Indian law firm Cyril Amarchand Mangaldas has advised Alfanar Global Development, a part of Riyadh-based Alfanar Projects, on engineering procurement and construction (EPC) contracts for five large residential projects awarded by NEOM.

Alfanar Projects is one of the biggest contractors for NEOM residential communities, the law firm said in a statement.

The project and project finance practice of Cyril Amarchand Mangaldas acted as the legal counsel on:
•    Reviewing, revising, analysing, advising risk mitigation measures, and negotiating with NEOM on all five design, build, finance, operate, and maintain (DBFOM) contracts.
•    Reviewing, revising, negotiating, and finalising the EPC contracts, facilities management and interface agreements for all the five residential communities.

The law firm was also involved in structuring all sub-contract packages for EPC works and facilities management services; preparing a step-down chart vis-a-vis the DBFOM contracts, the EPC contracts/facilities management agreements and the sub-contracts; and drafting, reviewing, revising, negotiating, and finalising all the sub-contracts executed between Alfanar Global Development and various other contractors for EPC and carrying out facilities management operations for the five communities.

The financial closure was achieved in June 2023, the statement said.

Other parties and advisors to the transaction included Linklaters LLP, which acted as legal advisor for NEOM; Gowling WLG as the legal advisor for the DBFOM Contractor; Pinsent Masons LLP as the legal advisor for the lender, and Jacobs Solutions as the technical advisor for the lender.

(Writing by D Madhura; Editing by Anoop Menon)

(anoop.menon@lseg.com)