Allen & Overy and Khoshaim & Associates have advised Saudi Aramco in signing a landmark joint venture agreement with Lamprell, Bahri, and Hyundai Heavy Industries for the creation, development and operation of a new world-class maritime yard in Ras Al-Khair, Saudi Arabia.

The USD5.2 billion maritime yard will be the anchor project in the King Salman International Complex for Maritime Industries and Services and will be the largest in the Gulf in terms of production capacity and scale. Major production operations are expected to start in 2019 and be at full production capacity by 2022.
 
Advising Saudi Aramco was a joint team led by partners Zeyad Khoshaim of Khoshaim & Associates in Riyadh, and Stephen Mathews in London.
 
Zeyad commented: “This landmark joint venture is designed to capitalise on the rapidly-growing maritime requirements in the region and localizes essential links of Saudi Aramco’s supply chain related to offshore drilling and shipping activities.  The project has the support of the Government as it meets the goals of Kingdom of Saudi Arabia’s “Vision 2030” in diversifying revenue sources and creating employment opportunities.”
 
Stephen added: “The combination of Allen & Overy and Khoshaim & Associates, our co-operative firm in the Kingdom of Saudi Arabia, allowed us to present a joined up team across all aspects of the transaction”.
 
Further support was provided by lead associate Leen Zaza (Khoshaim & Associates) and specialists including partners Nick Smith (Real Estate, A&O Dubai) and Ian Bevan (Real Estate, A&O Dubai) and senior associate Rebecca Comerford (Real Estate, A&O London) on real estate matters. Partner David Lee (Projects, A&O London) and senior associate Victoria Ommanney (Projects, A&O London) advised on the offtake arrangements under which Saudi Aramco will purchase rigs and related services.  Partner Alasdair Balfour (Antitrust, A&O London) advised on antitrust aspects.