K&A Acts on the Three Billion Euro Bond Issuance from Saudi Arabia

K&A, along with its association firm A&O, advised the Ministry of Finance of the Kingdom of Saudi Arabia on its € 3 billion (equivalent to around SAR 12.6 billion) global bond issuance under its Global Medium-Term Notes Programme (GMTN). This is the first Euro issuance from Saudi Arabia, and it has received significant interest from investors worldwide, with the order book peaking at € 14.5 billion (equivalent to around SAR 16.9 billion).

The issuance consisted of two tranches of global notes: € 1,000,000,000 (equivalent to around SAR 4.2 billion) notes due 2027, and € 2,000,000,000 (equivalent to around SAR 8.4 billion) notes due 2039.

A joint team advising the issuer was led by the managing partner Zeyad Khoshaim of K&A and associate Ghadah Alotaibi. International aspects were handled by A&O and led by A&O partners Jamie Durham and Sachin Davé and associates Aditya Vikram and Khalid Alyafi.

This announcement comes at the same time of K&A’s practice being ranked Tier 1 in Capital Markets by IFLR1000, Legal 500, and Band 1 in Chambers & Partners for the year 2019.

K&A New Joiners 2019

K&A is excited to welcome its 2019 class of trainees joining from top universities in the Kingdom of Saudi Arabia and the United Kingdom, both undergraduates and graduates.

K&A’s mission is to elevate the practice of law in Saudi Arabia by recruiting, retaining and advancing the brightest legal talents. Through the training programs, students and graduates are provided with an opportunity to build their knowledge and legal expertise in the various legal practice areas of K&A and are able to kick-start their legal careers.

During their internship, our trainees rotate within two practice areas and have access to a mentor who helps with accelerating their learning and growth.

Welcome to our trainees, we are very excited to have you with us.

K&A Promotes Three Senior Associates to Counsel

K&A is pleased to announce the promotions of three of its Senior Associates to Counsel, effective January 2019.

Imtyaz Sattar:

Imtyaz joined K&A in 2012. Imtyaz is a Canadian qualified lawyer (Ontario) with over 20 years’ experience in various jurisdictions and a wide range of commercial and corporate matters including private acquisitions, joint ventures, strategic investments, equity issues and various capital markets and banking regulatory matters.

Leen Zaza:

Leen is a New York-qualified lawyer, who currently serves as the Corporate and M&A Practice Leader, and has experience of a wide range of corporate and commercial transactions in Saudi Arabia and internationally, including mergers and acquisitions, joint ventures, IPOs, private placements, and general corporate regulatory and advisory work. Leen Zaza was recognized as a Rising Star in IFLR1000, the only female lawyer to be ranked amongst all private practice areas, and has built a solid market recognition for her skills, capabilities and leading notable deals and transactions.

Nasser Alrubayyi:

Nasser is a qualified Saudi Arabian counsel lawyer whose practice involves representing clients in complex litigation and commercial arbitration cases.

He has acted as counsel representing and defending international as well as domestic corporations in a wide assortment of litigation and arbitration cases in the construction, telecommunications, securities, employment, insurance, and real estate sectors.
Nasser is one of the first lawyers to argue cases before the newly established Administrative Supreme Court. He also sits as arbitrator in commercial cases.

Nasser has been recently appointed as advisor to the Saudi Ministry of Justice in relation to the reform of the Saudi judicial system. Nasser is known amongst his peers for being one of the leading litigators in Saudi Arabia, having personally argued over 150 cases.

Legal 500 2018 named Nasser as the only Next Generation Lawyer named for Dispute Resolution in Saudi Arabia.

New hires and other promotions:

K&A has also boosted its capital markets team with the hiring of three associates in that seven-lawyer practice, as well as promoting a lawyer in each of the Projects and Finance, Corporate M&A and Dispute Litigation practices, bringing the total lawyers in K&A to around thirty.

K&A remains committed to enabling its people to grow, continue to recognize their efforts and contribution and ensure they are always part of the success of K&A. Good luck to the team!

K&A advises ACWA Power on significant stake acquisition by PIF

RIYADH –Khoshaim & Associates have advised the International Company for Water and Power Projects (ACWA Power) on its issuance and sale of 15.2% of ACWA Power’s issued share capital, to the Public Investment Fund (PIF) in the Kingdom of Saudi Arabia. The entire investment was in the form of a capital increase and the proceeds are to be used to support ACWA Power’s growth strategy and investment plan.

ACWA Power is one of the Kingdom’s leading developers, owners, and operators of power generation and desalination plants with assets and projects spread over ten countries. The investment is in line with the PIF’s investment program, to unlock new sectors and industries, to support and accelerate the development of innovative Saudi businesses and achieve strong long-term returns.

Advising ACWA Power was a team led by Managing Partner, Zeyad Khoshaim, and Senior Associate, Leen Zaza, along with Associate Hussain Alshammasi, and Trainee Associate, Rakan AlYusuf. JP Morgan acted as financial advisor to ACWA Power, and HSBC as financial adviser to PIF.

Paddy Padmanathan, Chief Executive Officer of ACWA Power, said:

“The investment by PIF reflects its commitment to the Kingdom of Saudi Arabia’s energy transition plans of diversification of the fuel mix in power generation including the introduction of significant renewable energy capacity and the expansion of much needed additional power generation and desalinated water production capacity.”

Zeyad Khoshaim, Managing Partner of K&A, said:

“We are pleased to have acted for ACWA Power on this landmark and complex transaction. I am really proud of the depth and breadth of the K&A team. They really did a stellar job under significant time pressure for what was a complex M&A deal.”

K&A advises KCA Deutag on its acquisition of Saudi Arabian land drilling business of Dalma Energy LLC

K&A advised KCA Deutag, a leading global drilling and engineering contractor, on its acquisition of the Saudi Arabian businesses of land drilling contractor Dalma Energy LLC (Dalma).

The transaction, which was part of a global acquisition, signed on 4 March 2018 and completed on 30 April 2018, consolidates KCA Deutag’s position as the world’s premier international drilling and engineering contractor and, importantly, provides entry into the substantial Saudi Arabian onshore drilling services market (including the acquisition as part of the transaction of Dalma’s drilling contracts with Saudi Aramco).

KCA Deutag is now considered the second largest international owner and operator of land rigs in the Middle East and operates a fleet of 83 land rigs globally.

The K&A team was led by K&A Managing Partner Zeyad Khoshaim with support from Senior Associates Imtyaz Sattar and Leen Zaza, and Associates Rawan Albrikeit, Arwa Alfawzan, and trainees Rakan Alyusuf and Meshal Alkolaika.

Acquisition financing was led by K&A Project & Finance Partner Karim Wali.

USD11 billion bond issuance from Saudi Arabia comes to market with guidance from joint K&A and A&O team

Khoshaim & Associates, and its cooperation firm, Allen & Overy, have advised the Ministry of Finance of the Kingdom of Saudi Arabia on the USD11bn bond issuance under its Global Medium Term Note Program.  The transaction received significant interest from international investors, with the order book peaking at USD52bn.

The issuance consisted of three tranches of notes as follows: USD4.5bn (equivalent to SAR16.88bn) 7-year notes maturing 2025, USD3bn (equivalent to SAR11.25bn) 12-year notes maturing 2030, and USD3.5bn (equivalent to SAR13.13bn) 31-year notes maturing 2049.

A joint team advising the issuer was led by partners Zeyad Khoshaim of K&A in Riyadh, and Jamie Durham and Sachin Davé in London. K&A associates Ghadah Alotaibi and Rawan AlBrikeit, together with A&O senior associates Cieren Leigh, May Chiu, associate Khalid Alyafi and trainee Katherine Barrett in London, provided support.

Zeyad Khoshaim commented: “This is a sizeable and strategically important transaction. The strength of investor interest indicates the continued confidence in economic policies and reforms being undertaken in Saudi Arabia as part of Vision 2030.”

Jamie Durham added: “Our global reach makes us ideally placed to advise on deals of this scale and stature and we are proud to be working alongside the Ministry of Finance on this fundraising.”

This announcement comes at the same time of K&A’s practice being ranked Tier 1 in Capital Markets by Legal 500, and Zeyad Khoshaim being ranked as a Tier 1 in Capital Markets.

Congratulations to all.


Khoshaim & Associates advises AMC on historic cinema operation license

Khoshaim & Associates advised global leading cinema operator, AMC, in relation to its operation and management agreement with the Public Investment Fund’s Development and Investment Entertainment Company, to operate and manage the first cinema in Saudi Arabia. Our work included assisting AMC in relation to the first operation license from General Authority for Audiovisual Media (GCAM)