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    Home /  Practices /  Middle East

    Middle East

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    Sullivan & Cromwell has represented clients from the United States, United Kingdom and other European countries in a wide array of matters in the Middle East. The Firm also works with leading regional businesses—including state-owned companies—and investors on local and international issues.

    S&C’s Middle East Practice spans:

    • joint ventures;
    • private and public financings;
    • project finance and development, including Islamic financings;
    • mergers and acquisitions;
    • litigation and investigations;
    • corporate and individual tax matters; and
    • estate planning and other individual concerns.

    With industry-leading strengths in numerous practice areas, S&C draws on a range of expertise according to the particular needs of its clients.

    The Firm understands and respects the region’s history, culture and methods of conducting business and personal affairs. S&C has developed deep working relationships with a number of leading local law firms and lawyers with whom the Firm collaborates to best serve the needs of its clients.

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    Spotlight

    Umberto Hassan Named ‘Rising Star’ at IFLR Europe Awards

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    Experience

    Experience

    • Capital Markets
    • M&A and Joint Ventures
    • Project Development & Finance

    Capital Markets

    Sullivan & Cromwell’s recent Middle East capital markets matters includes:

    • Citigroup’s $7.5 billion private placement of deferred-equity capital securities, which are mandatorily convertible into common stock, to the Abu Dhabi Investment Authority.
    • Banque Marocaine du Commerce Extérieur’s $50 million Rule 144A equity offering, in which S&C acted as U.S. counsel to the underwriters.
    • Kuwait Petroleum’s $1.14 billion SEC-registered IPO of a portion of its holdings of Santa Fe International and the subsequent $1.19 billion SEC-registered offering, in which S&C acted as counsel to the underwriters.
    • Egyptian Ministry of Economy’s revisions to the Capital Market Law and related regulations, in consultation with the minister, the chairman of the Capital Markets Authority and the chairman of the Stock Exchange.

    At the request of the minister, S&C prepared and submitted a draft of a comprehensive new Capital Market Law.

    • MISR’s $131 million Rule 144A equity offering, in which S&C acted as U.S. counsel.
    • IFC’s offering of 1 billion Moroccan dirham-denominated bonds on the Casablanca Stock Exchange, in which S&C acted as U.S. counsel to the financial adviser and standby purchaser.

    This was the first offering of bonds by a supranational issuer in a local African market.

    M&A and Joint Ventures

    Recent highlights of Sullivan & Cromwell’s Middle East M&A and joint venture work include representing:

    • Teva Pharmaceutical in its $40.5 billion acquisition of Allergan Generics and its $50.5 billion unsolicited proposal for Mylan, later terminated.
    • Goldman Sachs, in its strategic cooperation arrangements with, and equity investment in, NCB Capital, the investment banking subsidiary of the National Commercial Bank of Saudi Arabia.
    • Abu Dhabi Future Energy, in its investment in WinWinD Oy, a wind turbines manufacturer.
    • AT&T, in connection with a mobile license bid in Qatar and in a confidential matter in the Gulf.
    • BP, as global coordinating counsel, in the $7 billion sale of its upstream assets in the United States, Canada and Egypt to Apache.
    • a financial institution, in a confidential joint venture arrangement in Saudi Arabia.
    • Mubadala Development, on European Commission competition matters, in its $8 billion commercial finance joint venture with General Electric.
    • DP World, in its sale of 100 percent of the outstanding stock of P&O Ports North America and PORTS Insurance to AIG Global Investment Group’s infrastructure fund.
    • DP World, in the acquisition of the international terminals and port logistics business, primarily located in Hong Kong, China and Korea, from CSX.
    • an oil company controlled by a leading Saudi merchant family, in several M&A transactions.
    • a major Egyptian company, in connection with a multibillion-dollar merger and another Egyptian company in connection with a multibillion-dollar acquisition.
    • an Egyptian company, on the restructuring of a significant joint venture.

    Project Development & Finance

    Sullivan & Cromwell’s recent Middle East oil and gas projects experience includes working on projects such as:

    • Dolphin Energy Project (Arabian Gulf). S&C represented the lenders and underwriters of the $4.14 billion refinancing, including a $1.25 billion project bond, for the Dolphin Energy project. The project produces gas from the North Field in Qatar, the world’s largest nonassociated gas field, and then transports and sells the gas to customers in Dubai, Abu Dhabi and Oman.

    The project is the Middle East’s largest cross-border gas project. The financing signaled the re-opening of the project bond market for the region. The project was recognized by Infrastructure Journal as “Oil & Gas Deal of the Year” and by Project Finance and Project Finance International as “Middle East Oil & Gas Deal of the Year.”

    • Yemen LNG Project (Yemen). S&C represented Yemen LNG on the $4.8 billion upstream, pipeline and two train LNG liquefaction project. YLNG’s shareholders are direct or indirect subsidiaries of Total, Hunt Oil, SK, Hyundai, Kogas, Yemen Gas and Yemen’s pension fund, GASSP.

    The project, which closed despite the lack of precedent in Yemeni law for complex project financings and the challenging global credit markets, is the first large-scale international project financing in Yemen. The project was recognized by  Infrastructure Journal as “Global Deal of the Year” and “Oil & Gas Deal of the Year” and by Project Finance and Project Finance International as “Middle East Oil & Gas Deal of the Year”.

    • Dolphin Pipeline Project (Arabian Gulf). S&C represented Occidental Petroleum in the Dolphin gas pipeline project in the Arabian Gulf, including advice on the more than $1 billion Islamic financing.
    • Al-Khaleej Gas (AKG-1) Project (Qatar/Kuwait). S&C represented ExxonMobil as sponsor/developer of the gas pipeline designed to transport significant quantities of gas from Qatar’s North Field to Kuwait.
    • Saudi Gas Initiative (Saudi Arabia). S&C represented one of the sponsors in one of three core gas ventures in Saudi Arabia.
    • Egypt and Qatar Petrochemical Projects. S&C represented the sponsor in the structuring of confidential petrochemical projects in Egypt and Qatar.
    • Saudi Telecom (Saudi Arabia). S&C represented JP Morgan as financial adviser to Saudi Telecom and the Kingdom of Saudi Arabia in connection with the privatization of Saudi Telecom.

    S&C’s recent Middle East mining and metals projects experience includes working on projects such as:

    • Emirates Aluminium (United Arab Emirates). S&C has represented Emirates Aluminium PJSC (EMAL), equally owned by sponsors Dubai Aluminium and Mubadala Development, since 2006 in respect of the financing of the first and second phases of the aluminium smelter project at the Khalifa Port and Industrial Zone in Abu Dhabi, United Arab Emirates. Financing has included a $4.875 billion limited recourse bank/ECA financing, including a $2.8 billion equity bridge loan in 2007, a $737 million ECA financing for the development of Phase I in 2010, and a $4.5 billion project financing for the Phase II expansion in 2013.

    The project is the first large-scale industrial project between Abu Dhabi and Dubai and the largest single-site smelters in the world.

    • Sohar Smelter (Oman). S&C represented Alcan in the Sohar smelter and power project in Oman.
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    Rankings and Recognitions

    Rankings and Recognitions

    • Umberto Hassan Named ‘Rising Star’ at IFLR Europe Awards

      April 4, 2025
    • S&C Capital Markets Practice Ranks Highly on Bloomberg H1 2018 League Tables

      July 2018
    • S&C Capital Markets Practice Ranks Highly on Bloomberg Q1 2018 League Tables

      April 2018
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    News

    News

    • S&C Advises Arabian Drilling Company in Its IPO

      November 21, 2022
    • B. Riley Financial Completes $143 Million Acquisition of magicJack VocalTec

      November 14, 2018
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    Publications, Videos and Podcasts

    Publications, Videos and Podcasts

    • SEC Solicits Input on Potential Changes to the Definition of “Foreign Private Issuer”

      S&C Memos |  June 6, 2025
    • EU and UK Expand Sanctions Against Russia

      S&C Alerts |  May 21, 2025
    • S&C Tariffs Tracker

      Emerging Issues | 
    • Tariffs Tracker (Updated) – Department of Commerce Seeks Public Comments on Potential Semiconductor and Pharmaceutical Tariffs

      S&C Memos |  April 16, 2025
    • S&C Tariffs Tracker – Broad Tariffs on Imported Goods

      Emerging Issues |  April 3, 2025
    • President Trump to Raise Steel and Aluminum Tariffs to 25% of Product’s Value

      S&C Memos |  February 13, 2025
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    Practice Contacts

    Practice Contacts

    Stewart M. Robertson Headshot Photo
    Stewart M. Robertson
    New York
    +1-212-558-4964
    London
    +44-20-7959-8555
    Email
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    John Horsfield-Bradbury Headshot Photo
    John Horsfield-Bradbury
    London
    +44-20-7959-8900
    Email
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