An independent Saudi Arabian firm is fast becoming a rare commodity in the Kingdom, with international firms keen to gain entry in to the region and local firms happy to strike up a lucrative association. But the Jeddah-based Hassan Mahassni continues to operate successfully on its own and is recognised by the market as having an excellent finance practice, with head Basel Barakat highly regarded by rival lawyers....
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An independent Saudi Arabian firm is fast becoming a rare commodity in the Kingdom, with international firms keen to gain entry in to the region and local firms happy to strike up a lucrative association. But the Jeddah-based Hassan Mahassni continues to operate successfully on its own and is recognised by the market as having an excellent finance practice, with head Basel Barakat highly regarded by rival lawyers. "Basel is an excellent lawyer. He has been around a long time and really understands the market," says one.
An important client of the firm's is the Saudi Binladin Group, which the firm have advised on a succession of matters. A team led by Barakat advised the Group on the SR8.5 billion ($2.2 billion) shariah-compliant multi-option facility arrangements for the major expansion and upgrading works for King Abdulaziz International Airport in Jeddah, Saudi Arabia, which closed in May 2011. The firm also assisted its key clients in securing a SR5.5 billion shariah-compliant facility for the construction of the King Abdullah Financial District in Riyadh, which closed in December 2010. In a further deal for the client, Barakat advised on a SR1 billion financing for the construction of the Capital Markets Authority Tower.
Barakat and his team are also advising the lenders consisting of the National Commercial Bank, Banque Saudi Fransi, Standard Chartered and HSBC in relation to a £2 billion bid submitted by ACWA Power Projects and its consortium partners for the Qurrayah IPP (independent power project), Saudi Electricity Company's third IPP. The firm is also active for the lenders in connection with the refinancing arrangement, amounting, overall, to $458 million, for National Petrochemical Industrial Company (NatPet), relating to the construction and operation of a 400,000 tonnes propylene and polypropylene manufacturing complex in Yanbu.
Basel Barakat (Leading lawyer bio)
Hassan Mahassni (Leading lawyer bio)
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