$205M Saudi Infrastructure Financing on Build Transfer Operate Basis

White & Case continues to innovate in Islamic finance market

Riyadh, London December 18, 2007 ... The Law Office of Mohammed Al-Sheikh, in association with White & Case LLP, represented Islamic Development Bank, Bank Al Jazira and Credit Suisse in relation to the $205 million debt financing, achieved on a Sharī'a compliant basis, of the Hajj Terminal project at the King Abdulaziz International Airport in Jeddah, Saudi Arabia.  The financing, documents for which were signed on December 11, was secured by Hajj and Umrah Terminals Construction and Development Company ("HTDC"), a subsidiary of the Saudi Binladin Group.  HTDC was awarded a 20-year Build Transfer Operate (BTO) concession for the project by the General Authority for Civil Aviation ("GACA").  The deal is among the first BTO projects in the Kingdom of Saudi Arabia.

"This is an important deal for the Middle East project finance market as it provides an Islamic finance product platform from which subsequent infrastructure deals can be done, both in the Kingdom and the wider Middle East region," commented White & Case partner Craig Nethercott.

The planned construction period for the project is an estimated 18 months, with the asset reverting back to GACA after its completion.  HTDC's revenues will mainly be in the form of a fixed Terminal Building Charge, to be paid by GACA, and it is also expected to earn revenues through other aeronautical and non-aeronautical sources.

The White & Case team advising on the financing was led by partners Craig Nethercott in London and partner Mohammed Al-Sheikh in Riyadh, associates Euan Pinkerton and Edward Hills in London and associate Harj Rai in Riyadh, as well as trainee solicitor Abrahim Bakhurji in London.

White & Case has more than 30 years' experience in Islamic Finance and has continued to break new ground in the market, recent examples of this work including:

• advising Mobily, one of only two mobile telecoms service providers in the Kingdom of Saudi Arabia, in connection with a revolutionary $2.875 billion Islamic finance facility for that ranks as one of the most innovative Islamic financings to date.  This highly innovative Islamic finance instrument enables Mobily to sell minutes of airtime to the financiers involved, before then taking on the role of agent to these banks and selling the minutes for a profit.  The financing is also the largest syndicated Islamic loan to date; and
• advising ABC Islamic Bank E.C., Arab National Bank, Standard Bank Plc, Unicorn Investment Bank BSC and WestLB AG as Joint Lead Managers and Underwriters in connection with Dar Al-Arkan Real Estate Development Company's $600 million Sukuk issue, which was the first Sukuk issued in the international capital markets by a Saudi corporate.

Earlier this month White & Case underscored its commitment to the Middle East by opening an office in Abu Dhabi and boosting the number of lawyers in its Riyadh office.  The Firm has one of the strongest and oldest Middle East legal practices, with more than 60 highly experienced lawyers spread around its network of offices, beyond those located in the Gulf region. 

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Contact:
James Martin
Media Relations Mgr EMEA, White & Case
44 0 20 7532 2853/ 44 0 7939 012 011


Alexandra Henderson
Media Relations Executive, White & Case
44 0 20 7532 2848