Clifford Chance and Al-Jadaan & Partners Law Firm have advised the financiers on Phase II of the financing of a US$10.8 billion integrated aluminium complex and related infrastructure, sponsored by Saudi Arabian Mining Company (Ma’aden) and Alcoa Inc.

Clifford Chance has advised International Petroleum Investment Company P.J.S.C. (“IPIC”) in relation to the issuance of U.S.$1,500,000,000 3.750 per cent. guaranteed Notes due 2017, U.S.$1,500,000,000 5.500 per cent. guaranteed Notes due 2022 and U.S.$750,000,000 6.875 per cent. guaranteed Notes due 2041 (the “Notes”) under its Global Medium Term Note Programme, which was updated on 19 October 2011. The issuance of the Notes took place on 1 November 2011. The Notes were admitted to trading on the London Stock Exchange.

King & Spalding advised Kuveyt Turk Katilim Bankasi A.S. (KTPB), a Turkish participation bank majority-owned by Kuwait Finance House, in the issuance of US$350 million certificates due 2016, listed on the London Stock Exchange. The certificates are the first-of-its-kind asset-backed certificates from Turkey, and the first certificates issued under newly revised Turkish legislation permitting such certificate issuance (known as rental certificates) through a Turkish incorporated special purpose vehicle. The certificates will be issued through KT Sukuk Varlik Kiralama A.S, a Turkish incorporated special purpose vehicle.

Clifford Chance and Al-Jadaan & Partners Law Firm have advised the financiers on Phase II of the financing of a US$10.8 billion integrated aluminium complex and related infrastructure, sponsored by Saudi Arabian Mining Company (Ma’aden) and Alcoa Inc. Phase II involved the financing of a bauxite mine to be developed at Al Ba’itha in Saudi Arabia and an associated alumina refinery, with the combined cost of development being US$3.58 billion. The bauxite mine will be the first such mine in Saudi Arabia and is set to extract up to 4,250,000 tonnes of bauxite ore per annum. The refinery will have an initial capacity of 1,800,000 tonnes of refined alumina per year. Both the mine and refinery are being developed by Ma’aden Bauxite and Alumina Company (MBAC). MBAC is a joint venture between Ma’aden and Alcoa Inc. Once complete, the entire project will be the largest fully integrated aluminium complex in the world, with a refinery, smelter and food-grade can sheet rolling mill located at the Ras Al Khair industrial site (previously known as Ras Az Zawr) in north-eastern Saudi Arabia, fed by bauxite sourced from the Al Ba’itha mine.

Linklaters has advised (as international legal counsel) Deutsche Securities Saudi Arabia, Samba Capital & Investment Management Company and Saudi Fransi Capital as joint lead managers and joint bookrunners on the issuance of Saudi Riyal 3.749bn (approximately U.S.$1bn) sukuk certificates by Arabian Aramco Total Services Company (AATSC). The transaction represents the first ever Sharia compliant “greenfield” project bond (sukuk). The sukuk certificates are listed on the Saudi Stock Exchange (Tadawul).

Wragge & Co has appointed Gurmeet Kaur as its new head of projects in the United Arab Emirates. The move, which sees the former DLA Piper partner join Wragge & Co Legal Consultants LLC, follows the firm’s launch of a Dubai office in September.

DLA Piper Middle East, a global law firm, today announces the appointment of Henry Quinlan as partner and the newest member of its global arbitration practice, based in the Dubai office. The firm’s global dispute resolution practice has 1400 specialists around the world and the recruitment of Henry in the Middle East arbitration team indicates both the important role the region plays in international business, and the growing use of arbitration in the resolution of disputes involving both local and international companies within the region.

Latham & Watkins advised the Dubai Financial Support Fund and the Government of Dubai in the restructuring of Nakheel and its subsidiaries, the largest real estate developer in Dubai.

Vanessa Abernethy, who has extensive experience representing clients in capital markets transactions throughout the Middle East, joined Baker Botts L.L.P. today as a partner in the firm’s Dubai office.

Clifford Chance has advised Nakheel PJSC on the successful restructuring of liabilities in a total amount in excess of US$16bn, which closed last week. The amount and the nature of the liabilities involved and the large number of creditors made this one of the most complex restructurings in the region to date requiring the assistance of a large multi-disciplinary team. The restructuring also included the legal separation of the Nakheel PJSC group from the rest of the Dubai World group.