13 April 2016
Clifford Chance advises on major real estate M&A transaction in Saudi Arabia
International law firm Clifford Chance advised Al Tayyar Group on its acquisition of a 30% interest in Thaker Investments and Real Estate Company for a consideration of SAR803.8 million to be paid by way of shares in the Al Tayyar Group.
Thaker's primary business is the development of real estate in the Holy City of Mecca. Al Tayyar Group is a major tourism company in the Gulf region and is listed on the Saudi stock exchange.
More than 15 million Muslims visit Mecca every year for pilgrimage and servicing these pilgrims is a key sector of the Saudi economy. Land in Mecca is regarded as some of the most valuable real estate in the world.
The Clifford Chance team was led by Khalid Al-Abdulkareem (Partner, Riyadh) and Majid Al-Sheikh (Senior Associate, Riyadh) with assistance from Daniel Royle, Abdulaziz Al-Jadaan, Mais Al Omar and Jean-Francois Seguin.