Lawyers

summary

Basel Barakat is consistently top-ranked and recognized by leading international legal publications as one of the leading banking and finance, project finance and Islamic finance practitioners residing in the Kingdom of Saudi Arabia. He has over 20 years of experience advising on major and high-profile transactions and has been recognized for many years in “Band 1” by Chambers Global, as a “Market Leader” by IFLR1000 and as a “Leading Lawyer” Legal by 500. He has native fluency in both English and Arabic. In addition, he has substantial experience in corporate and commercial transactions in the Kingdom of Saudi Arabia.

Awards & Accolades

EDUCATION

• 1998  University of Michigan – Dearborn, Bachelor of Arts (High Distinction)
• 2001  University of Notre Dame Law School, Juris Doctor (Cum Laude)
• 2003  New York University School of Law, Master of Law (Taxation)

ADMISSIONS AND QUALIFICATIONS 

     

• 2003   New York State Bar
• Registered as a Professional Affiliate, Saudi Bar Association 

CITIZENSHIP

• United States of America

PUBLICATIONS AND SPEECHES

• "The Amended Regulations for the Investigation and Imposition of Penalties for Violations of the Saudi Arabian Foreign Investment Law", IFLR1000: The Guide to the World's Leading Financial Law Firms, 2014 Edition (co-author).
• "The New Saudi Arabian Arbitration Law", IFLR1000: The Guide to the World's Leading Financial Law Firms, 2013 Edition (co-author).
• "A Decade of Continuous Saudi Arabian Legal Reforms", IFLR1000: The Guide to the World's Leading Financial Law Firms, 2012 Edition (co-author).
• "Changes to the Implementing Regulations for Saudi Arabia's Commercial Mortgage Law", IFLR1000: The Guide to the World's Leading Financial Law Firms, 2011 Edition (co-author). 

 

EXPERIENCE AND REPRESENTATIVE MATTERS

PROJECTS AND PROJECT FINANCE

• Counsel to the sponsors in connection with the US$2.5 billion project financing arrangement relating to the Shuaibah III IWPP, Saudi Arabia's first independent water and power project. The transaction was awarded "Power and Water Deal of the Year 2005" by Euromoney Project Finance Magazine.
• Counsel to the sponsors in connection with the US$2.5 billion project financing arrangement relating to the Rabigh IPP, Saudi Electricity Company's first independent power project. The transaction was awarded "Middle East Power Deal of the Year 2009" by Euromoney Project Finance Magazine and "Middle Eastern Power Deal of the Year 2009" by Project Finance International and was also recognized as one of the "Top 10 Deals of the Year 2009" in Islamic Finance Asia's Groundbreaker Awards.
• Counsel to the lenders in connection with the US$2.795 billion project financing arrangement relating to the Qurayyah IPP, Saudi Electricity Company's third independent power project. The transaction was awarded "Middle East Power Deal of the Year 2011" by Project Finance Magazine and "Best Project Finance Deal" by Euromoney Islamic Finance Awards 2012.
• Counsel to the sponsors in connection with the US$1.2 billion project financing arrangement relating to the Rabigh II IPP, Saudi Electricity Company's fourth independent power project. The Transaction was awarded "Middle Eastern Power Deal of the Year 2013" by Project Finance Magazine.
• Counsel to the lenders in connection with the US$450 million Shari'ah-compliant project financing arrangement for Red Sea Gateway Terminal Company's third container terminal at Jeddah Islamic Port, the first private greenfield build-operate-transfer container terminal project in Saudi Arabia. The transaction was awarded "Middle East Transport (Maritime) Deal of the Year 2007" by Euromoney Project Finance Magazine and "Best Ijara Deal of the Year 2007" and "Best Project Finance Deal of the Year 2007" by Islamic Finance News.
• Counsel to the project company in connection with the US$205 million project financing arrangement for the Hajj Terminal Complex public private partnership at King Abdulaziz International Airport in Jeddah, Saudi Arabia, the first airport project structured on the basis of a build-transfer-operate agreement with the Saudi Arabian General Authority of Civil Aviation and the first Shari'ah-compliant build-transfer-operate financing transaction of its kind in the Middle East. The transaction was awarded "Middle East Islamic Infrastructure Deal of the Year 2007" by Euromoney Project Finance Magazine.
• Counsel to the sponsors in connection with the US$1.2 billion Shari'ah-compliant project financing arrangement for the Prince Mohammed Bin Abdulaziz International Airport public private partnership in Medina, Saudi Arabia, the second build-transfer-operate airport project in the Kingdom of Saudi Arabia. The transaction was awarded "Best PPP Deal in the Middle East 2012" and "Best Islamic Finance Deal 2012" by Project Finance Magazine, "Best Project Finance Deal 2012" by Euromoney – Islamic Finance and "Best Infrastructure Deal in the Middle East and Africa" by PFI Magazine.
• Counsel to the sponsors in connection with the US$2 billion project financing arrangement relating to the Shuqaiq II IWPP, Saudi Arabia's second independent water and power project.
• Counsel to a group of Middle Eastern and European banks in connection with the SAR1.7 billion (US$458 million) project financing and refinancing arrangement relating to the construction of a 400,000 tonnes per annum propylene and polypropylene manufacturing complex in Yanbu, Saudi Arabia, by National Petrochemical Industrial Company (NATPET).
• Counsel to the sponsors in connection with the US$530 million project financing arrangement relating to the construction of the Saudi Aramco power and steam cogeneration plants at three sites in Abqaia, Hawya and Ras Tanura, Saudi Arabia.
• Counsel to the sponsors in connection with the US$375 million Islamic project financing arrangement relating to the construction and development of a major hospital project in Jeddah, Saudi Arabia, that is part of a major international healthcare brand.
• Counsel to the State Property General Authority on the tendering of a PPP project to design, build, finance and manage a courthouse complex for the Saudi Arabian Ministry of Justice in Jeddah, Saudi Arabia. 
• Counsel to the State Property General Authority on the tendering of a PPP project to design, build, finance and manage a courthouse complex for the Saudi Arabian Ministry of Justice in Makkah, Saudi Arabia. 

CORPORATE & COMMERCIAL

• Counsel to a major Middle Eastern conglomerate in relation to one of the largest corporate restructurings in the Middle East. 
• Counsel to Majd Investment Company, the private equity arm of the Almajdouie group, on the acquisition of a 25% stake in Yelo, the car rental subsidiary of Al Wefaq. 
• Counsel one of the largest money transfer companies in the world on the carve out and acquisition of the local money transfer business of a local Saudi Arabian bank, one of the first transactions under the Payment Services Provider regulations issued by SAMA. 
• Counsel Yusuf Bin Ahmed Kanoo Company Limited in relation to the disposition of its interest in a Saudi Arabian finance leasing company. 
• Counsel to Saudi Binladin Group in connection with the construction contract entered into with Jeddah Economic Company for the construction of the landmark Jeddah Tower, the world's tallest skyscraper, in Jeddah, Saudi Arabia, and the simultaneous acquisition of an ownership interest in the project owner and the shareholders' arrangement relating thereto.
• Counsel to Saudi Binladin Group in connection with the construction contract for Velana International Airport, the largest project to date in the Republic of Maldives, and the corporate arrangements for the establishment of Saudi Binladin Group's operations in the Republic of Maldives.
• Counsel to Saudi Binladin Group in connection with its joint venture arrangement with Qatari Diar Real Estate Investment Company, which is controlled by Qatar's sovereign wealth fund, in relation to major contracting and construction products joint ventures in the State of Qatar. 
• Counsel to Healthcare Development Holding Company in connection with the affiliation agreement entered into with Cleveland Clinic, the globally renowned medical institution, for the establishment of Cleveland Clinic's affiliated office in Riyadh, Saudi Arabia.
• Counsel to Saudi Binladin Group in connection with the contract for the construction of the Capital Market Authority Tower, the tallest skyscraper in the Saudi Arabian capital, Riyadh.
• Counsel to CARE Hospital Equipping Company in relation to the establishment of its joint venture in the Kingdom of Saudi Arabia with RTKL International, Inc.
• Counsel to Saudi Binladin Group in connection with the major multi-billion riyal construction contracts entered into with the Saudi Railways Organization for the construction of the Haramain High Speed Railway Stations at Mecca and Medinah, Saudi Arabia, and the joint venture arrangement entered into with Yapi Merkezi, its Turkish partner, in relation thereto.
• Counsel to the Saudi Arabian shareholders in connection with the joint venture arrangement relating to the establishment of Anan Iskan Development Company W.L.L. for the development of residential, commercial and entertainment facilities in Doha,
• Counsel to Saudi Binladin Group in connection with the joint venture arrangement entered into with PORR Qatar Construction W.L.L. and HBK Contracting Company W.L.L. relating to the execution of the works for the construction of the major Mushaireb and Education City stations pertaining to the Qatar Integrated Railway Project.