Clyde & Co, Dentons, and King & Spalding have advised on transactions in the Kingdom of Saudi Arabia.
King & Spalding has advised Halal Products Development Company (HPDC), a subsidiary of the Public Investment Fund (PIF) of Saudi Arabia, on an investment into Believe, a company specialising in halal cosmetics and personal care products.
HPDC was launched by PIF in 2022 with the goal of expanding the halal sector both in Saudi Arabia and globally. It seeks to promote Saudi Arabia as a global hub for halal products and facilitate economic diversification, in line with the objectives of Vision 2030.
As part of the deal, Believe will relocate its headquarters from Singapore to Saudi Arabia, as well as open a factory in the Kingdom to localise production.
A cross-border team of lawyers from King & Spalding’s Riyadh, Dubai, Abu Dhabi, Brussels, and Singapore offices advised HPDC on the matter.
The team was led by partners James Stull and Nabil Issa, based in the Dubai office, as well as Singapore partner Parveet Singh Gandoak. Brussels partner Salomé Cisnal de Ugarte provided anti-trust advice.
Clyde & Co has advised Cenomi Retail on the SAR 219 million sale of its franchise rights for five fashion brands, including Aldo and Aldo Accessories, Charles & Keith, Pedro, and La Vie en Rose, along with related assets, to Abdullah Al-Othaim Fashion Company. The transaction is expected to complete in the second quarter of 2024.
The Clyde & Co team was led by corporate partner Chadi Salloum, with support from employment partner Sara Khoja.
Dentons has advised Arsenale, an Italian company specialising in the development and operation of luxury hospitality assets, on its venture with Saudi Arabian Railways (SAR) to introduce a luxury train cruise in the Kingdom.
The ‘Dream of the Desert’ is set to be the first of its kind in the Middle East, according to a statement from Dentons. It will embark on a 770-mile journey from Riyadh to the northern city of Al-Qurayat, situated near the Jordan border.
The Dentons team was led by partners Ziad Saad and Matthew Hanslip Ward, based in Riyadh and London, respectively.
