Herbert Smith Freehills Acted For Lenders On Rayis-Rabigh Water Pipeline Project In Saudi Arabia
Global law firm Herbert Smith Freehills has advised the lenders on a joint venture between Cobra Instalaciones Y Servicios
Herbert Smith Freehills Acted For lenders On Rayis-Rabigh Water Pipeline Project In Saudi Arabia
It marks a historic milestone as the region’s inaugural venture developed with private sector involvement
Global law firm Herbert Smith Freehills has advised the lenders on a joint venture between Cobra Instalaciones Y Servicios and Alkhorayef Water & Power Technologies, which aims to construct a pioneering 150-kilometer-long water pipeline.
It will facilitate the independent water transmission pipeline (IWTP) of a 500,000 m3/day of potable water between Rayis in the Madinah region and Rabigh in the Makkah region of Saudi Arabia.
Designed for bi-directional water transmission, it will ensure continuous drinking water flow. The initiative is poised to generate employment opportunities and bolster local content, aligning with Saudi Arabia’s Vision 2030 strategic goals.
By facilitating a 35-year build, own, operate and transfer (BOOT) contract with the Saudi Water Partnership Co, the project comprises a cost of SAR 8.4 billion with construction costs amounting to SAR 2.4 billion.
The Herbert Smith Freehills Middle East team was led by partner Phil Hanson. He was supported by senior associate Adel Shageev, and associates Maria Zerkalova, Umu Wurie, Amro Al–Ahmar and Yulia Turkina.
Based in London, partner Nick May, of counsel Nick Rutter and associate Konstantin Korennoy advised on hedging.
The Madrid team guiding on Spanish laws comprised partner Eduardo Soler Tappa, senior associate Alberto Martinez and associate Juan Presmanes.