Global law firm Clyde & Co has advised Saudi Tabreed District Cooling Company on the private placement of a significant minority stake to IDB Infrastructure Fund II, an investment fund managed by ASMA Capital Partners and regulated by the Central Bank of Bahrain.
Saudi Tabreed is the leader in the district cooling sector in Saudi Arabia, providing flexible, long-term contracts for the supply of cooling to a range of customers.
ASMA Capital Partners manages the IDB Infrastructure Fund II which invests in infrastructure sectors across the 57 member countries of the Islamic Development Bank (IDB) and the member countries of the Association of South East Asian Nations.
Naji Hawayek, corporate partner at Clyde & Co in Dubai, says: "The deal is an illustration of the growing ambition for private equity funds to scale up assets in the sector, as well as the increasing appeal in the Saudi Arabia market. This underlines the growing demand for electricity and other sources of energy in the Middle East. As more companies seek to get into this market, the non-oil related energy industry is attracting capital."
Mr Ahsen Saeed, Chief Financial Officer of Saudi Tabreed, comments: "This transaction brings in a strategic partnership which will help in meeting our long term growth plans. Saudi Tabreed is the leading district cooling scheme developer in Saudi Arabia with more than 349,000 TR under operation. Clyde & Co provided vital legal support based on their experience and professionalism throughout the transaction."
The Clyde & Co team which advised on the transaction was led by Corporate Partner Naji Hawayek (Dubai) and Senior Associate Rajiv Nawbatt (Dubai) with support from Corporate Partner Alain Sfeir (Riyadh), and Associates Neil Williams (Dubai), Hamad Al Muslem, Abdulrahman Al-Ohaly (both Riyadh), as well as Mario Haxhiymeri (Dubai) and Alicia Hatvany (London).
Clyde & Co has forged a reputation as a go-to firm for M&A and JV transactions, with the largest corporate practice in the region with 20 partners and over 70 experienced lawyers. Clyde & Co has assisted clients in realising their investments, gaining access to new markets through organic growth/strategic acquisitions and in achieving their corporate objectives for more than 25 years in its key focus sectors of insurance, education, energy, healthcare and defence & security.
Clyde & Co has the largest presence and is one of most experienced international law firms in the Middle East with over 40 partners and 400 staff, based full time in Abu Dhabi and Dubai in the UAE, Doha in Qatar, Muscat in Oman and Riyadh in Saudi Arabia, providing a full-service commercial offering of local specialists across most business sectors and practice areas.