Projects team win IJGlobal Middle East & North Africa 'Alternative Infrastructure Award'

01 mai 2024

Gowling WLG's Energy Transition, Infrastructure and Projects team was awarded the 'Alternative Infrastructure Award' at the IJGLobal MENA Awards 2023 for the NEOM Residential Communities project.

The Gowling WLG team (made up of lawyers from our UAE, Riyadh, and UK offices), with support from AlGhazzawi & Partners, advised Alfanar Group Development (Alfanar), a leading Saudi Arabian construction and operations company, on the project development and financing for the construction, operations, and maintenance of five residential communities procured by the NEOM Company.

The residential communities are the first phase of NEOM's residential communities' expansion and form part of projects totalling SAR 21 billion (USD $5.5 billion) in value, representing one of the largest international public-private partnerships for accommodation. The debt financings totalling was provided on a wholly Sharia-compliant per project basis by a syndicate of Saudi banks acting as mandated lead arrangers across each of the five residential communities.

This is the third award the team has been recognised for in relation to the project, having also been awarded  

  • 'Social Infrastructure Deal of the Year' for the NEOM Residential Communities project by the PFI Awards Middle East & Africa 2023.
  • 'Social Infrastructure Deal of the Year' at the 2023 GFC Media Group presents Bonds, Loans & Sukuk Middle East Awards.

Our team has also been shortlisted for the 'Infrastructure & Energy Team of the Year' in the Oath Middle East Legal Awards 2023 and for 'Infrastructure and Energy Projects Team of the Year' in the Middle East Legal Awards 2024 for our role in the transaction.

Jonathan Brufal, head of projects, commented: "It is great to receive industry recognition for our work on this innovative project and is testament to the hard work of our Energy Transition, Infrastructure & Projects Group and the team at AlGhazzawi & Partners."

These awards demonstrate the team's expertise and capabilities in providing outstanding client experience to all its stakeholders.