An oil storage tank development deal King & Spalding had a key role in executing was named Latin American Refinancing Deal of the Year for 2009 by Project Finance magazine at an awards dinner in New York City. King & Spalding client Petroterminal de Panama S.A. (PTP) received the award for the development of crude oil storage tanks in the Republic of Panama.
King & Spalding advised PTP in October 2009 on engineering, procurement and construction agreements with CBI Americas Ltd. and Horton CBI, Limited - a transaction that significantly expanded PTP's existing storage tank farm with the addition of tanks on both the Pacific and Atlantic coasts of Panama.
The King & Spalding construction transactional legal team advising PTP on the deal included partner Scott A. Greer, counsel Sandra L. Cofer and associates Angelica G. Alfaro, Robert B. Garner and Shaw C. Ottis, all of the energy/construction practice in the firm's Houston office.
King & Spalding has announced that it advised Al Rajhi Capital and Arcapita Bank B.S.C.(c) in the formation of the ARC Real Estate Income Fund, a Shari'ah-compliant real estate investment fund registered with the Saudi Arabian Capital Markets Authority and targeting USD 500 million in commitments. The fund will focus on income-generating properties in Saudi Arabia and the Arabian Gulf region, including logistics warehouses, healthcare centers and education-related assets. For more information on the fund and its formation, go to http://www. arcapita.com/media/ press_releases/2010/02-22-10.html.
The King & Spalding legal team involved in the transaction was led by Dubai-based partner Benjamin R. Newland and partner Nabil A. Issa of the firm's Dubai and Riyadh offices and also consisted of counsel Matthew H. Dallimore and associate James R. Stull of the firm's Dubai office and Riyadh-based counsel Mohammad Al-Ammar.
King & Spalding has announced the appointment of Jawad I. Ali as managing partner of the firm's Middle East offices in Dubai, Abu Dhabi and Riyadh (affiliate). Mr. Ali brings with him over 15 years of legal experience in the Middle East in Islamic finance, corporate and investment matters. Philip R. Weems, who served as managing partner of the Middle East offices, is returning to the firm's Houston office and continuing in his role as co-head of King & Spalding's global energy practice.
Mr. Ali is a partner and deputy head of King & Spalding's global Middle East and Islamic finance practice. His practice covers a broad range of cross-border corporate, finance and investment matters. Mr. Ali has substantial experience in the representation of Middle Eastern and other clients in the development and implementation of Shari'ah-compliant financing and investment structures. He has advised Islamic banks and other financial institutions in the structuring and implementation of U.S., European, MENA and global Shari'ah-compliant real estate and private equity funds.
King & Spalding recently advised the Houston Astros Baseball Club in the establishment of its new Latin American baseball academy and sports complex in the Guerra Region of Boca Chica, Dominican Republic. The complex was completed nearly one month ahead of schedule on March 1.