White & Case LLP - Lawyers - Harjaskaran Rai

Practice Experience

Harjaskaran Rai is an associate in the Riyadh office. He has experience in asset and project finance transactions, Islamic financing and securitizations and general corporate matters relating to Saudi Arabia. He has also spent time in the firm’s Singapore office.

Representative transactions include:

Project and Asset Finance:

Representation of Islamic Development Bank, Bank Al Jazira and Credit Suisse in relation to the US$205 million debt financing, achieved on a Sharia’a compliant basis, of the Hajj Terminal project at the King Abdulaziz International Airport in Jeddah, Saudi Arabia.
Representation of Saudi Arabian Oil Company in connection with the development of the US$9.9 billion Rabigh Refinery and Petrochemical project in Saudi Arabia.
Representation of Dar Al-Arkan Real Estate Development Company a major real estate developer in Saudi Arabia in connection with the Islamic Murābaha financing for the SAR1.35 billion Al-Qasar real estate project.
Assisting in representing the project sponsors in the US$2.4 billion project financing and development of a 326,000 tpa aluminum smelter in the Sohar industrial park in Oman including a captive power plant and associated facilities.
Assisting in the representation of PT Pertamina (PERSERO), Indonesia’s state-owned oil company, in a complex and innovative project/structured financing to complete construction of the Tuban petrochemical refinery in Java, Indonesia.
Acting for DVB Bank in connection with a US$40 million umbrella facility in relation to five Boeing aircraft, for a joint venture partnership, and subsequent leasing to airlines.
Assisting in the representation of Vietnam Airlines in its fleet renewal program involving the US$150 million ECA-supported financing of three Airbus aircraft.
Assisting in the representation of the banks and the ECAs in connection with the US$363 million ECA-supported lease financing of five Airbus aircraft for China Eastern Airlines.

Banking & Finance:

Representation of Citigroup, SAMBA, Gulf International Bank, Bank Saudi Fransi, Al Rajhi Bank, BNP Paribas, Calyon, Arab National Bank, Arab Banking Corporation and National Bank of Kuwait as mandated lead arrangers in connection with two financing facilities, with a combined value in excess of US$7 billion, to finance the purchase of the third mobile telecommunications license in Saudi Arabia by a consortium of Saudi Arabian shareholders and Mobile Telecommunications Company K.S.C.
Representation of Etihad Etisalat Company (Mobily) in connection with the development of a groundbreaking US$2.9 billion Islamic financing facility, based on the sale and distribution of airtime – a market first with a highly innovative Islamic finance instrument.
Representation of Etihad Etisalat Company (Mobily) in connection with its US$1.9 billion Islamic bridge financing in Saudi Arabia.

Capital Markets:

Representation of Rabigh Refining & Petrochemical Company (Petro Rabigh) in connection with the conversion of its legal status from a limited liability company to a joint stock company and the offering of 25% of its shares to the public through an IPO.
Representation of Dar Al-Arkan Real Estate Company in connection with the offering of 59,454,000 shares representing 11% of its share capital sold to the public by the founding shareholders through an IPO.
Representation of Saudi Indian Cooperative Insurance Co. in connection with the offering of 40% of its shares to the public through an IPO.
Counsel to a syndicate of regional and international financial institutions in connection with Dar Al-Arkan Real Estate Development Company’s groundbreaking US$600 million Sukuk issuance. The first Sukuk to be issued in the international capital markets by a Saudi corporate.
Counsel to a syndicate of regional and international financial institutions in connection with Dar Al-Arkan Real Estate Development Company’s US$1 billion Sukuk issuance.
Representation of Unicorn Investment Bank B.S.C.(c) and Standard Bank in connection with the first true-sale Sukuk securitisation transaction in Saudi Arabia on behalf of Kingdom Installment Company LLC.

Corporate:

Representation of Dar Al-Arkan Real Estate Development Company and Kingdom Installment Company in connection with the establishment of a SAR 2 billion capital house financing company in the Kingdom of Saudi Arabia in conjunction with Arab National Bank and International Finance Corporation.
Advising a number of international clients on establishing joint venture vehicles in Saudi Arabia under the Saudi foreign investment laws and regulations including, drafting, preparing and negotiating equity and contractual joint venture agreements, technology and intellectual property license agreements and technical support agreements.

Bars and Courts
England and Wales, 2002

Education
MA (Hons), Oxford University, 2002

Awards and Recognition
Corporate/Commercial: Overseas Experts
Harjaskaran Rai is tipped as "one to look out for". Chambers 2008

Languages
English
Hindi
Punjabi

Citizenship
British