CC and Bakers advice on financing for flagship $10.8bn Saudi project
Clifford Chance (CC) and Baker & McKenzie have advised on the second phase of financing for a $10.8bn (£6.8bn) aluminium development in Saudi Arabia. CC advised a consortium led by 15 banks, including the Arab National Bank and The Saudi Investment Bank, providing $2.15bn (£1.3bn) of financing for a $3.58bn (£2.2bn) bauxite mine and alumina refinery to be developed at Al Ba'itha in Saudi Arabia.
November 02, 2011 at 08:03 PM
2 minute read
Two global law firms act on second phase of Al Ba'itha financing
Clifford Chance (CC) and Baker & McKenzie have advised on the second phase of financing for a $10.8bn (£6.8bn) aluminium development in Saudi Arabia.
CC advised a consortium led by 15 banks, including the Arab National Bank and The Saudi Investment Bank, providing $2.15bn (£1.3bn) of financing for a $3.58bn (£2.2bn) bauxite mine and alumina refinery to be developed at Al Ba'itha in Saudi Arabia.
Frankfurt banking and finance partner Edmund Boyo (pictured) led CC's team alongside Dubai banking partner Qudeer Latif and Abu Dhabi real estate partner Sandy Hall. The firm worked alongside Saudi alliance firm Al-Jadaan & Partners, where managing partner Mohammed Al-Jadaan, banking and finance head Abdulaziz Al-Abduljabbar and corporate partner Khalid Al-Abdulkareem advised.
Bakers has been advising the two joint venture companies sponsoring the whole $10.8bn project – mining company Ma'aden and aluminium company Alcoa. The firm's London-based head of transport and infrastructure Mike Webster is leading Bakers' team alongside Bahrain finance partner Ian Siddell.
Boyo said: "Given the continuing turbulence in international financial markets, the signing of this second phase is a tribute to the commitment of Ma'aden, Alcoa and the lenders and is evidence of the strength and resilience of the financial markets in Saudi Arabia, where there is still a great demand for well-structured project financings with strong sponsors."
Financing for phase one of the development happened last year. Once completed, the entire project will be the largest fully integrated aluminium complex in the world.
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