UK firms land roles on billion-dollar Abu Dhabi-Saudi motorway project
A raft of UK law firms have won roles as Abu Dhabi prepares for the largest-ever public private partnership project (PPP) in the UAE. Allen & Overy (A&O) is advising the Abu Dhabi Department of Transport, which is planning to build a motorway connecting Abu Dhabi with Saudi Arabia. Five bidders have been shortlisted to build the road from Mafraq to Ghweifat, with proposals for the estimated $2.65bn (£1.62bn) project to be submitted by 6 December.
November 04, 2009 at 06:10 AM
2 minute read
A raft of UK law firms have won roles as Abu Dhabi prepares for the largest-ever public private partnership project (PPP) in the UAE.
Allen & Overy (A&O) is advising the Abu Dhabi Department of Transport, which is planning to build a motorway connecting Abu Dhabi with Saudi Arabia. Five bidders have been shortlisted to build the road from Mafraq to Ghweifat, with proposals for the estimated $2.65bn (£1.62bn) project to be submitted by 6 December.
The project has handed roles to at least seven international firms, with Freshfields Bruckhaus Deringer, Clifford Chance (CC), Herbert Smith, DLA Piper, Simmons & Simmons and White & Case among those involved.
The five shortlisted consortia are: Mafraq Motorway Group (MMG), led by Strabag; ANITE, led by Italy's Autostrade; a Bouygues-led consortium; the CCCC-MTD, led by China Communications Construction Company; and the IRTIBAAT consortium, led by Australia's Macquarie Capital Group and also including Abu Dhabi Commercial Bank.
White & Case is advising MMG, while Freshfields is advising its funders. Simmons has won a role advising the ANITE consortium, while DLA Piper is advising IRTIBAAT. The Bouygues consortium is using its in-house team, with Herbert Smith advising its funders. Local firm Zaid Ibrahim & Co is advising CCCC-MTD.
One adviser commented on the deal: "There has been a huge interest to be involved in this project, due to the favourable credit risk and because it is a very straightforward project which is unlikely to be cancelled."
The news comes as Middle East lawyers predict an uptick in deal flow. Simmons & Simmons Middle East financial markets head Philip Abbott said: "The whole region saw an economic slowdown in 2009 with Dubai in particular badly hit. That has settled down now and the markets are looking more healthy for 2010. We are already seeing signs of recovery."
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