louzi, who advises clients on cross-border M&A and privatisations; Marcus Booth, who assists large financial institutions including funds and banks with M&A transactions globally; and Sonia Abdul-Rahman, who has extensive experience of the oil and gas and renewable energy sectors.

Practice head(s):

Sami Al-Louzi; Marcus Booth; Sonia Abdul-Rahman

Key clients

The Industrialization and Energy Services Company (TAQA)

Public Investment Fund (PIF)

The Red Sea Development Company

Saudi Aramco

Al-Ula Development Company

Dr. Soliman Abdul Kader Fakeeh Hospital (DSFH)

Blue Water Energy (Bluewater)

Work highlights

  • Represented The Industrialization and Energy Services Company (TAQA) on the 100% acquisition of Al Mansoori Petroleum Services LLC, one of the leading providers of oilfield services in the Middle East.
  • Represented the Public Investment Fund of the Kingdom of Saudi Arabia’s (PIF) multimillion-dollar acquisition of a 30% stake by way of share subscription in Saudi District Cooling Company CJSC (Saudi Tabreed).
  • Advised global energy investment firm Blue Water Energy (Bluewater) on the sale of engineering portfolio company, Kent, to Nesma & Partners, a Public Investment Fund (PIF) portfolio company.

Saudi Arabia > Real estate and construction Tier 2

The team at White & Case specialises in advising on large-scale project development work for the Saudi Arabian government. Michael Turrini heads the practice from Dubai. In March 2023, Karim Mariey relocated from the firm's London office and divides his time between Riyadh and Dubai.

Practice head(s):

Michael Turrini; Karim Mariey

United Arab Emirates > Commercial, corporate and M&A

A team that approaches challenging deals with 'rigor, thought, and creativity', White & Case LLP handles several of the most significant transactions in the region, including major healthcare disposals., landmark energy acquisitions, and a range of premium equity investments by domestic and international funds. Abdulwahid Alulama is highly adept at complex cross-border transactions, active across sectors including energy, real estate and financial services, and Steven Worthington stands out for his knowledge and understanding of an array of jurisdictions. Marcus Booth is often engaged with top-end private equity entities for all forms of corporate and commercial work and Sami Al-Louzi lends extensive financing and capital markets knowledge to a number of transactions. Sonia Abdul-Rahman is the go-to in the group for traditional and renewable energy work and Fraser Galloway is reputed for his wide sector activity.

Practice head(s):

Abdulwahid Alulama; Marcus Booth; Steven Worthington; Sami E. Al-Louzi; Sonia Abdul-Rahman

Other key lawyers:

Fraser Galloway; Roger Gaspard

Testimonials

‘Very high quality team.’

‘Incredibly responsive partners with a “can do” attitude and good lines of communication into senior lawyers across the entire firm’s network. All in all, a first class service for clients who do a large number of high-value transactions across a number of jurisdictions.’

‘Steve Worthington and Marcus Booth are available 24/7, are always incredibly responsive and can get the right answer from the right person in the right office unbelievably quickly.’

‘Marcus Booth and Roger Gaspard are exceptionally talented, resourceful and commercial and reasonable in negotiations (yet you firmly feel they truly represent your best interests). Overall individuals are friendly and will go beyond standard service to help clients and achieve objectives. ’

‘W&C UAE have been by our side through a number of incredibly complex transactions. They have provided not only technical expertise but also a level of commercial guidance which is frequently more than I expect from our legal advisors.’

‘They are a very tight knit team, and have a level of responsiveness which is second to none. Genuinely around the clock coverage, which can be required when dealing with hectic M&A processes.’

‘Steve Worthington is “always on” and is incredibly accessible. His legal knowledge is of course exemplary, however his real skill is being able to translate it in to pithy recommendations and advice which takes in to account commercial realities and local market norms. His background in the UK market enables him to bridge difficult aspects of multi-jurisdiction deals (and expectations from various parties). He’s very comfortable having the tough conversations with the other side, so as to preserve the principal to principal relationship. Great guy.’

‘The W&C team distinguishes itself by the quality of its people. Challenging deals are approached with rigor, thought and creativity as needed, and work is done in the spirit of partnership.’

Key clients

Abu Dhabi Catalyst Partners

CVC Capital Partners

Blue Water Energy

Abu Dhabi Future Energy Company (Masdar)

e& (Etisalat)

International Holdings Company PJSC

Kent Corporate Holdings Limited

Mubadala Investment Company

Saudi Arabian Oil Company (Saudi Aramco)

Bridgepoint

Yellow Door Energy

ZMI Holdings

HEA Investment

OMV Group

Work highlights

  • Advised Bridgepoint on its disposal of Diaverum to M42, a newly created healthcare joint venture between G42 Healthcare and Mubadala Health.
  • Advised The Industrialization and Energy Services Company (TAQA) on the US$1bn 100% acquisition of Al Mansoori Petroleum Services LLC.
  • Advised global energy investment firm Blue Water Energy (Bluewater) on the sale of engineering portfolio company, Kent, to Nesma & Partners.

United Arab Emirates > Oil, gas and natural resources

White & Case LLPpossesses deep expertise and ability, combined with an extremely high level of service’. Active on mandates across the region, with particular attention on the UAE and Saudi Arabia, the team is able to cover the gamut of projects work, including premium M&A and financings, capital markets transactions and complex litigation. The group has also seen a significant volume of big-ticket mandates pertaining to hydrogen ventures, overseeing the financing and construction of greenfield facilities. The team is jointly led by several experienced practitioners, with Antoine Cousin, Ivan Paskal and Adam Pierson standing out due to their extensive activity across a number of projects. Pierson and Cousin are among the preeminent company advisors to Saudi Aramco, where they have been engaged with the industry giant’s power, water and utilities enterprises, whereas Paskal has spearheaded a wide assortment of matters that include NEOM projects and pre-IPO restructurings. Alexander Malahias is a financing expert and retains close connections to major regional financial institutions, while Din Eshanov, who relocated to Abu Dhabi in 2023, brings further expertise in project development.

Practice head(s):

Antoine Cousin; Din Eshanov; Alexander Malahias; Ivan Paskal; Adam Pierson; Yasser Riad; Michael Turrini; Michael Watson

Testimonials

‘The White & Case team possess deep expertise and ability, combined with an extremely high level of service. When White & Case represent us, there is a lot of comfort to be taken knowing that we will not be outdone by opposing counsel.’

‘Adam Pierson has deep experience in project development transactions in the Middle East. He is commercially aware and provides an extremely high level of service.’

‘Antoine Cousin is an expert in co-generation projects in the Middle East.’

Key clients

Saudi Arabian Oil Company

The Lenders to Advanced Polyolefins Company

NEOM Company

Borealis AG

Zakher Marine International

The Industrialization and Energy Services Company

ADES Group

Mubadala Investment Company

Work highlights

  • Represented 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.
  • Advised a consortium of nine Saudi and regional banks in connection with the SAR6.1bn Islamic project financing of Advanced Polyolefins Industry Company’s new petrochemicals complex.
  • Advised Korea Electric Power Corporation (KEPCO), Japan’s Kyushu Electric Power Co. and Électricité de France (EDF) as international sponsors on the financial closing of the $3.8bn Project Lightning offshore transmission line in the UAE.

United Arab Emirates > Infrastructure and projects (including project finance)

Frequently instructed by international financial institutions, premium sponsors, and governments institutions for project financing expertise, White & Case LLP work on an array of blockbuster developments, spanning conventional and renewable energy ventures, social and transport infrastructure builds, and utility developments. Instututional relationships across the region gives the firm access to NEOM projects in Saudi Arabia, railway and passenger station extensions in Abu Dhabi, and novel financing arrangements in the MENA region. The practice is jointly chaired by a number of lawyers, including Adam Pierson, who is regularly sought out by oil and gas giants for his asset expertise and transactional capabilities. Yasser K. Riad is renowned for his far-reaching cross-border project financing practice, possessing comprehensive understanding of various assets, while Antoine Cousin is noted for his expertise in the power, water and utilities sectors. Alexander Malahias stands out for his work in tourism infrastructure projects, working with sovereign wealth funds on joint ventures and financing transactions, while Ivan Paskal is chiefly engaged on energy-related matters. Din Eshanov - who relocated to Abu Dhabi from Riyadh in 2023 - is a key figure for NEOM-related work.

Practice head(s):

Antoine Cousin; Din Eshanov; Alexander Malahias; Ivan Paskal; Adam Pierson; Yasser Riad

Other key lawyers:

Jennifer Riddle

Key clients

Emirates Water and Electricity Company (EWEC)

NEOM Company

The Red Sea Development Company

Saudi Arabian Oil Company (Saudi Aramco)

Saudi Power Procurement Company (SPPC)

The Government of the Emirate of Abu Dhabi, acting |through the Abu Dhabi Department of Finance

Saudi Water Partnership Company (SWPC)

Saline Water Conversion Corporation (SWCC)

USAID and the Ministry of Water and Irrigation of Jordan

Abu Dhabi Future Energy Company (Masdar)

National Center for Privatization and PPP, KSA

ADES Group

Zakher Marine International

Metro Jeddah Company (MJC)

Work highlights

  • Represented the 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, capable of producing 650 tons per day of carbon-free hydrogen in the form of ammonia, to be located in the Middle East.
  • Advised Korea Electric Power Corporation (KEPCO), Japan’s Kyushu Electric Power Co. and Électricité de France (EDF) as international sponsors on the financial closing of the US$3.8 billion Project Lightning offshore transmission line in the United Arab Emirates, alongside local sponsors ADNOC and TAQA.
  • Advised the Government of the Emirate of Abu Dhabi, acting through the Department of Finance in connection with the AED 1.99 billion green loan term facility for Etihad Rail Company PJSC (First Abu Dhabi Bank PJSC (FAB) acting as lender, agent, security agent, account bank and mandated hedge provider) for the construction of passenger stations and rail track extensions to connect with the existing Etihad Rail freight line and associated infrastructure.

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