26 November 2013
Clifford Chance advises Arabtec on major joint venture with Samsung
Clifford Chance has advised Arabtec Holding PJSC, on its EPC joint venture with Samsung Engineering Co., Ltd.
It is anticipated that Arabtec Samsung Engineering will provide engineering, procurement and construction services on large-scale multi-billion dollar projects relating to oil and gas, refineries, petrochemicals, water treatment, steel mills, and metallurgical process plants in the Middle East and North Africa region.
The joint venture also entails the establishment of a 'Centre of Excellence' in Abu Dhabi to train Emirati engineers.
Mohammed Al-Shukairy, Clifford Chance's lead partner on the transaction commented, "This transaction is further illustration of Arabtec's ambitious growth strategy. There is a determined push by Arabtec to diversify into oil and gas, power and related infrastructure – these are sectors that are likely to see sustained growth in the Middle East for years to come as regional governments strive to fulfil their policies of developing projects and infrastructure that will be critical to the further development of local capabilities and economies."
"Our sector expertise and long standing experience in the UAE and Korea played an important role in structuring the joint venture and, more importantly, how it pursues and executes EPC projects in the Middle East going forward."
"It is also very positive to see a 'Centre of Excellence' being established in Abu Dhabi as another example of a leading corporate in the Middle East contributing to know how and knowledge development in the region."
The UAE based Clifford Chance team was led by M&A partner Mohammed Al-Shukairy with assistance from M&A associates Daud Khan and Alanna Hunter. Construction partner Sandy Hall advised on EPC sector specific aspects. The same team advised Sorouh on its recent AED46 million merger with Aldar, the UAE's first ever statutory public merger.
Clifford Chance continues to be recognised for its cutting-edge work in the Middle-East with the Firm recently being named Middle East Law Firm of the Year by Chambers Global 2013 and IFLR Middle East International Law Firm of the Year 2012 (winning for the fifth time in six years). In 2012 we ranked 1st in Mergermarket's Middle East League Tables by value. We have also won Legal Advisor of the Year – MENA at Mergermarket M&A Awards 2012 and M&A Deal of the Year 2012 at both ALB The Brief Middle East Awards and the IFLR Middle East Awards.