Clifford Chance and AS&H advise on financing to Saudi Airlines Cargo Company

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Time: September 20, 2018 

The financing will be used to fund the expansion of SACC’s cargo facilities at King Abdul Aziz International Airport in Jeddah and King Khalid International Airport in Riyadh

Clifford Chance and its cooperation firm in Saudi Arabia Abuhimed Alsheikh Alhagbani Law Firm (AS&H) advised HSBC Saudi Arabia, The Saudi British Bank and Al Rajhi Bank on the SAR 1,200,000,000 Islamic financing to Saudi Airlines Cargo Company (SACC), which signed on 10 September 2018. The financing will be used to fund the expansion of SACC’s cargo facilities at King Abdul Aziz International Airport in Jeddah and King Khalid International Airport in Riyadh.

The Clifford Chance team was led by partner Mohamed Hamra-Krouha while the AS&H team was led by managing partner Dr Fahad Abuhimed and partner Yasser Al-Hussain. Bilal Rana (Counsel, Riyadh), Ali Ansari (Associate, Riyadh) and Reema AlHamoud (Associate, Riyadh) provided support on this important transaction.

Commenting on the deal, Mohamed said: “We are delighted to have helped the lenders and Saudi Airlines Cargo Company on this important financing and congratulate all those involved. It was a great opportunity for Clifford Chance and AS&H to once again demonstrate our strong on-the-ground execution capabilities and strong relationships with the lenders in the Saudi market.”

For further information about AS&H in co-operation with Clifford Chance see www.ashlawksa.com.

For further information about this release contact Roshan Khan on +971 4503 2661 or roshan.khan@cliffordchance.com or Victoria Brewerton-Owen on +971 4 503 2668 or victoria.brewertonowen@clifforchance.com 

  • Abuhimed Alsheikh Alhagbani Law Firm (AS&H) in co-operation with Clifford Chance is Saudi Arabia’s leading law firm. It commenced operations in November 2016 and delivers world class legal services in the Kingdom of Saudi Arabia. AS&H in co-operation with Clifford Chance has had a long term presence in the market: between 2014 – 2016 as Clifford Chance Law Firm in Saudi Arabia; and between 1998 – 2014 as Al-Jadaan & Partners Law Firm in co-operation with Clifford Chance.
  • AS&H in co-operation with Clifford Chance has eight partners (of whom four are seconded from Clifford Chance), more than any other law firm in the Kingdom, offering Saudi and international clients the greatest depth of top Saudi and internationally qualified foreign lawyers as well as continuity and stability. The team’s cutting edge work and commitment to clients has been consistently recognised by all the major legal directories and commentaries and the team has won more awards than any other Saudi law firm.
  • Clifford Chance is one of the world’s pre-eminent law firms with significant depth and range of resources across five continents. As a single, fully integrated, global partnership, we pride ourselves on our approachable, collegiate and team based way of working. We always strive to exceed the expectations of our clients, which include corporates from all the commercial and industrial sectors, governments, regulators, trade bodies and not for profit organisations. We provide them with the highest quality advice and legal insight, which combines the firm’s global standards with in-depth local expertise.
  • Clifford Chance was ranked ‘Band 1′ in more cross-border tables than any other firm in the Chambers Global 2018 Directory. This independent analysis focuses on firms’ legal ability, professional conduct, client service, and commercial awareness, and these rankings provide outstanding recognition for the firm’s breadth of expertise and consistency of quality across global markets.

About Saudia Cargo:

Saudia Cargo is a leading global airfreight carrier, with a rich regional heritage dating back to 1946. Today, Saudia Cargo operates flights to over 100 international destinations, through 20 hubs across all continents.

It provides high-quality logistic services through a dedicated state-of-the-art freighter fleet like B747B and B777, in addition to the capacity on airline’s passenger flights to deliver efficient and cost-effective solutions for cargo services around the world.

Building on the Kingdom’s Vision 2030, Saudia Cargo launched its “Strategy 2020 transformation program” to serve customers with the highest quality standards and remain committed to the industry with unrivalled excellence.

© Press Release 2018

This article was first published in Zawya

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