Clifford Chance and AS&H advise on financing to Saudi Airlines Cargo Company
Clifford Chance and its cooperation firm in Saudi Arabia Abuhimed Alsheikh Alhagbani Law Firm (AS&H) advised HSBC Saudi Arabia, The Saudi British Bank and Al Rajhi Bank on the SAR 1,200,000,000 Islamic financing to Saudi Airlines Cargo Company (SACC), which signed on 10 September 2018. The financing will be used to fund the expansion of SACC’s cargo facilities at King Abdul Aziz International Airport in Jeddah and King Khalid International Airport in Riyadh.
The Clifford Chance team was led by partner Mohamed Hamra-Krouha while the AS&H team was led by managing partner Dr Fahad Abuhimed and partner Yasser Al-Hussain. Bilal Rana (Counsel, Riyadh), Ali Ansari (Associate, Riyadh) and Reema AlHamoud (Associate, Riyadh) provided support on this important transaction.
Commenting on the deal, Mohamed said: “We are delighted to have helped the lenders and Saudi Airlines Cargo Company on this important financing and congratulate all those involved. It was a great opportunity for Clifford Chance and AS&H to once again demonstrate our strong on-the-ground execution capabilities and strong relationships with the lenders in the Saudi market.”