15 March 2017
Clifford Chance and AS&H advise leading African company on greenfield Saudi investment in the food manufacturing sector
International law firm Clifford Chance has advised Cosumar, Morocco's leading sugar extraction company, on their investment in Durrah Advanced Development Company, a sugar refining company in Saudi Arabia.
Durrah Advanced Development Company is a 2.500 ton per day greenfield sugar refinery in the industrial port of Yanbu in the Saudi Arabia’s red sea coast.
Following the launch of the National Transformation Plan in 2016, this transaction is another example of increased foreign investment into Saudi Arabia.
Commenting on the deal, Lead Partner, Riyadh-based Omar Rashid said: "Congratulations to Cosumar on the successful closing of this deal. Our Riyadh-based team is delighted to have assisted another key international player on this game-changing transaction in Saudi Arabia. Once again Clifford Chance has demonstrated its strength and capability in complex and time-sensitive cross-border M&A deals in the Kingdom and in particular in the industrial sector."
The Clifford Chance M&A team was led by Omar Rashid (Partner, Riyadh) and included Majid Al-Sheikh (Partner, Riyadh), Daniel Royle (Counsel, Riyadh), Mais Alomar (Associate, Riyadh) and Amro Bakhaidur (Associate, Riyadh). This team was supported on the ground in Morocco by Franck Coudert (Partner, Casablanca) and by our project finance specialists Richard Parris (Partner, Abu Dhabi) and Andrej Kormuth (Senior Associate, Dubai).
The Clifford Chance Corporate team based in Saudi Arabia continues to advise on some of the country's most prominent M&A deals including advising Al-Tayyar Group on the acquisition of a 30% beneficial interest in Thaker Investments & Real Estate Co. for SAR803 million; Public Investment Fund on the acquisition of a significant minority stake in Posco Engineering & Construction Co Ltd for US$1.1 billion; and the shareholders of Al-Borg in relation to the investment by Investcorp in Al Borg.
The Firm's strength in the Saudi market was further confirmed at the recent IFLR Middle East Awards where Clifford Chance was awarded Saudi Law Firm of the Year in 2016 for the 11th year in a row – the only law firm to have ever won this award.