Project Finance

Project Finance

As part of Vision 2030, the Kingdom of Saudi Arabia has implemented an ambitious programme of projects in a number of areas, including healthcare, education, and tourism.

Z&Co.’s team, including Martin Creek, works with the Magic Circle law firm Linklaters’ market-leading project finance team to represent clients in a wide range of projects. The firms, together, have developed an enviable record of advising key players on landmark projects throughout the Kingdom of Saudi Arabia. Our expertise with such projects encompasses a broad range of industries, and our clients include lenders, developers, institutional investors, project companies, and other parties. Our extensive experience positions our legal team to successfully navigate clients through the complex legal and business issues that may arise at each phase of a transaction. The team has particular expertise in structuring transactions, including multi-company financings.

Our combined regulatory and transactions teams, led by Sarah Gonem and Martin Creek respectively, advise parties in projects across all sectors, including petrochemicals, transport, water/waste, and energy, and the team leverages its unique understanding of local legal issues, transactions practices, commercial practices, and Saudi culture to assist clients in evaluating and managing the legal, financial, and political risks that can impact the outcome of a project.

Highlights of our recent project finance experience includes:

  • HSBC Saudi Arabia as agent on the refinancing of Al-Waha Petrochemical Limited’s debt through a SAR 1,964 billion ijarah facility and SAR 375 million murabaha facility;
  • Arab National Bank and The Saudi British Bank on the SAR 2.7 billion murabaha project financing to Port. Development Company for the development and operation of King Abdullah Port in King Abdullah Economic City;
  • Export-Import Bank of China as lender on the USD $1.472 billion facilities relating to the 873 MW hydro-electric Suki Kinari Hydropower Project;
  • Farabi Petrochemicals on the project financing of its paraffin and derivatives complex located at Yanbu Industrial City; and
  • The Madinah airport and Qassim, Hail, and Yanbu airport financings.