Middle East - United Arab Emirates
King & Spalding LLP
Routinely called upon to advise on large-scale international real estate projects, King & Spalding LLP‘s expertise covers both conventional and Islamic structures, boasting an impressive track record in unique transactions. Beyond this, the group has a strong restructuring offering – often receiving instructions from industry heavyweights – and are adept at acting for asset managers to establish credit funds. Team head Michael Rainey has a broad international practice, regularly advising borrowers and lenders on complex cross-border transactions in the Middle East. James Stull is noted for his extensive work alongside funds engaging in Shariah-compliant financings, while Nabil Issa’s far-reaching expertise is largely concentrated in investment structures for real estate and private equity investments. Issa often works in tandem with Asal Saghari, noted for their far-reaching capabilities.
Legal 500 Editorial commentary
Testimonials
Collated independently by Legal 500 research team.
‘In the true meaning of the word 'counsel', the team at K&S become your partners, understand your requirements, protect you from risks, and focus on crossing the line rather than billables and minutia. ’
‘Asal Saghari is one of the brightest minds in the financing and specialized finance (sale-leaseback, mezzanine, etc) sector. She has achieved mastery in conventional and shari'a compliant documentation, and therefore focuses on negotiating matters that matter.'
Key clients
- Arcapita Investment Partners Limited
- Azmeel Contracting Company Limited
- Banque Saudi Fransi
- Derayah Capital
- Energia SPC Limited
- GFH Financial Group
- Gulf International Bank
- Humania Capital (the investment arm of the Bait Al Batterjee Group)
- KFH Capital Investment Company
- Merak Capital
- NBK Capital Partners
- Qatar First Bank
- Riyad Capital
- SAIMCO (Saudi Aramco's investment arm)
- Saudi Awwal Bank Saudi Awwal Bank (formerly known as Saudi British Bank)
- Shorooq Partners
- Soor Capital
Work highlights
- Act as restructuring counsel for Azmeel Contracting Company (Azmeel), one of the top five construction companies in Saudi Arabia. The transaction is precedent-setting because it represents the first time a perpetual sukuk has been used in connection with a restructuring.
- Acted for Shorooq Partners Ltd (Shorooq), the manager of Nahda Fund I L.P. (the Fund). The Fund advanced a Shariah-compliant financing to Retailo Technologies Holding Limited (Retailo). Shorooq, the Fund and Retailo are all established in the Abu Dhabi Global Market (ADGM) in the United Arab Emirates, making this a unique transaction – specifically, the fund is the first Shariah-compliant venture debt fund providing financing from the ADGM.
- Advised Riyad Capital on the establishment of a fund, Riyad Financing Fund II, which then acquired receivables originated by Al Yusr Financing & Leasing Company. The transaction was structured on a Shariah-compliant basis and involved the fund acquiring and selling commodities to Al Yusr which were paid for by Al Yusr assigning and transferring to the fund a book of receivables.
Practice head
The lawyer(s) leading their teams.
Michael Rainey