K&A successfully advised Emaar, The Economic City (EEC) on the implementation of its comprehensive capital optimisation plan, one of the largest and most complex financial restructurings ever undertaken in Saudi Arabia.

The transaction involved the restructuring and rescheduling of SAR 3.8 billion of commercial bank debt with four lenders, the novation of SAR 2.9 billion of Ministry of Finance debt to the Public Investment Fund (PIF), the securing of two new PIF loans totalling SAR 2 billion, a SAR 6.1 billion capital reduction, and a SAR 4.1 billion debt-to-equity conversion. The overall value of the capital optimisation plan reached approximately SAR 19 billion (USD 5 billion).

This landmark financial restructuring, which is one of the largest and most complex in Saudi Arabia’s history, marks a pivotal milestone for EEC and positions it for future growth. As the master developer of King Abdullah Economic City (KAEC), home to King Abdullah Port and the KAEC Industrial Valley, EEC aims to execute its long-term strategy and target residential investments and expanding its asset management business.

K&A advised on all aspects of the restructuring, underscoring the firm’s multidisciplinary and full-service capabilities. The K&A team was led by Managing Partner Zeyad Khoshaim, with the financing aspects led by Partner Karim Wali and the capital markets elements led by Counsel Ghaida Meaigel. The wider team included Senior Associate Naryman Alkassimi, and Associates Duaa Amer, Noura Bin Salamah, Saud AlRabiah, Mohammed Althobaity, Nawaf Alsultan, and Reema Alzahrani.

This achievement follows K&A’s recent recognition as Regional Law Firm of the Year by the The Law Middle East Awards 2025, as well as winning Restructuring Impact Deal of the Year at the IFLR Middle East Awards 2025 for advising Saudi Acrylic Acid Company on its restructuring, further cementing K&A’s position as a leading adviser on complex and transformational restructurings in the Kingdom.

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