Cyril Amarchand Mangaldas Advised Alfanar Global on the Construction of Residential Communities for NEOM
Cyril Amarchand Mangaldas Advised Alfanar Global on the Construction of Residential Communities for NEOM
Cyril Amarchand Mangaldas advised Alfanar Global Development, a part of Alfanar Projects, on Engineering Procurement and Construction (EPC) contracts for five (large) projects awarded by NEOM to design, build, finance, operate, and maintain the residential communities, for NEOM, KSA (Residential Communities), Saudi Arabia.
Alfanar Global Development, a part of Alfanar Projects, is the biggest main contractor for NEOM’s residential communities project KSA.
The Infrastructure & Project Finance Practice of Cyril Amarchand Mangaldas acted as the legal counsel for Alfanar Global Development and assisted with:
(a) reviewing, revising, analyzing, advising risk mitigation measures, and negotiating with NEOM all 5 (five) DBFOM contracts;
(b) reviewing, revising, negotiating, and finalizing the EPC contracts, facilities management agreements and the interface agreements for all the 5 (five) Residential Communities;
(c) negotiating the project agreements with the lenders;
(d) structuring of all sub-contract packages for EPC works and facilities management services for all the 5 (five) Residential Communities;
(e) preparing a step-down chart vis-a-vis the DBFOM Contracts, the EPC contracts/facilities management agreements and the sub-contracts; and
(f) drafting, reviewing, revising, negotiating, and finalizing all the sub-contracts executed between Alfanar Global Development and various other contractors for EPC and carrying out facilities management operations for all the 5 (five) Residential Communities.
The Transaction team was led by Ajay Sawhney, Partner; with support from Bhupendra Verma, Partner; and Kanhai Srivastava, Senior Associate.
Other Parties and Advisors to the transaction included Linklaters LLP (acted as the legal advisor for NEOM), Gowling WLG (acted as the legal advisor for the DBFOM Contractor), Pinsent Masons LLP (acted as the legal advisor for the lender), and Jacobs Solutions Inc. (acted as the technical advisor for the lender).
The financial closure was achieved in June 2023.
