Divided between the firm's two offices in Saudi Arabia and Bahrain, the partners in Legal Advisors/Baker & McKenzie act on inbound and outbound mandates between these two countries. Both offices offer plenty of market recommended names but clients highlight Saudi partner Karim Nassar and the Bahrain-based Ian Siddell and Julie Alexander....
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Divided between the firm's two offices in Saudi Arabia and Bahrain, the partners in Legal Advisors/Baker & McKenzie act on inbound and outbound mandates between these two countries. Both offices offer plenty of market recommended names but clients highlight Saudi partner Karim Nassar and the Bahrain-based Ian Siddell and Julie Alexander. Of Nassar clients say he is an excellent corporate lawyer: "He's dedicated, he is bilingual, which is very useful, he's professional he has an excellent insight and in any large corporate transactions he understands the pitfalls, the do and don'ts." Siddle and Alexander are also highlighted by clients as exemplary lawyers and reliable. "Ian and Julie are always available and very professional," says one.
Competitors note that the firm has built up important relationships and an impressive contact book in Saudi Arabia and consider it at the forefront of the country's prominent deals. "They have very good ties with the local business slash political community and this has also contributed to opening doors to them. In all areas they have a good reputation. They've been working on a lot of transactions involving capital markets including drafting government legislation," says one peer.
IPO's have been rare in Saudi but the association advised Knowledge Economic City on its $272 million IPO of 30% of it's share capital, which closed in August 2010.
On the debt side, acting for Saudi Binladin Group, Siddell led a team advising on a SR1 billion ($266 million) murabaha (deferred sale) based sukuk (Islamic bond), which was issued as an exempt offering in Saudi Arabia.
Alexander is considered one of the leading project finance lawyers in the country and in line with her reputation; she advised on one the country's larger transactions, acting for the providers of a SR6 billion multi-option Islamic and trade finance facility for the Saudi Binladin Group to assist with the development of the King Abdulaziz International Airport in Jeddah. The deal was signed in March 2011.
Part of the Saudi government's economic diversification programme is an aluminium smelter and rolling mill. Siddel's involvement in the deal sees him advising the Saudi Arabian Mining Company in the $7.5 billion multi-tranche integrated project financing which closed in November 2010.
In the banking sector, Alexander assisted the Power and Water Utility Company for Jubail and Yanbu, Marafiq, in its inaugural debt financing of SR2.5 billion in July 2010. A club of regional banks led by The National Commercial Bank also mandated Alexander and her team to act in relation to the SR1 billion multi-option Islamic and trade finance facilities made for the Saudi Binladin Group to assist with the engineering, design and construction of the CMA Tower project in the King Abdullah Financial District in Riyadh..
A restructuring case, which is yet to close, sees Siddell acting for Al-Ittefaq Steel Products (ISPC) in connection with refinancing it's existing conventional and Islamic liabilities of over $2 billion.
The association's corporate practices saw a considerable number of departures in 2010 with partner John Xefos retiring and seven associates leaving for pastures new. Three new associates have since been drafted in.
Despite pure M&A deals being in short supply, the firm secured roles, advising the Qatar Steel Company on its acquisition of Saudi group, South Steel Company and Hutchinson Port Holdings and the Maritime Company for Navigation (MACNA) in relation to the acquisition of a 51% interest in the Saudi Development Re-Export Services.
Nasser was also active and advised long-standing client Al Babtain Power and Telecommunications Company on its acquisition of 49% of Al Babtain LeBlanc Telecommunications Systems. The landmark transaction is the first in which a foreign shareholder has acquired shares in a public company in the Kingdom through a share swap transaction.
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