White & Case and The Law Office of Megren M. Al-Shaalan advise TRSDC on joint venture with Almutlaq Real Estate Investment for development of Jumeirah The Red Sea
2 min read
Global law firm White & Case LLP and The Law Office of Megren M. Al-Shaalan have advised The Red Sea Development Company (TRSDC) on its joint venture agreement with Almutlaq Real Estate Investment Co. (AREIC), a subsidiary of Riyadh-based investment family group the Al Mutlaq Group (AMG).
"As the first hotel joint venture established by TRSDC, this transaction clearly demonstrates strong investor appetite and the confidence in the private sector to be involved with The Red Sea Project, as well as TRSDC's agility in engaging with private sector investors to deliver a market defining project," said White & Case partner James Pullen, who led the Firm's deal team.
Under the agreement, valued at more than SAR 1.5 billion (US$400 million), the two companies will develop Jumeirah The Red Sea, a 159-room luxury resort situated on Shura Island, The Red Sea destination's hub.
"White & Case has supported TRSDC on the next step in its journey," said White & Case partner Adam Pierson. "This is an important milestone in the development of The Red Sea Project, one of the world's most ambitious tourism projects, which sets a high bar for regenerative tourism and sustainable development globally."
The Red Sea Project is a luxury, regenerative tourism destination. It is being developed over 28,000 square kilometres of land and water along Saudi Arabia's west coast and includes an archipelago of more than 90 islands.
"The deal demonstrates The Red Sea Project's status as an attractive opportunity for private sector participation and investment in Saudi Arabia's Vision 2030," said White & Case partner Alexander Malahias. "It is the latest example of our Firm's successful involvement in the transformation of the Saudi Arabian economy."
The team from White & Case and The Law Office of Megren M. Al-Shaalan which advised on the transaction was led by partner James Pullen (London) and included partners Adam Pierson (Abu Dhabi & Riyadh), Alexander Malahias (Abu Dhabi & London), Megren Al-Shaalan (Riyadh), Louise Vun (Dubai) and Sara Nordin (Brussels & Stockholm), local partners Mohamed Hasan and Waad Alkurini (Riyadh), counsel Tamer Nagy (Washington, DC & Cairo) and associates Jennifer Riddle, Shamim Khan, Nisha Raman (all Abu Dhabi), James Wilkes, Joao Lacerda (both London) and Matthias Vangenechten (Brussels).
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