Abuhimed Alsheikh Alhagbani Law Firm in co-operation with Clifford Chance advised a consortium comprising Saudi Arabia’s Al Rajhi Holding Group and the UAE’s Al Ghurair Foods LLC on the deal.
The consortium acquired the Third Milling Company from Saudi Grains Organisation (SAGO) as part of the privatisation of the flour milling sector in Saudi Arabia.
The long-awaited flour mill sale was one of Kingdom’s first successful sales of state-owned assets as part of its broader Vision 2030 strategy to transform and diversify its economy away from oil. Together with the First Milling Company which was sold to the Raha AlSafi consortium led by Saudi Arabia’s Al-Mutlaq Group, the Third Milling Company reached financial close on 31 December 2020. Both sales represent a significant milestone in the Kingdom’s use of the private sector to build and operate public assets by way of “public private partnership” (PPP).
The team was led by partners Daniel Royle and Mohamed Hamra-Krouha (Picture) with support from Senior Associate Ali Moiz Ansari and Associates Mohammed Al-Esheikh, Adnan Syed, Mohammed Ghazzawi, Haya Al-Rowaita, Ghada Al-Mazyad, Rawaf Al-Arifi, Abdullah Al-Huwayshan, Naif Al-Shaikh, Aljawharah Al-Sadoun and Abdulwahab Al-Qahtani in Riyadh as well as Associate Arman Ghafarokhi and trainee Sarah Barrie in Dubai.
Involved fees earner: Rawaf Al-Arifi – Abuhimed AlSheikh AlHagbani (AS&H); Mohammed Al-Esheikh – Abuhimed AlSheikh AlHagbani (AS&H); Abdulwahab Al-Qahtani – Abuhimed AlSheikh AlHagbani (AS&H); Haya Al-Rowaita – Abuhimed AlSheikh AlHagbani (AS&H); Abdullah AlHuwayshan – Abuhimed AlSheikh AlHagbani (AS&H); Aljawharah AlSadoun – Clifford Chance; Arman Ghafarokhi – Clifford Chance; Mohamed Hamra-Krouha – Clifford Chance; Ali Moiz Ansari – Clifford Chance; Daniel Royle – Clifford Chance; Adnan Syed – Clifford Chance;