MoU signed during Crown Prince Mohammed bin Salman’s visit to the UK
Saudi law firm AlSabhan & AlAjaji has revealed it has signed a memorandum of understanding (MoU) with international law firm Pinsent Masons during the Saudi-UK CEO Forum, “to facilitate co-operative efforts to develop the Saudi firm’s legal know-how in the area of Public Private Partnership (PPP) transactions.”
The forum took place during Crown Prince Mohammed bin Salman’s visit to the UK earlier this month at Mansion House, the official residence of the Lord Mayor of London.
In a statement, Pinsent Masons said the MoU between the two firms (signed by Ibrahim AlAjaji, Managing Partner at AlAabhan & AlAjaji and Richard Foley, senior partner at Pinsent Masons) outlines a five-year commitment by Pinsent Masons to develop AlAabhan & AlAjaji’s legal know-how in PPPs.
“This comes at an important time for the Kingdom as it embarks on transformational economic and infrastructure changes,” the law firm added.
Pinsent Masons also revealed that it had been working with AlSabhan & AlAjaji for a number of years on Saudi, regional MENA and international matters, “most evident in the infrastructure, energy and technology sectors. This MoU follows an association announcement made late last year and is evidence of the close relationship between the two firms.”
“We have planned for this with PM and it is the perfect time to execute it, Saudi Arabia has committed through Vision 2030 to become a global investment powerhouse realising the strong investment capabilities the Kingdom has at its disposal,” said Ibrahim AlAjaji. “Public-Private Partnerships are an essential part of the delivery strategy.”
Sachin Kerur, head of Pinsent Masons in the Middle East, added: “We have worked closely with Ibrahim and Naif for a number of years and they understand and share our commitment to client delivery and sector focus. In line with Vision 2030, there has been a rapid pace of change in the Kingdom and we predict a number of international companies will want to invest in the country. With Pinsent Masons’ support, AlSabhan & AlAjaji will be able to meet the demand head-on.”