Legal deals of the week (April 29, 2021)

Bryan Cave Leighton Paisner advises Israeli defence company on Abu Dhabi joint venture Presight.AI

Bryan Cave Leighton Paisner LLP has advised Rafael Advanced Defense Systems, a provider of defence, cyber and security solutions for air, land, sea and space, on a new joint venture agreement with Abu Dhabi-based Group 42 (G42), an artificial intelligence (AI) and cloud computing company, to provide commercialised AI and big data technologies.

The new venture, Presight.AI, will have a base in the United Arab Emirates (UAE) and plans to create a research and development site in Israel to develop products in the field of AI and big data to be sold in Israel, the UAE and internationally. Israel state-owned Rafael has more than 70 years of experience in the defence sector and is one of Israel’s three largest defence companies, with 8,000 employees and numerous subcontractors and service providers.

The BCLP team advising Rafael was led by Dubai counsel Greg Nixon, with Dubai associate Chizoba Edozie providing support.

Eversheds Sutherland advises Al Faleh Educational Holding, the first company listed on the Qatar Stock Exchange’s Venture Market

Eversheds Sutherland has advised Al Faleh Educational Holding, the first company listed on the Qatar Stock Exchange’s (“QSE”) Venture Market. This is a significant milestone for capital markets and the Venture Market in particular as Al Faleh Educational Holding leads the way for SMEs to embark on a similar journey.

Established on May 1, 2015, Al Faleh Educational Holding is dedicated to providing educational services that apply international standards across all levels of education, from kindergarten to higher education and strives to offer innovative educational solutions.

The Qatar Stock Exchange (QSE) admitted the shares of Al Faleh Educational Holding to trade on the market as of Tuesday 13 April 2021. Al Faleh Educational Holding Company is the first company listed on the QSE Venture Market dedicated to SMEs.

Companies on the QSE Venture Market trade on the same UTP infrastructure and benefit from the same regulatory safeguards as those afforded to Main Market companies but are readily identifiable as a separate and dedicated marketplace.

Eversheds Sutherland acted as international legal counsel of Al Faleh Educational Holding with local counsel support from Attorney Sami Abou Shaikha.

The Eversheds Sutherland team was led by Dani Kabbani (managing partner) with support provided by Samer Sarkis (Principal Associate), Julie Menhem (senior associate), Rhydian Wyn (associate), Cristina Craciun (associate) and Mostafa Gharib (associate).

Pinsent Masons advises on the project financing of the Rabigh Solar PV IPP Project in the Kingdom of Saudi Arabia

Pinsent Masons has advised the  financiers (Japan Bank for International Cooperation, Mizuho Bank and Al Rajhi Banking and Investment Corporation) on the project financing provided to a consortium led by Marubeni Corporation in joint venture with Al Jomaih Energy & Water Company Limited of the 300MW solar power plant to be built and operated in Rabigh, Saudi Arabia.

In March 2021, a loan agreement for limited-recourse project financing for the Rabigh Solar PV IPP Project was signed.   The project forms part of Saudi Arabia’s plans to generate some 59 gigawatts of electricity from solar and wind sources by 2030 as part of its National Renewable Energy Programme (NREP).

The loan agreement took the form of co-financing between Japan Bank for International Cooperation, Mizuho Bank Ltd., and Al Rajhi Banking and Investment Corporation and comprised both conventional and Islamic financing instruments.

The multidisciplinary Pinsent Masons team co-led by Middle East Head of Finance and Projects Tim Armsby and David Platt Finance and Projects Partner in Singapore, included Dubai-based lawyers Rita Allan, Jas Shoker, Matthew Escritt, Matt Dyson, Benedict Tse in Singapore and Michael Capsalis in Melbourne.

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