Amar leads the finance and restructurings practices in Saudi Arabia at AG.
Amar has a broad practice which principally focuses on debt restructurings, conventional and Islamic finance across all financing areas and asset classes and Shari’ah-compliant structured products, such as derivatives and investment funds. He has a stand-out portfolio of leading corporate, bank and financial institution clients and has advised on numerous high profile debt financings and restructurings across various product areas ranging from the bank market to the capital markets and has been the lead attorney on several innovative deals which have been the first of their type.
Amar has a reputation amongst clients as the go-to lawyer for debt restructurings and structured financings in Saudi Arabia and is regularly ranked as a leading finance lawyer in Saudi Arabia by leading publications such as Chambers, Legal500, Euromoney and Islamic Finance News.
(a) Debt Restructurings
- representing the Creditors Committee on the debt restructuring of Azmeel Contracting Company, which at SAR 7.7 billion (circa. US$2.06 billion) is the most unique debt restructuring to date in Saudi Arabia as it utilizes for the first time a perpetual sukuk structure (with a commodity murabaha facility) in connection with a financial restructuring procedure under the Insolvency Law;
- representing the Creditors Committee on the proposed settlement of Saad Trading/Maan Al-Sanea, which at SAR 40 billion (circa. US$10 billion) is the largest and the most high profile debt restructuring in the MENA region, and possibly the world;
- representing the Creditors Committee in relation to the financial restructuring procedure for Ahmad Hamad Al-Gosaibi & Bros. Company and its general partners under the Insolvency Law, which at SAR 32 billion (circa. US$8.3 billion) is the second largest debt restructuring in the MENA region, and possibly the world;
- representing Jabal Omar Development Company in connection with the restructuring of SAR 10 billion (circa. US$2.67) of its financial indebtedness. This deal represents the largest debt restructuring for a publicly listed entity in Saudi Arabia; and
- representing the Creditors Committee in connection with phase 2 of the restructuring of conventional and Islamic loans of Al-Ittefaq Steel Products Company, a manufacturer of reinforcing bars, which at SAR 7 billion (circa. US$2 billion) is the largest debt restructuring of a corporate entity in Saudi Arabia.
(b) Debt Financings (Conventional and Islamic finance)
- representing SIG Combibloc Group Holdings on a term loan and revolving credit facilities, concurrent with a EUR1 billion bond offering;
- representing the Kingdom of Saudi Arabia acting through the Ministry of Finance in connection with its inaugural US$258 million ECA backed green loan;
- representing EIG in connection with a US$12.4 billion infrastructure financing for a consortium led by EIG in respect of a lease and lease-back agreement with Saudi Aramco (this is one of the world’s largest energy infrastructure transactions and the largest in the MENA region);
- representing the syndicate of lenders in connection with a US$2 billion financing for Saudi Basic Industries Corporation (SABIC); an
- representing the syndicate of lenders in connection with a US$2.57 billion financing for Saudi Electricity Company (SEC).
(c) Shari’ah-complaint Structured Products
- representing Banque Saudi Fransi and The Saudi Investment Bank in connection with the establishment of their respective derivatives platform;
- representing Bank of America Merrill Lynch, Deutsche Bank, Goldman Sachs and JPMorgan and others on a number of structured financings, such as margin lending transactions and derivative products in Saudi Arabia;
- representing Umm Al-Qura Development & Construction Co. in connection with the establishment of a SAR3,250,000,000 (circa. US$870 million) real estate investment fund;
- representing SNB Capital on the establishment of its REIT; and
- representing Saudi Fransi Capital on the establishment of the Bonyan REIT.
"Amar has a strong commitment to client service and is highly responsive to requests. He has a keen legal mind and is able to process complex and sophisticated issues."
"Amar is a great lawyer, with vast knowledge and expertise. He is very responsive and always available to guide us under any circumstances."
"He is among the most active and pre-eminent lawyers in KSA on cases relating to bankruptcy and restructuring."
Chambers Global, 2023