Two Saudi law firms were honored at the American Lawyer magazine’s Inaugural Global Legal Awards ceremony, which took place earlier this week in New York City.
The two local firms were recognized for their work on the Sadara joint venture between Saudi Aramco and Dow Chemical Company.
Waleed Al-Nuwaiser's Law Office of Riyadh, in association with American law firm White and Case, won the award for having advised Saudi Aramco on the deal, while independent Jeddah law firm Hatem Abbas Ghazzawi and Co. won as adviser to the Dow Chemical Company.
The Sadara chemical complex in Jubail, valued at $20 billion, is one of the biggest green field industrial projects of all time. It is estimated that more than 40,000 contractors are set to carry out the construction, which commenced in 2012.
Negotiations between Saudi Aramco and Dow Chemical Company began in 2006, but it was only earlier this year that the financial closure was secured. The chemicals and plastics complex will be one of the world’s largest integrated chemical facilities and the largest ever built in a single phase. It will be comprised of 26 manufacturing units being built using Saudi Aramco’s in-Kingdom expertise and utilizing many of Dow Chemical Company’s industry-leading technologies.
Speaking to Arab News, Ali Abedi of Hatem Abbas Ghazzawi and Co. said, “The importance of this deal lies in the number of jobs it will create. Around 5,000 trainees have been employed so far. In addition, this project includes vocational and technical advantages which the Saudi economy needs.”
Asad Abedi, who also works at Hatem Abbas Ghazzawi and Co., indicated that the government of Saudi Arabia has been fully supportive of the project, with a substantial portion of financing coming from government institutions such as the Saudi Public Investment Fund and US Eximbank.
American Lawyer magazine is the most prestigious legal magazine in the USA. This year, it has honored the work of lawyers in international transactions and disputes for the first time.
Two Saudi law firms win international award
