Written by John on 29 April 2013.
♦ Recent Deals ♦ Dubai, Jeddah, Middle East, Riyadh, Saudi Arabia, UAE
Hogan Lovells has advised Al Bayan Group Holding Company (Al Bayan or the Group), a Saudi-based conglomerate, on its RM200.0 million sukuk, issued on the 24th April 2013, out of its inaugural RM1.0 billion Sukuk Wakalah Programme (the Sukuk Programme) – the first Malaysian Ringgit Sukuk Programme to be established by a Saudi corporate issuer and the first issuance by a Saudi corporate issuer of Malaysian Ringgit denominated sukuk in the Malaysian debt capital market to date. The landmark sukuk has been issued via Al Bayan’s special-purpose vehicle incorporated in Malaysia, ABHC Sukuk Berhad. The Sukuk programme is structured under the Shariah principle of Wakalah and Ijarah. Hong Leong Islamic Bank Berhad (HLISB) and HSBC Amanah Malaysia Berhad (HBMS) acted as Joint Principal Advisers and Joint Lead Arrangers of the Sukuk Programme. HLISB and HSBC also acted as Joint Lead Managers, together with Kenanga Investment Bank Berhad (KIBB) and Al Hilal Bank as the Manager in the UAE. Guidance Financial Group acted as the Financial Adviser to Al Bayan. Hogan Lovells' team was led by Riyadh-based Banking & Finance Partner, Imran Mufti and included Victoria Mesquita (Associate, Dubai) and Mustafa Kamal (Senior Associate, Jeddah). Commenting on the successful issuance of the Sukuk offering, Dr. Abdulrahman Al Hammad, CEO of Al Bayan, said: "Al Bayan's inaugural sukuk issuance in Malaysia is a significant landmark in the Group's evolution and growth story. We are proud of this achievement and look forward to further capitalising on the opportunities for raising Islamic capital available globally. We thank the Joint Lead Managers and all other involved parties for their support in making this transaction a resounding success.” Commenting on the transaction, Imran Mufti said: "We are very pleased to have advised Al Bayan on this ground-breaking sukuk. This transaction demonstrates a market-first for Saudi Arabian corporates and promises to open up a whole new investor base for issuers based in the Kingdom."
Written by John on 13 November 2012.
♦ Breaking BigLaw News, Moves News ♦ Jeddah, Middle East, Saudi Arabia
Ashurst is set to boost its practice in the Middle East with the launch of an office in Jeddah by establishing an association with Saudi partner Faisal Adnan Baassiri. Faisal Adnan Baassiri was head of legal at SEDCO, a large Saudi, Shari'ah-compliant wealth management company. Faisal is a general practice lawyer, with expertise in general corporate work, real estate and funds. Prior to his time at SEDCO, Faisal worked in the Osama Yamani Law Firm in Jeddah. The firm will focus on energy, transport and infrastructure matters and offering corporate services in the region, especially in Jeddah. Joss Dare, head of Ashurst in the Middle East, said: "The economy in Saudi Arabia is undergoing significant expansion, which is set to continue over the next few years. There are substantial business opportunities that fit well with our regional strategic focus on the energy, transport and infrastructure industries. Moreover, the market also provides extensive opportunities for general corporate, finance and other legal work. This is the first step for us in the Kingdom and we are confident that our offering will grow in breadth and depth. The right people are key to any new venture. We are very fortunate to be able to establish a presence in Jeddah with such a highly respected practitioner. We have a longstanding relationship with Faisal and have every confidence that he is exactly the right person for us and that he will make a significant contribution to the success of our new venture." Faisal Adnan Baassiri added: "I have worked with law firms from all over the world and on a client level Ashurst always delivered an exemplary service. I am delighted now to play a part in that and look forward to helping the office grow and develop."
Written by John on 12 July 2011.
♦ Recent Deals ♦ Dubai, Jeddah, Mecca, Saudi Arabia
King & Spalding advised Bawabat Makkah Company, a wholly owned subsidiary of Al Balad Al Ameen Company, in a suite of agreements with Sumou Real Estate Company for the development of the first phase of Makkah Gate Project, a $27 billion complex comprising residential areas, a government administrative district, a business district, a shopping area, a university city, research centers, a park and a medical city located on 83 million square meters along the Mecca-Jeddah highway near the western entrance to the holy city of Mecca. “We are proud to be associated with such a prestigious project and grateful to our client for entrusting us to deliver high-quality legal services for this complex deal,” said Leroy Levy, a Dubai-based partner at King & Spalding. “This addition to a series of high-profile deals we have transacted in an efficient manner through Saudi Arabia is also a cause of pride to the firm.” The first phase of the project includes the construction of 2,000 residential units providing housing for about 600,000 people. The initial development will cover an area of 1.5 million square meters. The King & Spalding legal team involved in this transaction was led by Levy and included partner Nabil Issa and counsel Tim Tucker.
Written by John on 11 January 2011.
♦ Breaking BigLaw News ♦ Alkhobar, Jeddah, Middle East, Riyadh
The global law firm Jones Day has announced that it will open three associate offices in the Kingdom of Saudi Arabia in 2011. The offices will be located in Riyadh, Jeddah and Alkhobar. These openings will bring the total number of Jones Day locations worldwide to 37. Jones Day will practice in the Kingdom in association with Alsulaim Alawaji & Partners Law Firm, a Saudi firm established in 1990 and with which Jones Day has worked closely for many years. Yusuf Giansiracusa has rejoined Jones Day as Partner-in-Charge resident in the Riyadh office, which opened on January 1, 2011. Mr. Giansiracusa has worked with Saudi clients and foreign clients doing business in the Kingdom for the last twenty years. He represents several of the leading commercial and industrial families and has a broad range of experience in commercial and corporate transactions, industrial and infrastructure projects, OGP and private client matters. Alsulaim Alawaji & Partners and Jones Day will open offices in Jeddah and in Alkhobar later in 2011. These offices will focus on project finance, mergers and acquisitions, and dispute resolution. The Partner-in-Charge resident in the Jeddah office will be Fahad Habib who will relocate from Jones Day’s Washington office. Mr. Habib has for many years represented Saudi clients in complex litigation and has assisted multinational corporations on trade and regulatory issues involving the Middle East. The Partner-in-Charge resident in the Alkhobar office will be Oliver Passavant who has practiced at Jones Day for many years in both the United States and in Germany. Mr. Passavant has extensive experience in energy, mergers and acquisitions, finance, corporate restructuring, and intellectual property. Stephen J. Brogan, Managing Partner of Jones Day said, "we are delighted to welcome Yusuf Giansiracusa back to the Firm and we know that he will make a real contribution in Riyadh, where he is one of the most senior Western lawyers. We are also very pleased to re-establish our relationship with Alsulaim Alawaji & Partners, a first-class firm with whom we have had a long and very positive working relationship." Mr. Brogan added that, "Jones Day has represented a number of important Saudi clients over the past two decades in a wide range of matters, including defending clients against unfair accusations of wrongdoing brought against them in high-profile litigation in the United States. In 2009, the firm decided it was time to re-establish a physical presence in the region, and we opened an office in Dubai. The Kingdom is the centre of economic activity in the Middle East and by far the largest economy. Opening associate offices in Riyadh, Jeddah and Alkhobar is a natural next step as we seek to serve our clients’ needs in each of the three quite different and very important commercial centers in the Kingdom." Mr. Giansiracusa said, "I am delighted to be back at Jones Day and pleased that the Saudi clients I have represented for many years will have the benefit of the sophisticated legal services that Jones Day can offer in key business centers around the world."