Pinsent Masons advises on multibillion dollar project financing deal in Middle East

12 Jun 2023 | 08:44 am | 1 min. read

Multinational law firm Pinsent Masons has advised a consortium of major banks on the financing of the NEOM residential communities.

Each of the five communities are intended to provide housing for 10,000 people, will be around 567,083 square meters, and include over 237 labour accommodation units, multiple sports and entertainment facilities, dining facilities, access to medical care, mosques, utility buildings and various other facilities. This comprises just phase 1 of NEOM’s plans for residential communities for its workforce.

The Pinsent Masons team was led by partners Gurmeet Kaur and David Platt and made up of a large, cross border team from Dubai, Riyadh, Singapore and the UK.

Gurmeet Kaur said, “This is the first accommodation social infrastructure PPP for Neom to reach financial close and a great testament to the team for working through some challenging issues to get lenders, sponsors and NEOM comfortable with the overall structure, which is a departure from the traditional approach to accommodation projects in the Kingdom”.

Pinsent Masons acted for lenders Saudi British Bank/HSBC, Riyad Bank and Alinma Bank on the provision of senior debt financing, VAT financing and equity bridge financing to each of the five communities. All are owned by Alfanar Global Development, a part of Alfanar Projects which is a leading global project developer, engineering construction & technology solutions company. The deal was effected on the basis of an all Islamic financing structure. The project documents marked a departure from traditional EPC structures and other PPP contracts/concessions and was based on a design, build, finance and operate and maintain model, based on a FIDIC model.

David Platt said, “This was a complicated financing on the basis of an all Islamic financing structure but is a hugely significant public-private partnership marking the attraction of domestic investment.”

Latest press releases

Show me all press releases

Pinsent Masons continues to grow its structured finance team with new partner Igor Zyskind

Multinational law firm Pinsent Masons continues the expansion of its structured finance team with the appointment of partner Igor Zyskind in its London office.

Pinsent Masons advises Puma Energy on the issuance of $500m 7.750% high yield senior notes due 2029

Multinational law firm Pinsent Masons has advised global energy company Puma Energy on the Luxembourg aspects of the successful issuance of $500m 7.750% high yield senior notes due 2029.

Pinsent Masons Advises Ithaca Energy On Transformational North Sea Merger With Eni’s UK Upstream Business

Multinational law firm Pinsent Masons is advising leading UK independent exploration & production company Ithaca Energy plc on its transformational combination with Eni S.p.A.’s UK upstream oil and gas assets, establishing Ithaca Energy as the second largest independent operator in the UKCS by 2024 production.

People who viewed this press release also viewed

Show me all press releases

Pinsent Masons promotes 22 to its partnership

Multinational law firm Pinsent Masons has boosted its global professional services capabilities with the promotion of 22 new partners.

Pinsent Masons recognised in China Business Law Journal's Deals of the Year 2023

Multinational law firm Pinsent Masons has been recognised in the Projects Deal of the Year category of the China Business Law Journal’s (CBLJ) Deals of the Year 2023 list for the firm’s work on the landmark NEOM Smart City Project in Saudi Arabia.

Pinsent Masons advises Bestinver Infra, FCR on acquisition of remaining shares in Irish toll road concession & operation companies

Pinsent Masons has advised Bestinver Infra, FCR on the acquisition of the remaining shares in N6 (Concession) Holdings Limited and N6 (Operations) Ltd, with Japanese co-investor Daiwa Energy & Infrastructure Co. Ltd.

For all media enquiries, including arranging an interview with one of our spokespeople, please contact the press office on

+44 (0)20 7418 8199 or 

Location contacts

We are processing your request. \n Thank you for your patience. An error occurred. This could be due to inactivity on the page - please try again.