AS&H in co-operation with Clifford Chance advises lender on US$69 million Taif independent sewage treatment plant in Saudi Arabia
Abuhimed Alsheikh Alhagbani Law Firm (AS&H) in co-operation with Clifford Chance advised Shari'a-compliant lender, Al Rajhi Bank, on the US$69 million (SAR258 million) Islamic debt facility in relation to the Taif independent sewage treatment plant (ISTP) (the Project) in Mecca Province, Saudi Arabia.
The consortium, comprising Cobra Instalciones y Servicios SA and International Water Distribution Company (TAWZEA), reached financial close on the Project on 5 November 2020. The Project is the third asset in Saudi Water Partnership Company's (SWPC) first batch of ISTPs to be put out to tender. It is expected that the Project will start commercial operations in Q3 2022.
A cross-border team comprising lawyers from AS&H in Riyadh and Clifford Chance in Abu Dhabi, Dubai, Madrid and Singapore advised Al Rajhi Bank on the Project.
The joint AS&H and Clifford Chance team was led by AS&H Partner and Head of Banking & Finance Yasser Al-Hussain and Clifford Chance Partner Mohamed Hamra-Krouha.
Yasser comments “We are extremely pleased to have advised Al Rajhi Bank on the financial close of the Taif ISTP Project in Saudi Arabia. This is testament to the expertise of our practice and the ability of the AS&H and Clifford Chance teams to work together seamlessly.”
Mohamed comments, "We are delighted to have advised Al Rajhi Bank on the financial close of the Taif ISTP Project in Saudi Arabia. This Project further validates the interests of foreign investors in the Saudi market and demonstrates the ability of the Clifford Chance and AS&H teams working across jurisdictions to successfully deliver a project".
The AS&H team included Mazin Al-Zamil and Ali Moiz Ansari (Senior Associates) and Mohammed Ghazzawi (Associate). The Clifford Chance team comprised team members across the United Arab Emirates, Madrid and Singapore. The United Arab Emirates team included Inaamul Laher (Head of Construction, MENA), Cheuk-Yin Cheung (Counsel), Caireen McCluskey (Associate), Suzanne Dand (Associate), Uzair Khan (Associate). The Madrid team included Jose Guardo (Partner), Jose Luis Iriate (Associate) and Irene Rueda (Associate). The Singapore team included Miles Binney (Senior Associate) and Yaru Chia (Associate).