Clifford Chance and AS&H are pleased to announce the addition of Counsel Ahmed Choudhry to their banking and finance practice in Riyadh. Ahmed joins the Riyadh team from Clifford Chance in Dubai where he has been based since 2017.
Ahmed brings significant ‘on-the-ground’ expertise to the Riyadh team which has been gained through a 14-year career advising on banking and finance transactions across the globe, including Islamic finance, capital markets and project finance transactions across a number of jurisdictions such as the UK, Oman and the UAE. He has a particular specialisation in complex Islamic finance transactions.
Ahmed’s award-winning experience in Saudi Arabia includes advising HSBC as lender in relation to the Arabian Centres Company refinancing of its existing facilities through Ijara and Murabaha based finance facilities; Saudi Telecom Company in connection with a number of loan and capital markets transactions such as the establishment of its USD5 billion sukuk programme and debt issuance of USD1.25 billion; Shomoul Mall Commercial Company as Sponsor on the complex project financing using an Islamic construction (Istisn’a / Forward Ijara) structure for the development and operation of The Avenues Mall in Riyadh; and, Saudi Electricity Company on the conversion of the Company’s financial government liabilities into a SAR 167.92 billion (approx. USD45 billion) Shari’a compliant subordinated financial equity-like instrument.
Ahmed’s addition to the Riyadh team follows the recent announcement by Clifford Chance and AS&H that the existing cooperation arrangement between the two firms will be restructured into a joint venture to be named AS&H Clifford Chance, effective 1 May 2023. This new combined structure will enhance our leading position in Saudi Arabia and the Middle East and our ability to support regional and international clients.
“I am delighted to welcome Ahmed to our team.” comments Dr Fahad, managing partner of AS&H Clifford Chance. “His arrival demonstrates our continued growth and commitment to our Saudi Arabian clients as the Kingdom looks to become a regional and global ecosystem for both Islamic and conventional finance.”
“Ahmed’s addition to the team is an important step in the expansion of our more integrated offering in the Kingdom through our new joint venture arrangement with AS&H.” adds Guy Norman, former Global Head of Clifford Chance’s corporate practice and new Senior Clifford Chance Partner of AS&H Clifford Chance. “Saudi Arabia is an important growth market for us and we look forward to continuing to invest in our presence and senior lawyer bench in Riyadh in the coming years.”
AS&H and Clifford Chance have together built a strong track record advising on some of the most innovative and complex banking and finance, Islamic finance and capital markets transactions in the Middle East. Both firms have had had a particularly impressive year, garnering no less than 18 deal and team awards in 2022 from leading organisations such as Islamic Finance News and IJ Global in addition to Bonds, Loans & Sukuk. This most notably includes being named Banking Legal Adviser of the Year at the Bonds, Loans & Sukuk Middle East Awards in 2022. Both Clifford Chance and AS&H have for many years also been consistently ranked in Band 1 for banking and finance, capital markets as well as project finance across all of The Legal 500, Chambers and IFLR 1000 legal directories.
