34 ASIAN LEGAL BUSINESS – JULY 2024 WWW.LEGALBUSINESSONLINE.COM MIDDLE EAST Saudi Arabia is currently mulling the relaxation of foreign ownership restrictions on law firms. This would mean international firms will no longer have to partner with local firms to operate in the country nor would they have to adhere to local hiring requirements. It would permit foreign law firms licensed in the kingdom to create professional companies entirely owned by non-Saudis. The Ministry of Justice has initiated a public consultation, seeking opinions on a proposed amendment to the Code of Law Practice. Responses to the move have been mixed with international law firms welcoming the move as a game-changer for Saudi’s legal landscape, while local firms remain wary of the increase in competition for work and talent acquisition in a market they otherwise controlled. Simmons & Simmons and Reed Smith have played leading roles in UAE renewable energy company Masdar’s $3.4 billion acquisition of Greece’s Terna Energy. The deal, which represents the largestever energy transaction on the Athens Stock Exchange, and one of the largest in the EU renewables industry, will result in Masdar acquiring initially 67% of Terna Energy’s outstanding shares, subject to regulatory approvals and conditions. The Simmons team advising Masdar on the deal was led by UK-based corporate partner Raghav Ghai and energy practice of counsel Corinne Noel. Reed Smith represented the owners of Terna Energy, GEK TERNA. Senion corporate attorney Rizwan Osman has left the partnership at Clyde & Co in Riyadh to join CMS as head of its regional corporate practice in Saudi Arabia. With over 18 years of experience, nine of which have been in Saudi Arabia, Rizwan has experience advising on complex cross-border transactions across a broad range of sectors, including advertising and media, education, healthcare, oil and gas, mining, trade, transport, and logistics. His clients range from small and medium-sized institutions to multinational corporations. Ashurst has represented ADNOC Logistics & Services, Abu Dhabi, on its $1.04 billion acquisition of 80 percent shareholding in Navig8 Group, an international shipping pool operator and commercial management company with an owned fleet of 32 modern tankers and a presence in 15 cities across five continents. The remaining 20 percent will be acquired in 2027 for a deferred consideration of $335 million to $450 million. Ashurst’s team was led by partner Stuart James. Khoshaim & Associates (K&A) has bolstered its corporate practice with the addition of partners Christian Both and Omar Iqbal in Saudi Arabia. Both, who joins from Addleshaw Goddard, specialises in advising clients on M&A, joint ventures, investments, venture capital, IPOs, commercial matters, and competition law. He has also spent nearly two decades between Freshfields and Clifford Chance, working between Saudi Arabia and Germany. Iqbal comes from Baker Botts, having previously worked at Baker McKenzie and Clifford Chance, assisting regional and international clients in investing in the region. Clifford Chance has advised Kuwait-based Aviation Lease and Finance Company on the sale of its aviation leasing business to Macquarie AirFinance Group. This transaction involved the sale of a portfolio comprising 75 aircraft and an order book of 20 Boeing 737 MAX aircraft for approximately $3.3 billion. The deal comes as airlines are leasing more planes in a bid to tap into the rising spending power of travellers in Asia, the world’s fastest-growing aviation market, with lessors also attracted to the sector’s strong returns. The CC team on the deal was led by partners Qudeer Latif (Dubai) and Daud Khan (Abu Dhabi). Indian law firm Cyril Amarchand Mangaldas has brought back corporate and M&A specialist Himanshu Chahar as director of corporate transactions in its recently opened Abu Dhabi office. He becomes the office’s first partner-level hire. CAM opened its outpost in the UAE capital in March. The office is expected to welcome a second partner shortly with an as-yet-unnamed lawyer relocating from India, the firm told ALB. Linklaters advised Hassana Investment Company (HIC), the investment manager of Saudi Arabia’s social insurance and pension fund, on the strategic acquisition of a minority interest in Rabigh Arabian Water & Electricity Company (RAWEC) from ACWA Power for 844 million Saudi riyal ($225 million). ACWA Power currently holds almost all of the shares in RAWEC, which was set up to build, own, and operate the Rabigh Independent Water, Steam, and Power Producer, and which plays a crucial role in providing essential utilities — electricity, steam, and water — to Rabigh Refining and Petrochemical Company. Saudi Arabia national managing partner Waleed Rasromani and corporate/M&A counsel Claire Neil led Linklaters’ crosspractice team. The latest partner hires, big-ticket deals, office openings and more. COMPILED BY NIMITT DIXIT MIDDLE EAST NEWS ROUNDUP: JULY 2024
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