Biography
Mashal is a senior associate in our Real Estate group based in Riyadh. His practice focuses on complex investment funds, real estate and hospitality transactions, including acquisitions and disposals, joint ventures, development projects, financings and restructurings across the Kingdom of Saudi Arabia. He has played a key role on high-profile investment funds (in relation to more than US$8 billion of commitments and financings in 2024 and 2025), real estate M&A and project development mandates in the Kingdom, particularly in the hospitality and mixed-use sectors, acting for sponsors, investors, fund managers, developers and lenders.
He regularly advises on the structuring and execution of real estate investment transactions, as well as the full lifecycle of large-scale development projects, from land acquisition and joint venture arrangements through financing, construction, operation and exit.
Mashal's proven track record in successfully delivering sophisticated real estate investment fund deals led to his recognition in 2025 by IFLR as a "Rising Star in Real Estate Funds, Restructuring, Financial and Corporate".
Mashal has also been recognised as a "key lawyer" in KSA Capital Markets by The Legal 500 in 2022.
Mashal is fully bilingual and dual-qualified in New York and Saudi Arabia; he brings an international standard of execution to Saudi real estate and investment fund-driven transactions.
Prior to joining the White & Case Riyadh office, Mashal worked at the White & Case New York office and another leading US firm in its Riyadh office.
Experience
Representative experience includes:
Real Estate Project Development and Real Estate Investment Funds
- Representation of AlNahla Group in connection with several multibillion dollar real estate development projects, to develop luxury mixed-use properties across Jeddah, Taif and Medina (Golden Triangle Funds); *
- Representation of AlNahla Group in connection with a SAR 6 billion real estate private investment fund (Jeddah South Fund), which is established to develop 5-star hospitality mixed-use projects in Jeddah ("Best Emerging Community Impact Fund in Land Development, 13th Annual International Finance Awards 2025"); *
- Representation of AlNahla Group, as developer, in connection with several multibillion-dollar mixed-use projects across the Kingdom of Saudi Arabia, including Almunawarah City.
- Representation of Saudi Fransi Capital in connection with the development of SAR multibillion 5-star hotels and malls in Jeddah and Makkah (Saudi Fransi Capital Real Estate Development Fund 14); *
- Representation of Saudi Fransi Capital (Saudi Fransi Capital Hospitality Fund) in connection with the SAR multibillion project development, operation and financing of Rixos Half Moon Bay in Al Khobar (operated by Rixos) to be developed by FTG;
- Representation of Albilad Capital in connection with a multimillion-dollar real estate fund, which is established to develop 5-star residential properties in Riyadh; *
- Representation of Awqaf Investment Company in connection with multiple confidential real estate funds; *
- Representation of SEDCO Capital in connection with the development of a multi-use project with a fund size of SAR 3.8 billion in King Salman Park; *
- Representation of Osus Real Estate in connection with several development projects in the Kingdom;
- Representation of Osool Real Estate in connection with a major development project in the Kingdom; *
- Representation of Heyazah Real Estate Company as developer in connection with several residential and mixed-use projects across the Kingdom; *
- Representation of Jadwa in connection with a leading development project for Sports Boulevard; *
- Representation of Alistithmar Capital in connection with the SAR 1.1 billion real estate fund established to develop a 103,000 square meter commercial office complex within King Saud University's premises; *
- Representation of Albilad Capital in connection with a multibillion financing by a syndicate of banks and TDF to develop a 5-start resort in Khobar (Rixos Premium EMERALD SHORES), and operated by Rixos; *
- Representation of Ajdan Real Estate Company as developer in connection with the development and sale of multiple residential and office units across the Kingdom;
- Representation of Saudi Fransi Capital in connection with Five Capital Fund; *
- Representation of Saudi Fransi Capital in connection with the infrastructure and superstructure development of several residential and mixed-use projects ranging in size from several hundred thousand to several million square meters; *
- Representation of a sponsor in connection with a real estate fund established to develop plots of land in Riyadh, Saudi Arabia, with total area exceeding 8,000 square meters, into mixed-use properties; *
- Representation of a number of real estate funds and fund managers in connection with financing arrangements; and*
- Representation of a number of real estate funds, fund managers and sponsors in connection with the structuring, establishment, development, financing and operation of prime / multibillion real estate funds. *
Project Finance
- Representation of Abdullatif Alesia Group Holding in connection with restructuring its existing multibillion mortgage-backed facilities made available by a syndicate of banks; *
- Representation of a major bank in connection with restructuring multimillion facilities made available to Ezdihar Holding Company to develop a hospital in Riyadh; *
- Representation of Tadawul Real Estate Company in connection with restructuring a mortgage-backed multimillion facility made available to it by a syndicate of banks; *
- Representation of a syndicate of banks in connection with restructuring a mortgage-backed multibillion facility made available to Thakher Development Company to finance the development and operation of mixed-use properties in the Kingdom; *
- Representation of a major bank in connection with financing the renovation of Mandarin Oriental Al Faisaliah Hotel and the following restaurants: LPM, La Petite Maison, Mamo Michelangelo and Yawatcha;*
- Representation of a syndicate of banks in connection with financing a multibillion CEER vehicle manufacturing facility by Modern Building Leaders Company*
- Representation of a syndicate of banks in connection with financing Bid Package 6 (A, B &C) – Urban Wadi within the Sports Boulevard project by Almabani General Contractors Company; *
- Representation of a major bank in connection with the multibillion financing of the development of Movie Theatres in the Kingdom; and*
- Representation of Abdullatif Alesia Group Holding as borrower in connection with multibillion mortgage-backed financing facilities made available by a syndicate of banks. *
Finance / Restructurings
- Representation of Tamara Capital Designated Activity Company as borrower, in connection with the closing of a first-of-its-kind receivable warehouse facility of up to US$150 million from Goldman Sachs. The facility uses a conventional finance and murabaha loan-on-loan structure and is collateralised by buy-now, pay-later receivables; *
- Representation of The Kingdom of Saudi Arabia acting through the Ministry of Finance in connection with its inaugural US$258 million ECA-backed green loan;*
- Representation of EIG in connection with a US$12.4 billion infrastructure financing for a consortium led by EIG in respect of a lease and lease-back agreement with Saudi Aramco (this is one of the world's largest energy infrastructure transactions and the largest in the MENA region); *
- Representation of the Creditors Committee on the financial restructuring of Middle East Specialized Cables Company (a listed entity on Tadawul); *
- Representation of Abdullatif Alissa Holding Company (the dealership for Nissan in the Kingdom of Saudi Arabia) and the creditors to Azmeel Construction Company in connection with both out of court restructurings and court driven restructurings under the Insolvency Law;*
- Representation of Jabal Omar Development Company in connection with restructurings;*
- Representation of SIG Combibloc Group Holdings on a term loan and revolving credit facilities, concurrent with a €1 billion bond offering;*
- Representation of a syndicate of lenders in connection with a US$2.57 billion financing for Saudi Electricity Company (SEC); *
- Representation of a syndicate of lenders in connection with a US$2 billion financing for Saudi Basic Industries Corporation (SABIC); *
In addition to these milestone debt restructurings and financings, Mashal has acted on numerous milestone conventional and Islamic facilities for various high-profile, publicly listed and non-publicly listed clients, i.e. the Kingdom Holding Company, National Industrialization Co. (TASNEE), Saudi Basic Industries Corporation (SABIC) and all the leading banks and financial institutions in Saudi Arabia.
Corporate
- Representation of National Bank of Egypt in connection with setting up its branch in the Kingdom and with respect to purchasing and leasing residential properties; *
- Representation of major developers in connection with off-plan sale and mortgage backed financing; *
- Representation of KSA Governmental entities in connection with multiple confidential real estate-related projects; *
- Representation of Danantara Indonesia in connection with multiple confidential real estate-related projects;*
- Representation of Al Rajhi Bank in connection with various financings; *
- Representation of Kingdom Holding in connection with various financing arrangements; *
- Representation of Kingdom Holding Company and its subsidiaries in various corporate matters; *
- Representation of Tamara Capital Designated Activity Company as borrower in connection with the closing of a first-of-its-kind receivable warehouse facility of up to USD 150 million from Goldman Sachs; *
- Representation of the Creditors Committee in connection with the restructuring of conventional and Islamic loans of Al-Ittefaq Steel Products Company; *
- Representation of the Ministry of Finance of Saudi Arabia on the debt restructuring of the Saudi Binladin Group, which is in excess of SAR 40 billion and is the largest, most complex and most high-profile debt restructuring in the MENA region, and possibly the world;*
- Representation of the Creditors Committee on the debt restructuring of Azmeel Contracting Company, which, at SAR 7.7 billion (circa. US$2.06 billion), is the most unique debt restructuring to date in Saudi
Arabia as it utilises for the first time a perpetual sukuk structure (with a commodity murabaha facility) in connection with a financial restructuring procedure under the Insolvency Law; * - Representation of Banque Saudi Fransi on the debt restructuring of (i) Eastern Trading & Contracting Company (ETEC) in connection with a financial restructuring procedure under the Bankruptcy Law and (ii) Eastern ReadyMix Concrete Company (ETER) on a bilateral consensual debt restructuring outside of a procedure under the Bankruptcy Law; *
- Representation of Dar Al-Arkan Real Estate Development Company in connection with the update of its US$2.5 billion Regulation S compliant Sukuk programme and the issuance of US$400 million Trust Certificates 2026 thereunder; *
- Representation of Alamar Foods Company on its SAR 1.22 billion IPO on Tadawul;*
- Representation of joint bookrunners in connection with a secondary public offering of shares in Saudi Telecom Company (stc) by its majority shareholder, PIF; *
- Representation of solutions by stc in connection with its SAR 3.624 billion IPO and listing on Tadawul;
- Represent Jabal Omar Development Company on its SAR 6 billion refinancing. Islamic Finance News' "2021 Real Estate Deal of the Year"; *
- Representation of ArcelorMittal Tubular Products Jubail Company, ArcelorMittal's Saudi Arabian joint venture with the Public Investment Fund (PIF), on its acquisition of Jubail Energy Services Company (JESCO) from TAQA Industrialization and Energy Services Company; *
- Representation of the Government of the Kingdom of Saudi Arabia in connection with the proposed privatisation of the flour milling industry through the sale of four flour milling companies to private investors through a competitive auction process; *
- Representation of an American transportation manufacturing company in connection with setting up an entity in the Kingdom of Saudi Arabia; *
- Representation of an American EPC company in connection with setting up an oil & gas sector JV company in the Kingdom of Saudi Arabia; *
- Representation of multiple special economic zone and megaproject developments in the Kingdom of Saudi Arabia, including NEOM and Red Sea; *
- Representation of the Ministry of Media in connection with media regulatory advice in connection with its advertising and broadcasting initiatives;*
- Representation of several companies in their potential IPOs on Tadawul in various industries; *
- Representation of International clients in connection with potential acquisition of local companies; *
- Representation of a selection of banks and other lenders on a multi-hundred-million US dollar Term B refinancing; *
- Representation of banks on a US$220 million term loan financing in connection with the acquisition of a Natural Gas-Fired Power Generation Facility; *
- Representation of banks and lenders on a US$205 million acquisition financing of midstream onshore oil and gas infrastructure assets; *
- Representation of a number of banks entering into a US$1 billion partnership to finance an oil and gas project; *
- Representation of a borrower entering into a US$230 million bridge loan and a US$275 million permanent financing in connection with the acquisition of natural gas storage and pipeline facilities; *
- Representation of Waypoint Leasing, as special counsel for the debtors, in connection with its Chapter 11 bankruptcy proceedings, including the coordination of the sale of more than 125 aircraft on lease to 42 lessees in 31 different jurisdictions; *
- Representation of a Saudi government entity in connection with financing the construction of certain facilities by an oil & gas company; *
- Representation of a shareholder of OCTAL, a major global producer of PET sheets, on the US$620 million auction sale to Alpek; *
- Representation of an American semiconductor manufacturing company in connection with FCPA-related issues; *
- Representation of The Government of the Kingdom of Saudi Arabia in connection with a number of privatisation projects; *
- Representation of several clients on the formation of multiple Saudi companies with foreign ownership; *
- Representation of several clients on successfully filing multiple market concentration applications with the General Authority for Competition of Saudi Arabia; *
- Representation of the King Abdullah University in relation to different corporate matters; *
- Representation of Saudi Aramco in its US$69.1 billion acquisition of a 70% stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF); *
- Representation of several clients on several mergers and acquisitions transactions in the oil and gas industry; and
- Representation of several clients in a number of oil and gas companies in relation to the formation of joint ventures*
Regulatory
- Representation of several KSA government bodies in connection with multiple special economic zone and megaproject developments in the Kingdom of Saudi Arabia, including NEOM and Red Sea; *
- Representation of The Saudi Arabian Ministry of Sports in updating major sector regulations, including drafting the regulations for the Private Sports Clubs, Sports Academies and Fitness Clubs; *
- Representation of several KSA governmental bodies in connection with a variety of regulatory advice; *
- Representation of The Ministry of Media in connection with media regulatory advice in connection with its advertising and broadcasting initiatives; and*
- Representation of The General Commission for Audiovisual Media in connection with drafting its cinema rules. *
*Indicates experience prior to joining White & Case