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Hatem Abbas Ghazzawi & Co

Jeddah

Hatem Abbas Ghazzawi & Co - Jeddah
  • Post Office Box 6387
  • Jeddah
  • Mecca Province
  • Saudi Arabia
  • 21442
  • Number of partners worldwide: 4
  • Number of other lawyers worldwide: 9
  • Languages: Arabic, English

Firm Overview:
Hatem Abbas Ghazzawi & Co. (formerly Abbas F. Ghazzawi & Co.) is an independent Saudi Arabian law firm. The firm has played an impressive role in high profile transactions and developed a reputation for providing high quality advice on some of the largest and most complex project-transactions in Saudi Arabia. It remains the first choice Saudi counsel for many foreign companies and international law firms seeking advice on Saudi Arabian law.

Main Areas of Practice:  

Projects & Energy:
Hatem Abbas Ghazzawi & Co. advised The Dow Chemical Company (Dow) in connection with its joint venture with Saudi Aramco for the development, financing and construction of a petrochemicals complex in Jubail (the Sadara Chemicals Project). The plastics and chemicals plant will be one of the largest of its kind world-wide to be built on a green field basis. Hatem Abbas Ghazzawi & Co. also advised Sadara Chemical Company (Sadara) and in June 2013 Sadara signed the finance documents for the US$10.5 billion project financing. This is the main tranche of the financing for the US$20 billion Sadara project. Earlier this year Sadara raised approximately US$2 billion of project financing debt through a sukuk (Islamic bond) issuance. That was the largest Saudi project finance sukuk ever issued and, significantly, was the first time a project bond had been issued in Saudi Arabia before the remainder of project debt had been arranged. The total project financing raised for the Sadara project, including the sukuk, is approximately US$12.5 billion. This was the largest-ever project financing in the petrochemicals sector, as well as one of the largest multi-sourced financings in project finance history. The Sadara project financing was provided by a combination of eight export credit agencies (including a record US$5 billion single investment from US Exim), a large number of commercial banks, Islamic financial institutions, and the Public Investment Fund of Saudi Arabia. Hatem Abbas Ghazzawi & Co. has represented either the foreign shareholders or the sponsors in numerous major petrochemical projects including the award winning Al Waha Petrochemical project and the Jubail Acrylates project. The firm has furthermore been involved in most private power and water projects in Saudi Arabia including acting for:
•The lenders in the first IPP (SADAF)
•The sponsors in the first IWP (Rabigh)
•The lenders to the second ranked bidder in the Saudi Aramco CHP projects
•The lenders in the first IWPP (Shoaiba) and its subsequent expansion
•The borrower in the Qurayyah IPP, the world’s largest independent power project
•The winning bidder in the Rabigh IWSPP
•The lenders for the Shuqaiq IWPP The firm provided advice in connection with the RAS Az Zawr IWPP, Marafiq’s IWPP in Yanbu and an IWP in King Abdullah Economic City.

Banking & Finance:
The Banking and Finance practice provides advice to arrangers, issuers and placement agents in relation to debt and equity capital markets, collective investment schemes, corporate trustees as well as general securities advice. The firm’s work highlights include advising:
•Sadara and Dow in connection with a bridge financing from the Saudi Arabian Public Investment Fund (press reports have referred to a US$2 billion loan), the first bridge financing provided by the Public Investment Fund
•China Development Bank in relation to a USD$110 million loan to a Saudi transportation company to finance the purchase of 3,000 school buses from a Chinese manufacturer. The loan was covered by Sinosure, the Chinese export credit agency. This was the first involvement of Sinosure in Saudi Arabia.
•RAWEC, the existing utility provider to the Petro- Rabigh petrochemicals complex, in connection with its financing of the expansion of the utilities to the $10 billion second-phase expansion of the petrochemicals complex
•The Etisalat consortium, the second Saudi Arabian telecommunications operator, in connection with the issuance of bank guarantees to the regulator for the first 3 G and second GSM licences worth US$2.8 billion
•Etisalat International in 2004 in connection with an Islamic financing valued at US$2.35 billion, the largest Islamic finance transaction until then 
• The Saudi subsidiary of Chevron Phillips in connec-tion with the US Exim backed US$5.2 billion financing of a petrochemical plant and associated support facilities

Capital Markets:
Hatem Abbas Ghazzawi & Co. has advised:
•Sadara Basic Services Company (the issuer), Sadara and Dow on the initial public offering of a US$2 billion sukuk issuance as part of the financing for the development of one of the world’s largest integrated performance chemicals and plastics complex, at an estimated total cost of US$19.3
•Mobile Telecommunications Company Saudi Arabia (“Zain”) on its US$1.9 billion Saudi IPO which was oversubscribed 283% with more than 8.53 million Saudis subscribing for shares by investing more than SR17.83 billion
•The Royal & Sun Alliance affiliate Al Alamiya Insurance Co. in connection with the initial public offering of 30% of its share capital as part of its licensing and incorporation pursuant to the Control of Cooperative Insurance Companies Regulation of 2003
•Ettihad Etisalat on the issue in the IPO of 20% of the share capital under the new Capital Market Regulation, which was valued at US$266 million and which was 51 times oversubscribed

Corporate & Commercial:
Hatem Abbas Ghazzawi & Co. has represented purchasers in domestic and cross-border transactions in different industries, including the banking, engineering, media, oil services and transport sectors. The firm is currently advising a US mining company in connection with a US$7 billion phosphate project in Saudi Arabia. The firm is currently advising Dow on an on-going basis on all corporate aspects (ranging from company incorporation to employment issues) in connection with its joint venture with Saudi Aramco for the development, financing and construction of an integrated petrochemicals project at Jubail. The firm has also advised:
•Alcoa in connection with its joint venture with Ma’aden for the development of a fully integrated aluminium complex (value: $10.8 billion)
•Arcelor-Mittal in connection with its first manufacturing joint venture in Saudi Arabia (value: US$750 million)
•Together with Goldman Sachs, the regulator in the issuance of the first 3 G and the second GSM licence valued at US$3.45 billion, the first Saudi Arabian privatisation/deregulation where competition to the incumbent service provider is allowed

Areas of Practice

  • Banking & Finance
  • Capital Markets
  • Corporate & Commercial
  • Dispute Resolution
  • Projects & Energy

Branches