Saudi Arabia

IFLR1000 Reviews

Financial and corporate
Al Saleh & Al Sahli

Al Saleh & Al Sahli works in cooperation with Daher Law Firm and is a boutique firm that is active in corporate and securities deals.  

In capital markets area the firm was the advisor to several clients in some of the first rights issue transactions under the updated Capital Market Authority and Listing Rules of Tadawul regulations recently. The firm also advised on IPOs for several clients on the parallel market.  

Recent Deal Data highlights 

•Enaya Insurance Company $53.3 million rights issue 

•Amana cooperative Insurance Company $26.7 million rights issue 

•AboMoati Stationnary Tawawul IPO 

Hammad & Al-Mehdar

The strength of Hammad & Al-Mehdar is its M&A work.  

During the research period the firm was the lead sellers’ counsel on the sale of a majority interest in a holding special purpose vehicle company owning shares in a medical facility.

Hatem Abbas Ghazzawi & Co

Hatem Abbas Ghazzawi & Co is one of the leading independent local firms in the market for transactional work, particularly debt capital markets and project finance and development work. 

In banking and project finance, the firm acted for ACWA Power in the development and financing of a photovoltaic power plant project. It also acted as local counsel to the Dow and Sadara Chemical Company in a joint venture with Saudi Aramco for the development and financing of a petrochemicals complex. 

In debt capital markets work the firm advised National Commercial Bank (NBK) as local counsel on an early redemption of its Tier 2 sukuk. 

In M&A the firm has advised and carried out the transfer of shares in a power company, advised on mergers, and was local counsel in the formation of joint ventures.  

M&A counsel Naryman Al-Kassimi left the firm during the research period and was replaced by Abdulaziz Alsulmy. 

Recent deal data highlights 

•Al Dur IWPP (phase 2) 

•Dammam West independent sewage treatment plant 

•Rabigh-3 IWP 

•Sakaka IPP 300MW photovoltaic solar power plant  

Client feedback 

“Due to their long running continuity in the Saudi legal market and their Saudi lawyers, their greatest asset is their in-depth knowledge of Saudi/Islamic law, legislation, and the practices and procedures of the various Saudi governmental authorities. Another significant asset at their disposal is their team's ability to work effectively in both English and Arabic. They are one of the few Saudi firms that have substance as they actually have people on the ground.” – M&A 

“Hatem Abbas Ghazzawi & Co is an excellent provider of legal services in the KSA: they are prompt, accurate and reliable.” – Project finance 

Ali Abedi 

“He is one of the leading experts on banking and finance in Saudi Arabia. He understands the drivers of the business and gives creative and practical advice for achieving our goals in compliance with the Kingdom's laws and regulations.” 

“Ali Abedi is prompt, accurate and reliable. He is the preferred go-to lawyer for all finance and infrastructure work.” 

Khoshaim & Associates

Khosaim & Associates is the Saudi sponsor for Allen & Overy. The firm is experienced and strong in all areas of transactional work. It is known in particular for its Islamic finance expertise and often works for lenders on this type of work.  

In banking and project finance the firm’s recent deal highlights involved a number lender side roles on large financings. were an Islamic financing for a retail development in Riyadh and advising lenders in the refinancing facility of Ma’aden Bauxite and Alumina Company, a large transaction that involved 12 banks.  

In capital markets the firm worked for issuers and arrangers on establishing sukuk programmes and worked with The Ministry of Finance of Saudi Arabia on its bond issuance. It also worked as underwriter counsel on an IPO. 

Also active in M&A during the research period, the firm advised buyers in acquisitions in oil and gas, food and beverages, industrials and the power sectors. These included work for Saudi Aramco on a large acquisition, and structuring share swaps using new local public M&A regulation. 

Recent deal data highlights

•Bahrain Petrochemical Company oil refinery expansion 

•HSBC Saudi Arabia SAR11 billion sukuk programme  

•Kingdom of Saudi Arabia $7.5 billion dual tranche bond issue  

•Saudi Aramco $69.1 billion acquisition of 70% in Sabic 

•Sipchem / Sahara merger 

•Ma’aden Bauxite and Alumina Company $1.13 billion refinancing 

•National Commercial Bank $1.33 billion sukuk redemption 

Client feedback 

“Very professional. Knowledgeable about local context. Good client management.” – M&A 

“Our main contact person on the transaction, Ms Leen Zaza was truly impressive, especially in negotiating the SPA. This is clearly her strength.” – Private equity 

“Excellent overall. Very good drafting. Excellent negotiation techniques.” – Private equity 

“Khoshaim is excellent at communicating effectively, being responsive to requests and meeting deadlines.” – Project development  

Al Tamimi & Company

Al Tamimi & Co is a regional law firm active in financial and corporate transactional work. 

In banking and project finance the firm has drafted loan facility and security documents, and advised on an uncommitted credit facility. It has also advised the Industrial and Commercial Bank of China on an export credit facility and assisted with the lease of 8 Airbus A320 aircraft.  

In capital markets, a key highlight for the firm was advising Aster DM Healthcare on its share offering to investors in India and US qualified buyers, listing the shares on the Bombay Stock Exchange and National Stock Exchange of India, and following this with complex debt restructuring. The firm has also acted for the issuer in a Pakistani government bond issue. 

In project development the firm has advised on real estate, health, tourism, and export pipeline facility projects and, in M&A, it has been involved in several joint ventures and acquisitions; however, all are confidential. 

The firm has been expanding with multiple hires in the research period. Babul Parikh, formerly from Baker Botts, was hired as head of corporate and commercial.  

Recent Deal Data highlights 

•Aster DM Healthcare Bombay Stock Exchange / National Stock Exchange of India IPO  

•HSBC Saudi Arabia $80 million financing  

•Government of Pakistan $2.5 billion bond issue 

Client feedback  

“Professional services that address our needs with clear guidance and operational support. Could use more structure when approaching tasks.” – Project development  

Dr Sultan Almasoud & Partners

Dr Sultan Almasoud & Partners works in association with Shearman & Sterling.  

In recent banking and finance work the firm advised on loan transactions, though all details are confidential.  

In capital markets work the firm advised Jabal Omar Development Company on its sukuk programme and Euronext listed company EssilorLuxottica on its 2018 Employee Stock Purchase Plan offering in Saudi Arabia. 

In M&A the firm has been acting as joint venture counsel in the healthcare sector and was counsel to a the financial advisor on the Saudi British Bank and Alawwal Bank merger. It was also the counsel on an insurance company merger. 

In project development work the firm has advised on projects in the tourism industry; however, all deals are confidential.  

Recent Deal Data highlights 

• Jabal Omar Development Company SR2 billion sukuk programme 

• Saudi British Bank / Alawwal Bank merger 

Law Firm of AlSalloum and AlToaimi

The Law Firm of AlSalloum and AlToaimi works in association with the international firm White and Case, which has a long history in Saudi. The firm is strong in all areas of work covered by the rankings but most notable for its advice on large infrastructure projects – particularly the financing - and in the debt capital markets area. In this latter area it has consistently worked, over the last two to three years, on the state’s largest conventional and Islamic bond sales.      

In banking and finance the firm recently the firm was active in project work. It advised the lead arrangers in the Islamic financing of a new petrochemicals complex in Yanbu; represented procurers and financiers on the development of healthcare projects; advised the financing of the construction and operation of Taif International Airport; represented the procurer on the development and financing of the Fadhili residential camp; and, advised the lender on a shariah compliant facility to a district cooling company. 

In capital markets work the firm advised Saudi Real Estate Refinance Company (SRC) on the establishment of its inaugural domestic sukuk programme, and advised on the Kingdom of Saudi Arabia’s various large bond and sukuk sales.  

In M&A the firm advised the buyer, NMC Healthcare, on its acquisition of interest in two medical groups and Al Rashed Hospital. It also represented the financial advisor to Alawwal Bank in its merger with Saudi British Bank, and represented RIMCO investments in the acquisitions of iMENA Group and Universal International. 

Recent deal data highlights 

•Fadhili residential camp BOOT 

•Kingdom of Saudi Arabia €1 billion 0.75% and €2 billion 2% sovereign bond issue 

•Kingdom of Saudi Arabia $2 billion sovereign sukuk issue 

•Kingdom of Saudi Arabia $7.5 billion dual tranche sovereign bond issue 

•New Yanbu petrochemical complex 

•NMC Healthcare $170 million acquisition of 70% in Cosmesurge 

•Saudi Real Estate Refinance Company SR11 billion sukuk programme 

•Taif International Airport PPP

Law Office of Salman M Al-Sudairi

Law office of Salman M Al-Sudairi, is Latham & Watkins Saudi sponsor. The US frim is recognised in particular in Saudi Arabia for working on project and debt capital markets deals.  

In banking and finance recently the firm acted on a number of debt restructurings or refinancings. It acted for creditors in debt restructurings of conventional and Islamic loans and advised on amending a term loan facility. 

In capital markets space the firm was active on the debt side, advising on large conventional and sukuk issues, including working for the banks on Aramco’s GMTN programme and issues under it.  

In M&A, the firm has been worked on both the sell and buy-side on deals in sectors including banking and petrochemicals. 

Aseel AlBaraqawi joined the firm’s capital markets tam from the Tadawul.  

Recent deal data highlights 

•Al-Ittefaq Steel Products Company $1.87 billion debt restructuring  

•Careem $200 million Series F financing 

•Saad Trading debt restructuring 

•SABIC $2 billion dual tranche (4% and 4.5%) bond issue 

•Saudi Aramco $12 billion five tranche bond issue 

•Saudi Electricity $2 billion sukuk issue 

•Zain $1.7 billion refinancing 

Legal Advisors Abdulaziz I Al-Ajlan & Partners

Legal Advisors Abdulaziz I Al-Ajlan & Partners is the Saudi sponsor firm for Baker McKenzie. The alliance is one of the oldest and strongest on the market, for both corporate and financial transactions.   

In the lending space the firm has been most visible on project related work and advised banks and sponsors on deals in the chemicals, power and oil and gas sectors.  

In the debt capital markets area the firm has been active in Islamic bond work. Notably it acted for the issuer, Saudi Investment Bank (SAIB), in a sukuk and has been advising food and beverage company Almarai in the establishment of its inaugural international sukuk programme. 

In equity work the firm has acted for the underwriters in the IPO of Leejam Sports Company and for Al Moammar Informational Systems Company’s (MIS) on its planned IPO on the Tadawul (Saudi Stock Exchange). Other roles include advising the issuer on its proposed capital increase through a rights issue.  

In M&A the firm has been involved in banking industry mergers, and been on the sell side of sales of stakes in rental and dairy production companies, and of naval vessels. 

In project development work the firm has advised on projects mainly within wastewater, renewable energy and transport sectors. 

Finance partner Bilal Kahlon left the firm during the research period. 

Recent deal data highlights 

•Alawwal Bank / Saudi British Bank merger  

•Almarai $2 billion sukuk programme 

•Ma’aden Wa’ad Al Shamal and Ras Al Khair phosphate processing plants 

•Riyadh Bank $250 million Islamic financing 

•Sakaka 300MW solar photovoltaic power plant IPP 

•Saudi Arabian Fertilizer Company $133 million revolving murabaha credit facility 

•Saudi Electricity $2.15 billion revolving credit facility 

•Saudi Investment Bank SR1 billion sukuk issuance 

Client feedback 

“We used the firm for providing local law advice and their output was satisfactory.” – Banking  

“Excellent legal advice. High-calibre partners and all around legal service.” – Banking  

“Efficient support and advice has been provided through a global team work.” – M&A 

“We are very satisfied with the work performed by the firm. We believe they might benefit from adding a little more workforce.” – Project development  

“We are receiving hands-on, careful and intelligent service.” – Project development 

“They are generally on time, responsive, to the point and reliable business partners.” – Project development  

“I am very impressed and satisfied from the quality of services I receive from Baker McKenzie. I believe this is all due to the professionals that work at Baker McKenzie. The people at Baker McKenzie are very professional, knowledgeable, dedicated, and client focused.” – Project finance 

“Strengths: attention to detail, easy to work with, always available to provide advice, highly knowledgeable in the area of expertise. Weaknesses: slightly weak in pure project finance transactions.” – Project finance 

“They are knowledgeable, responsive and always helpful.” – Restructuring and insolvency 

The Law Firm of Salah Al-Hejailan

Salah Al-Hejailan, the Saudi arm of Freshfields Bruckhaus Deringer, is particularly strong in equity capital markets and M&A.  

In the capital markets area a recent deal highlight for the firm was advising on the IPO of Al Moammar Information Systems Company (MIS), an IT company, on the Tadawul (Saudi Stock Exchange).  

In M&A it advised on the privatisation of Saudia Medical Services, and on several joint ventures and share swaps within healthcare, industrial and renewable energy sectors. The firm also advised Saudi Telecom Company, BAE Systems and Gulf capital, among others, on the sales of large stakes in the businesses. 

Recent deal data highlights 

•Al Moammar Information Systems Company Tadawul IPO 

•Hassana Investment Company / NMC Healthcare joint venture 

•Uber $3.1 billion acquisition of Careem 

The Law Office of Mohammad Al-Ammar

The Law Office of Mohammad Al-Ammar – King & Spalding’s sponsor in Saudi Arabia – has a focus on advising funds on their transactions in the Kingdom. This includes but is not limited to advising on fund formation, investments and financings. The alliance is also experienced in advising on projects, both finance and development.  

In banking and project finance, the firm has advised on several utilities IPP projects, including the Sakaka and the Dumat Al Jandal. It also represented Jeddah Economic Company in the development of district cooling services, and acted for a fund manager on financing for the development of the Jeddah Economic City project, which involves the tallest tower in the world. The firm has also advised several clients on the lender side of shariah-compliant financing facilities. 

In capital markets work the firm’s highlights were advising arrangers in sukuk programmes by non-banking financial institutions and advising on IPOs of Saudi listed REITs.  

In M&A, the firm has acted for a mix of both sellers and buyers in acquisitions within logistics, fintech, healthcare, transportation and education sectors. It was also involved in a cross border drilling merger, a social entertainment company joint venture, and a digital media merger. The firm advised several investors, and worked closely with Riyad TAQNIA Fund (RTF) in venture capital investments in eight different companies that cross telecommunications and IT sectors. 

Corporate senior associate Adnan Doha joined the firm in the research period. Robin Bayley, formerly with Shearman & Sterling, and Nikhil Markanday, formerly with Ashurst, both joined as project finance partners in. Project finance partner Leroy Levy left the firm.  

Recent Data deals highlights 

•Al Rajhi REIT Tadawul IPO 

•InterHealth Canada sukuk programme  

•Dalma Energy / KCA Deutag merger 

•Jeddah Economic City  

•Malem Financing Company sukuk programme 

•Sakaka 300MW solar photovoltaic power plant IPP 

•SEDCO Capital REIT Tadawul IPO 

•Riyad Capital REIT $435 million capital increase  

Client feedback 

“They were extremely helpful, responsive, thorough, and prompt in all tasks they were handling. We have no weaknesses to report on them as we are very happy with their services.” – Restructuring and insolvency