Norton Rose Middle East outfit buoyed by triple projects scoop
Norton Rose Middle East outfit buoyed by triple projects scoop" />Norton Rose’s Middle East practice has been boosted by the announcement of three new project finance clients.
The firm has won competitive pitches for deals totalling $3bn (£1.63bn). All the bids were led by Bahrain international managing partner Carol Roberts.
Of the three deals, the largest is the estimated $1.8bn (£980m) Marafiq Independ-ent Water & Power Plant project in Saudi industrial city Jubail. Norton Rose has been appointed as the adviser to one of the bidding consortia for the project comprising Mitsui and National Power Company of Saudi Arabia.
The firm is also acting as lender’s counsel on the $550m (£298.8m) expansion of the Qatar Steel Company. Norton Rose was appointed by the company, which is being advised by Clifford Chance.
In another deal, Norton Rose is advising the Australia and New Zealand Investment Bank (ANZ), which is arranging $400m-$500m (£217.3m-£271.6m) of Export Credit Agency (ECA)-backed facilities for the Saudi Iron and Steel Company’s long and flat products expansion projects.
Roberts said the wins showed the firm’s strength on the ground in the Middle East. The experience of both the project finance team and
the firm’s Islamic finance expertise also came into play.
“From our point of view, getting these three deals in a very short period of time is very exciting. The thing we’re most pleased about is that these deals are being originated and handled in the Middle East,” said Roberts.
