Al Tamimi scoops HSBC Riyadh project

The Saudi office of Middle East law firm Al Tamimi & Company has picked up a role as sole legal adviser to HSBC on a £180m industrial real estate deal.

The project, which will see a 65sq km mixed-use site developed on the edge of Riyadh, is part of the Saudi Arabian government’s plans to diversify the economy away from oil in the wake of volatile oil prices.

HSBC is the sponsor on a private placing of securities to be offered to investors before the start of Ramadan at the end of August.

The bank is a longstanding client of Al Tamimi.

“The Saudi economy is booming,” head of corporate and commercial Arif Saeed. “The recent fall in oil prices has shown that economic diversification is needed and this is part of that overall planning.”