Chambers Review
Provided by Chambers
Banking & Finance - Saudi Arabia
What the Team is Known For
In March 2023, Latham & Watkins became one of the first global law firms to be granted a foreign law licence by Saudi Arabia's Ministry of Justice, formalising its presence in the Kingdom following a long-standing co-operation agreement with the Law Office of Salman M. Al-Sudairi. The team has extensive expertise in conventional and Islamic financing, consistently handling some of the market's most significant matters. The practice is noted for its frequent guidance on murabaha and ijara structures, as well as its comprehensive knowledge of Islamic project finance and financial restructurings.
Strengths
"The team is well versed in the applicable laws relating to all sorts of financings, including Islamic finance. They are able to provide comprehensive solutions to all matters."
Work Highlights
Latham & Watkins' Riyadh team advised the Saudi Arabian Ministry of Finance on the potential debt restructuring of the Saudi Binladin Group, valued at approximately SAR90 billion.
Notable practitioners
Salman Al-Sudairi is a well-known lawyer who is well versed in the full gamut of transactional matters, including financing as well as M&A. He regularly advises Saudi and international clients on transactions arising in the energy, healthcare and telecoms sectors.
Peter Norris is a Riyadh-based counsel who plays an increasingly prominent role on Latham & Watkins' Saudi banking and finance matters. He regularly advises on murabaha and syndicated facilities. A major portion of his workload also relates to Saudi restructuring or refinancing agreements.
Harj Rai co-heads the Saudi Arabia practice at Latham & Watkins. He is noted for his deep experience in Islamic finance. He is particularly adept in murabaha, and has represented several impressive clients in the real estate and oil and gas sectors. He is now based in London, after a number of years handling Saudi matters from the UAE.
