シャーマン アンド スターリングは、いち早く中東に拠点を構えた国際法律事務所として、中東地域での幅広い実績と総合的なグローバルネットワークを活用し、一流のリーガルサービスを提供しています。当事務所は、中東地域が活発な金融センターとして頭角を現す契機となった革新的な取引や先例設定的なプロジェクトにおいて、クライアントを代理してきました。また、建設開発プロジェクト、投資、買収および合弁事業等の事業活動から生じる非常に複雑な紛争案件においてもクライアントを代理しています。

中東地域において当事務所は、多国籍企業、政府省庁、国有企業、銀行、請負業者、投資機関、金融スポンサー等、中東での商機を求める現地クライアントと外国投資家の双方に、優れたサービスを提供しています。当事務所は、M&A、プロジェクト・デベロップメント、ファイナンス、金融規制、資本市場、プライベート・エクイティおよび紛争解決において優れた実績を誇り、建設、エネルギーおよびインフラ業界で豊富な経験を築いているため、多くのクライアントから厚い信頼を集めています。

当事務所は、この地域のファイナンス分野の先駆的な法律事務所として、中東で最大規模のプロジェクトボンド・ファイナンス案件のうちの2件や、シャリア法準拠の革新的なファイナンス案件(イスラム銀行からの融資を伴う中東初の発電事業や、石油ガス事業に係る史上最大のイスラム金融等)において助言しました。当事務所の代表的な実績の一例として、クウェートのPetrochemical Industriesの合弁事業からの撤退から生じた国際仲裁裁判所(ICC)における仲裁で、ダウ・ケミカルに有利な裁定を勝ち取りました。

また、法令の起案に関し、各国政府と緊密に協力してきました。さらに、1971年にアブダビ首長国と協力してアブダビ国営石油会社(ADNOC)を設立し、アブダビ経済の新たな時代の確立を支援しました。当事務所は、アブダビを世界有数のエネルギー産業の中心地へと発展させる中でクライアントを支援するため、1975年にアブダビ・オフィスを開設しました。近年では、アラブ首長国連邦の国際金融センターとなるアブダビグローバルマーケット(ADGM)の設立に関しADGMに助言するほか、アラブ首長国連邦政府には金融規制改革に関し助言しています。

アブダビでの長年にわたるプレゼンスを礎として、2015年にはドバイ国際金融センターにオフィスを開設しました。当事務所は、アラブ首長国連邦の両拠点から、地域最大規模のプロジェクト案件、一流の国内および外国投資案件、ならびに重要な国際仲裁案件でクライアントを代理してまいります。

近年の中東経済は、とりわけサウジアラビア王国において多様化が進んでいます。サウジアラビア王国やその国内のクライアントを支援するため、当事務所は2015年、サウジアラビアでDr. Sultan Almasoud & Partnersと業務提携し、リヤド、ジッダおよびアルコバルの各オフィスでサウジ法業務の提供を開始しました。当事務所はこの業務提携により、当事務所のグローバルネットワークとDr. Sultan Almasoud & Partners’ Saudiとの双方を活用しながら、地域内およびクロスボーダーのM&A、プライベートエクイティ、資本市場取引、企業再編、外国投資、プロジェクト・デベロップメント、紛争解決および規制対応に関し法務サポートを提供してまいります。
Experience 

Banking & Finance

  • A Middle Eastern government-related entity | on the leveraged recapitalisation of a TMT-related business in the UAE.
  • The borrower | on the $6 billion term loan facility for a state-owned entity in the UAE.
  • The borrower | on the $2.25 billion term and revolving credit facility for a state-owned entity in the UAE.
  • The issuer | on a SAR 1.5 billion local currency Sukuk issuance in Saudi Arabia using super-prime real estate assets.
  • Jabal Omar Development Company | on its SAR 2 billion Sukuk programme through a private placement.
  • A European construction company | on the restructuring of c. $3 billion funded and unfunded facilities extended by local, regional and international banks to fund various construction projects in the UAE, Saudi Araba, Oman and Qatar.

Capital Markets

  • Abu Dhabi National Oil Company | on its completed placement to institutional investors of 10% of the total share capital of ADNOC Distribution, valued at $1 billion. The transaction constitutes the largest block placement of shares in a publicly-listed company in the Gulf region to date.
  • ADNOC Distribution | on its IPO and Abu Dhabi Securities Exchange listing, one of the largest public offerings in the UAE, and one of the first listings to be done under the Emirates Securities & Commodities Authority’s new listing regulation.
  • The initial purchasers | on Abu Dhabi Crude Oil Pipeline LLC’s inaugural $3.037 billion bond offering.
  • The underwriters | on the $814 million bond offering by ACWA Power Management and Investments One Limited. The bond structure is first-in-kind in Saudi Arabia.
  • Takween Advanced Industries Company | on its rights issue on the Saudi Stock Exchange. This landmark offering was the second largest rights issue under the tradable rights framework introduced in the Kingdom in 2012.
  • Raydan Cuisines & Restaurants Company | on its IPO on the Parallel Market of the Saudi Stock Exchange.
  • The underwriters | on the IPO and London Stock Exchange listing of the Egyptian company, Integrated Diagnostics Holdings plc.
  • The underwriters | on the IPO and listing on the Egyptian Exchange of Cleopatra Hospital Company S.A.E.
  • Emaar Misr | as issuer on its EGP 2.8 billion (approximately $300 million) IPO and listing of shares on the Egyptian Exchange. This represents the largest IPO on the Egyptian Exchange since 2008.
  • The underwriters | on the IPO and listings on the Egyptian Exchange and London Stock Exchange of Edita Food Industries S.A.E.
  • The underwriters | on the proposed privatization, IPO and listing on the Egyptian Stock Exchange and London Stock Exchange of Banque du Caire.
  • Chemical Industries Holding Company | on the sale of its shares in the Eastern Tobacco Company under Egypt’s IPO program.
  • Emirates Sembcorp Water & Power Company | on its $400 million bond offering.

International Arbitration

  • A Middle Eastern energy company | in an ICC arbitration in Abu Dhabi against a Middle Eastern insurance company arising from the termination of an insurance policy.
  • An international consortium of contractors | as Claimants in an ICC arbitration against a Middle Eastern State arising out of the design and construction of an airport. Close to $1 billion was at stake.
  • EGAS | in three arbitrations, involving claims in excess of $4 billion, arising under a tolling agreement governed by English law and a related long-term gas supply agreement governed by Egyptian law. All claims raised in the three arbitrations were dismissed. 
  • An Asian State-owned entity | member of an international contractor joint venture, in a dispute with a Middle Eastern State-owned entity related to the construction of a large petrochemical project.
  • A Middle Eastern aviation company | in an LCIA arbitration in London against a European aircraft components supplier arising from an agreement for the establishment of a business in the Middle East.
  • A major Middle Eastern national oil company | in a dispute with a multinational oil services provider arising out of the termination of a rig hire agreement pertaining to three offshore rigs. Over $700 million is at stake.
  • A major National Oil Company (“NOC”) | from the Gulf region in relation to the decommissioning of oil wells and the allocation of costs arising from the same between various stakeholders. Over $1 billion is in dispute.
  • Abu Dhabi Global Market (ADGM) | on the establishment of the ADGM Arbitration Centre, and on its agreement to host the first representative office of the ICC Court of Arbitration in the Middle East.
  • EGAS, EGPC and the Arab Republic of Egypt | in an $8 billion dispute arising from the termination of a long-term gas supply contract relating to the export of Egyptian gas to Israel. The claims were settled for no payment by our clients. We advised on the structuring of a framework through which Israeli gas could be exported to Egypt to be liquefied and re-exported to international markets.
  • The Arab Republic of Egypt | in an arbitration under the UNCITRAL Rules, administered by the Permanent Court of Arbitration, in relation to a petrochemical plant. Over $2 billion is at stake.
  • The Dow Chemical Company | in an ICC arbitration in London against Kuwaiti Petrochemical Industries Company (PIC) arising out of the failure of the latter to close a large joint venture transaction governed by English law. Dow was awarded more than $2.47 billion.

Mergers & Acquisitions and Private Equity

  • ADNOC on the establishment and launch of its crude oil trading unit: ADNOC Trading, based in ADGM. The launch of the trading unit represents the next step in ADNOC's expansion of its global presence as it takes steps to increase value through its trading activities.
  • Abu Dhabi National Oil Company | on its joint venture with ADQ to create a new investment platform to fund and oversee the development of industrial projects within the planned Ruwais Derivatives Park.
  • ADNOC | on the disposal of an interest in ADNOC Refining to Eni and OMV where the company was valued at c. $19 billion. 
  • ADNOC | on a new strategic partnership with OCI N.V. to create the largest export-focused nitrogen fertilizer platform globally, and the largest producer in the MENA region.
  • ADNOC | on a strategic investment in global storage terminal owner and operator VTTI. 
  • Mubadala Petroleum | on the purchase of a 10% stake in the Shorouk Concession in Egypt, where the super-giant Zohr gas field is located, from Italian energy company Eni S.P.A. for $934 million.
  • Mubadala Petroleum | on its purchase of a 20% stake in the Egypt's Nour North Sinai Offshore Area Concession. 
  • Baker Hughes | on its entry into a joint venture agreement with Saudi Aramco to create a facility in the Kingdom of Saudi Arabia to manufacture non-metallic materials, which will be used in a variety of areas of the energy industry.
  • Dussur and Saudi Arabian Military Industries | on their joint venture with Figeac Aero to produce military and commercial metallic aero structures in Saudi Arabia.
  • Byco Busient Inc. and its co-investor Abraaj Mauritius Oil and Gas Limited | on the restructuring of their joint venture to enable Byco Petroleum Pakistan Limited to undertake a material refinery upgrade project.
  • ICE | on its partnership with ADNOC and nine of the world’s largest energy traders on the launch of ICE Futures Abu Dhabi, a new exchange in Abu Dhabi Global Market that will host the world’s first Murban crude oil future contracts.
  • Investcorp | on the launch of a joint venture with Aberdeen Standard Investments that will invest in infrastructure projects in Gulf Cooperation Council countries.
  • NMC Healthcare LLC | on a joint venture agreement with Hassana Investment Co. to establish a new national healthcare company in Saudi Arabia which will be one of the largest private healthcare platforms to operate in Saudi Arabia to date. 
  • Goldman Sachs Saudi Arabia (as financial adviser to The Saudi British Bank) | on the $5 billion merger of SABB with Alawwal Bank.
  • Goldman Sachs International (as financial advisor to the Board of Directors of Kuwait Finance House KSCP) | on the $8.8 billion merger of Kuwait Finance House KSCP and Ahli United Bank BSC. 
  • EFG Hermes | on the successful first close of the Egypt Education Fund, a DIFC-based fund that focuses on investing in kindergarten to 12th grade (K-12) schools in Egypt.
  • GB Finance and GAIA Lux S.a.r.l | on the EGP 750 million sale of a one-third stake in MNT Investments B.V. to ADP II Holding 9 S.a.r.l.
  • The Olayan Group | on its investment in NPS Holdings Limited, a leading regional provider of integrated energy services in MENA and Asia.

Project Development & Finance

  • NEOM Company (Saudi Arabia’s new city gigaproject development company) | on a $5 billion green energy joint venture with ACWA Power and Air Products that will incorporate the region’s largest wind and solar renewables production projects (4GW in total), as well as a ground-breaking green hydrogen / green ammonia export project.
  • Dow Chemical Company | on its $20 billion joint venture with Saudi Aramco to develop and finance the Sadara Integrated Chemicals Project.
  • A State Authority in the MENA region | on the development and financing of a first-in-kind and first-in-country $25 billion nuclear new build project and negotiating the EPC, Fuel Supply, O&M, and Radioactive Waste Treatment Contracts.
  • Bahrain Petroleum Company B.S.C. (BAPCO) | on the development and financing of its $6 billion refinery upgrade and modernisation program in Bahrain.
  • The lenders | on the $10 billion joint venture for the Jazan IGCC/ASU project. 
  • Masdar and Bee'ah | on the development and financing of the Sharjah Multi-fuel Waste-to-Energy project in the Emirate of Sharjah, United Arab Emirates.
  • The lenders to Engie | on the $2.1 billion development and financing of the combined heat and power facility at the Fadhili Gas Complex in Saudi Arabia, the largest project of its type in the GCC, and the largest co-production project with separate off-takers to be developed globally as an IPP.
  • SACE and the commercial lenders | on the $1.2 billion financing of a refinery upgrade project in Egypt.
  • The lenders | on the development and financing of the $870 million, 1.17 GW Sweihan Solar PV IPP near Sweihan in Abu Dhabi. This will be the largest solar PV project in the world.
  • The lenders | on the development and financing of the 2,400 MW Hassyan coal-fired IPP in Dubai. This represents the first coal-fired power plant in the GCC region.
  • K-SURE and the commercial lenders | on the $1 billion financing for the development of an LNG receiving and regasification terminal in Bahrain.
  • A consortium of international and local banks | as lenders to the $3 billion Facility D IWPP in Qatar. This will be one of the largest power and water facilities in the Middle East.
  • The lenders | on the Mitsui/Engie bid for Lenders in relation to the 2,300 MW/105 MIGD "Facility E" IWPP in Qatar.
  • Emirates Global Aluminium | on a $1.6 billion bauxite mine and related infrastructure in Guinea.
  • Masdar (Future Energy Company) | on its development and financing of the 158 MW Čibuk 1 Wind Farm in the Republic of Serbia.

Special Economic Zones and Regulatory Drafting

  • Abu Dhabi Global Market | on its establishment as a financial free zone, including on the legal and regulatory structure of the market and drafting new laws. Awarded “Corporate Team of the Year” by Corporate Counsel Middle East Awards 2015.
  • Red Sea Project | Advising on the establishment of the Red Sea Project, a new international tourist destination in the Kingdom of Saudi Arabia.
  • The Royal Commission for Al-Ula | on the establishment of a new special zone at Al-Ula. The new zone will focus on heritage and culture, as well as eco-tourism and adventure activities.
  • The Deputy Prime Minister and his Committee | on the legal and constitutional issues relating to the establishment of a special economic zone in Hareer City, Kuwait.
  • UAE Central Bank | on drafting a new Central Bank Law for the UAE Central Bank.