ASAR wins IFLR ‘Project Finance Deal of the Year 2014’ Award
ASAR – Al Ruwayeh & Partners (ASAR), Kuwait’s leading and most prominent corporate law firm, and one of the region’s top tier firms, announced today that it has been awarded the “Project Finance Deal of the Year 2014” award with respect to its role as legal advisor to Kuwait’s Partnership Technical Bureau in the structuring and procurement of the Az Zour North (Phase 1) independent water and power producer (IWPP). The award was presented by the International Financial Law Review (IFLR), the leading market guide for financial law firms worldwide, during the ceremony that was held on 15th October 2014 at the Burj Al Arab hotel, Dubai, and which was attended by partners and representatives from other leading GCC and international law firms and banks.
Az Zour North (Phase 1) IWPP project, which involves the development, design, engineering, construction, operation, maintenance and transfer of a power and water desalination plant with a capacity of at least 1,500 MW and 102 MIGD, is the first IWPP project to be undertaken as a Public Private Partnership in Kuwait. The project was recognized as a highly significant one in the context of paving the way for private investment in a number of other large scale infrastructure projects which are currently in the pipeline in Kuwait.
Mr. Sam Habbas, senior partner at ASAR, said: “We are proud to be awarded the IFLR Project Finance Deal of the Year Award with respect to Az Zour North (Phase 1) IWPP project. This is a landmark infrastructure development project and we hope that it will open the door for the implementation of other similar projects under the country’s development plan”.
Ibrahim Sattout, partner at ASAR, added: “This award reaffirms ASAR’s strong reputation and expertise in advising local and international clients on major and complex projects in Kuwait, and we look forward to working with our clients on other similar projects in Kuwait”.
The ASAR team involved in this project included, among others, Mr. Ibrahim Sattout, senior associate Mrs. Akusa Batwala and associate Mr. Charbel Fadel. “We were pleased to work with the PTB on this ground breaking PPP project. This award further reinforces ASAR’s reputation as specialists in Kuwait in PPPs and project finance projects”, added Akusa Batwala, senior associate at ASAR.
With dedicated offices in Kuwait and Bahrain coupled with its associated offices and relationships, ASAR provides clients across an extensive range of industry sectors with comprehensive legal advice and support for their business activities in Kuwait, across the GCC and beyond.
The firm has been consistently rated as the leading corporate and commercial law firm in Kuwait by reputable legal guides such as the Chambers Global Guide, International Financial Law Review and the Legal 500. The firm also won the “National Law Firm of the Year” and the “Best Restructuring Deal in the Middle East” awards by IFLR during 2013. Further, the firm won the prestigious “2014 Commercial Litigation Law Firm of the Year” and the “2014 Best Banking and Finance Legal Team –Kuwait” awards from Acquisition International Magazine in 2014. This year, ASAR lawyers also received multiple awards under different categories in the Fourth Edition of ‘Best Lawyers’ in Kuwait.