Al Rajhi Bank’s US$69 Million Financing Of Taif Independent Sewage Treatment Plant

Clifford Chance and Abuhimed Alsheikh Alhagbani Law Firm advised Al Rajhi Bank on the deal.

Al Rajhi Bank provided a

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.

The Clifford Chance team was led by partner Mohamed Hamra-Krouha (Picture) and 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).

The AS&H team was led by partner Yasser Alhussain and included Ali Moiz Ansari (Senior Associate) and Mohammed Ghazzawi (Associate).

Involved fees earner: Yasser Al-hussain – Abuhimed AlSheikh AlHagbani (AS&H); Miles Binney – Clifford Chance; Yaru Chia – Clifford Chance; Suzanne Dand – Clifford Chance; José Guardo – Clifford Chance; Mohamed Hamra-Krouha – Clifford Chance; Jose Luis Iriate – Clifford Chance; Uzair Khan – Clifford Chance; Inaamul Laher – Clifford Chance; Caireen McCluskey – Clifford Chance; Ali Moiz Ansari – Clifford Chance; Irene Rueda – Clifford Chance; Cheuk yin Cheung – Clifford Chance;

Law Firms: Abuhimed AlSheikh AlHagbani (AS&H); Clifford Chance;

Clients: Al Rajhi Capital;

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Author: Michael Patrini.