Allen & Overy advises Tatweer Buildings Company on its Pathfinder PPP schools project
25 November 2020
On 18 November 2020 Ministry of Education (MOE) of Kingdom of Saudi Arabia and Tatweer Buildings Company (TBC) jointly acting as the procurer, successfully held the signing ceremony for the Project Agreement on Wave 1 of the Schools Infrastructure Development Public Private Partnership Programme. Allen & Overy acted as advisors to TBC.
The project is designed to expand the existing education facilities in the Kingdom and respond to the increasing demand for education services and is a crucial part of the wider initiative to achieve the Vision 2030. Wave 1 of the programme involves the design, build, financing and maintenance of 60 schools and associated facilities in the cities of Jeddah and Makkah in the Kingdom of Saudi Arabia.
The new 60 school facilities will host more than 50,000 male and female students from various academic levels and age groups and will meet the highest international standards. The winning bidder for Wave 1 is a consortium comprising of Ajyad Knowledge Company for Education & Training and Al Bawani Company Limited. Period for the execution of Wave 1 is three years followed by a further 20 year period of maintenance and management of the facilities.
TBC has announced that the procurement process for Wave 2 has already commenced and the qualified bidders for Wave 2 will be announced in due course. Wave 2 will involve design, build, financing and maintenance of 60 schools and associated facilities in Al Madinah, Kingdom of Saudi Arabia.
TBC is fully-owned by Public Investment Fund. Other government stakeholders involved in this project include Ministry of Finance (MOF) of Kingdom of Saudi Arabia and National Centre for Privatisation & PPP (NCP).
The team working on the project was led by Sachin Karia, a Banking partner based in Dubai and supported by lead associates Elliott Sawford and Richard Chamberlain and associate Oliver Lowson.
The Allen & Overy team worked in collaboration with Khoshaim & Associates partners, Zeyad Khoshaim and Karim Wali, and lawyers Hamdan van den Brule and Ghadah Alotaibi.
Sachin Karia commented: “It was an honour to be involved in a programme-defining pathfinder deal that has set new boundaries for risk allocation and will surely be used by other regional PPP programmes as a project to emulate. It was all the more enjoyable due to the seamless working relationships with the high quality project teams at TBC, NCP, MOE, MOF as well as the financial advisor HSBC, the technical advisor AECOM and local counsel Khoshaim & Associates.”
For further information, please contact Ben Davies, email@example.com, on +44 (0) 20 3088 0000.