Sunday 19 November 2017

King & Spalding advises Shuaa Saudi on realty fund

Riyadh, June 19, 2008

King & Spalding, a leading international law firm, had advised Shuaa Capital Saudi Arabia (Shuaa Saudi) on the structure and formation of SR2 billion ($533 million) Shari'ah-compliant, closed-end fund under Shuaa Saudi real estate fund.

The Shuaa Hospitality Fund I (Shuaa Saudi Fund) is managed by Shuaa Saudi, a subsidiary of Shuaa Capital. The first closing of the Shuaa Saudi Fund is expected to occur this month.

The fund intends to acquire and develop seventeen hotels, serviced apartment buildings and resorts throughout the Kingdom of Saudi Arabia, eventually comprising a total of 5,000 rooms.

The proposed properties will be managed and operated by a subsidiary of Rotana Hotel Management Corporation (Rotana), a leading pan-Arab hotel management company.

The Shuaa Saudi Fund will own 20 per cent of the subsidiary. King & Spalding also advised on the various agreements between Rotana and Shuaa Saudi Fund.

The cross-office team of King & Spalding lawyers representing Shuaa Saudi on the formation and structuring of the fund was led by associate Nabil Issa of the firm's Dubai and Riyadh offices and Dubai-based corporate partner Benjamin Newland.

Dubai Islamic finance partner Jawad Ali played a significant role in the structuring of the fund and the development of Shari'ah-compliant structures that Shuaa Saudi Fund will utilise to finance the construction.

Scott Arnold, a New York-based partner and co-head of King & Spalding's real estate capital markets practice, advised on certain agreements with Rotana.

Dubai-based associates James Stull, Yasmine Kurukgy and Emily Leung, Riyadh-based counsel Mohammad Al-Ammar and New York-based associate Dave Powell assisted on the transaction.-TradeArabia News Service

Tags: King & Spalding | Shuaa | advise | Saudi realty fund |

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