- +965 (0) 2 246 2253 (Kuwait)
- +971 (0) 4 331 7161 (UAE)
- Dubai Maze Tower, UAE
- Kuwait City, Kuwait
Alex Saleh is a Partner and the Co-Head of Office of Al Tamimi & Company’s Kuwait office and also takes a leading regional role within the firm with respect to its M&A and Private Equity practice. With over 25 years of experience in both the GCC markets as well as the US, he has accumulated sizable expertise in the areas of banking & finance, mergers & acquisitions and infrastructure projects. His experience garners praise from the leading legal directories as he is annually awarded “Market Leader” by the IFLR1000, “Highly Ranked” by Chambers & Partners and “Leading Individual” by Legal 500. Alex’s transactions regularly win Deals of the Year by the same institutions and organizations.
With respect to his corporate practice, Alex has closed on a significant number of GCC merger & acquisition transaction in various industries including logistics, education, health care, construction and finance. He has also represented many private equity firms in various investments in the same industries developing and building a good relationship with that community over the years.
He also represents many GCC-based financial institutions in all facets, including basic bilateral facility agreements, syndicated loan transactions (conventional and Sharia-compliant) and project finance. He has also been involved in many of the large bond and sukuk debt capital market issuances in the region.
Finally, Alex has also acted in many large infrastructure projects such as power generation plants, water desalination plants and wastewater projects, in the context of both public private partnerships and more traditional structures. On various transactions, he has alternatively represented GCC governments, private sponsors and project lenders depending on the particular project.
Banking & Finance (Conventional & Sharia-Compliant)
- Acted on behalf of Standard Chartered Bank, which was the lead bank in the acquisition financing in the amount of US$ 2.4 Billion to Alabbar Enterprises, a UAE company, in its acquisition of Kuwait Food Company (Americana) KCSP, a major Kuwait listed company;
- Acted on behalf of the Tata Group, the Indian conglomerate, in the structured finance transaction wherein its receivables from several African nations were rolled up and sold to an ADGM SPV, which in turn borrowed from ICICI Bank in India on a non-recourse basis;
- Represented Al Ahli Bank of Kuwait in a cross-border finance transaction with Egypt Kuwait Holding Company, an Egyptian company, in lending US$ 108 Million for the finance of certain gas projects in Egypt and the acquisition of a major stake of a listed Kuwait entity;
- Acted as lead counsel for Warba Bank in its Sharia-compliant structured finance acquisition of an US$ 66 Million auto finance portfolio from Al Mulla International Finance Company;
- Acted as lead counsel for Commercial Bank of Kuwait, as Lead Arranger, in a syndicated loan financing transaction for Mohammed Al-Kharafi & Sons with respect to a major contract with the Amiri Diwan valued at KD 365 Million (US$ 1.2 Billion) regarding New Jahra Hospital in Kuwait;
- Acted as sole legal counsel to National Bank of Kuwait on a US$ 200 Million financing (included both credit instruments and cash facilities) of submersible oil pumping stations for Al Khorayef Group Company with respect to Kuwait Oil Company;
- Represented Wells Fargo Bank, N.A. in a US$ 350 Million Term Loan Facility to Kuwait-based Burgan Bank, which was sydicated with the participation of several European and MENA based banks;
- Advised DVB Bank and National Bank of Kuwait in the acquisition financing of three (3) new Airbus A320 aircrafts to Jazeera Airways totalling US$ 90 Million and the mortgaging of said aircraft; and
- Represented Kuwait International Bank in a syndicated Murabaha Financing Facility in the amount of US$ 320 Million provided by Arab Banking Corporation and Bank ABC Islamic as Mandated Lead Managers.
Debt Capital Markets
- Represted DXB Entertainments, an UAE company, in the issuance of an AED 1.23 Billion convertible bond with the majority shareholder, Meraas;
- Represented Dana Gas, an UAE listed company, in the restructuring of a US$700 Million Sukuk, which has both a convertible and non-convertible tranche of US$ 350 Million each;
- Represented HSBC Bank plc and Citigroup Global Markets Limited, in their joint capacity as Arrangers, with respect to a US$ 500 Million Euro Medium Term Note Programme with Al Ahli Bank of Kuwait KSCP;
- Representing Warba Bank, in its capacity as Issuer, in a US$ 500 Million Tier 1 Sukuk issuance, which is being led by Standard Chartered Bank as Lead Manager;
- Represented Boubyan Bank, in its capacity as Issuer, in the first Tier 1 Sukuk issuance in the State of Kuwait for US$250 Million, which was led by Standard Chartered Bank and HSBC as Joint Lead Managers;
- Represented Rasameel Structure Finance Company, as Lead Arranger, in the structuring of the first Sharia-compliant securitization of consumer receivables from Yusuf A. Al-Ghanim & Sons, the largest electronic retailer in the State of Kuwait (awarded IFN Sukuk Deal & Kuwait Country Deal of the Year for 2012);
- Represented Capital Investment & Brokerage, as Lead Arranger, on a JD 85 Million ($120 Million) Sukuk for Al Rajhi Cement – Jordan PSC. The Sukuk, which was structured as an Ijara, was the first one ever completed in the Kingdom of Jordan and was subscribed to by local Jordanian banks (awarded the Sukuk Deal of the Year 2011 from IFN); and
- Represented Liquidity Management House, as Lead Arranger, on a KD 92 Million ($331 Million) Sukuk al Wakala for First Investment Company, used as a debt restructuring of its various bilateral Murabaha and Wakala facility agreements with several local banks (awarded IFN Kuwait Country Deal for 2011).
Mergers & Acquisitions / Private Equity
- Acted on behalf of Shuaa Capital,an UAE listed financial institution, in a complicated US$ 30 Million Voluntary Acquisition Offer transaction of Amwal Investment Company, a financial company listed on the Kuwait Stock Exchange;
- Represented NCH Ventures SPC, a consortium of over 50 international, regional and local banks including Standard Chartered Bank, Abu Dhabi Commercial Bank and Gulf Bank, in an US$ 100 Million sale of 70% of all of its shares in Global Investment House to KAMCO Investment Company;
- Acted on behalf of the Kuwait Investment Authority and the Kuwait Life Sciences Company, in their capacity as shareholders of NewBridge Pharmaceuticals Limited, a leading pharmaceutical company based in the UAE, in a US$ 50 Million reorganization and consolidation of shareholders in the same from past Series A, B and C rounds;
- Represented Kuwait Life Sciences Company, a fully owned subsidiary of Kuwait Investment Authority (KIA), the sovereign fund of Kuwait, in an acquisition of a food chemical company based in UAE with branches throughout the MENA region;
- Acted on behalf of Al Aman Investment Company and a private equity group in an US$60 Million acquisition of four (4) K-12 schools in the State of Kuwait from a private holding company group.
- Represented the KIPCO Group in the acquisition of over 60% of the shares in Jassim Transport & Stevedoring Company, a leading logistics company, from Global Investment House and the Boodai Group for US$175 Million;
- Acted as Kuwait counsel for Goshawk Aviation, a joint venture between Investec Bank and Chow Tai Fook Enterprises, in an agreement to acquire the fleet of 15 Airbus A320s for US$ 507 Million from Jazeera Airways;
- Represented Coca Cola in the Kuwait aspect of its acquisition of Aujan Industries MENA bottling operations; and
- Represented Federal Express as Kuwait counsel in its acquisition of TNT Express with respect to its Kuwait assets and businesses.
Projects, Energy & Infrastructure
- Acted for National Bank of Kuwait and Kuwait Finance House, as Lead Arrangers, with respect to the syndidated project financing of US$ 800 Million to Limak Insaat, a Turkish company, with respect to the construction of the New Kuwait International Airport;
- Acted for Kuwait Oil Tanker Company, a state owned entity, in connection with a Sharia compliant syndicated finance deal for an amount of US$ 460 Million from Warba Bank, Ahli United Bank and Kuwait International Bank, which was used to purchase eight (8) oil tankers;
- Represented Kuwait Integrated Petroleum Industries Company, a subsidiary of Kuwait Petroleum Corporation, in securing US$ 2.3 Billion in finance from both local and foreign banks to fund its liquified natural gas project;
- Represented Kuwait National Petroleum Company, as the borrower, in a corporate syndicated financing of up to $10.3 Billion for the upgrade and expansion of the Mina Abdullah Refinery and Mina Al-Ahmadi Refinery in Kuwait known as the Clean Fuel Project;
- Represented a consortium of international banks and agencies led by Japanese Bank of International Cooperation, Nippon Export & Investment Insurance and National Bank of Kuwait with respect to the Az-Zour North IWPP Project and its related US$ 1.2 Billion plus financing, which is expected to provide approximately 1,500 MW of additional power generation capacity and 100 MIGD of desalinated water. The project was the first one to be completed in Kuwait on a Public Private Partnership basis; and
- Representing the State of Kuwait as part of a consortium with HSBC and the Fitchner Group with respect to the Umm Al Hayman Wastewater Project, which will comprise the design, financing, building, testing, commissioning, operating and maintaining of a wastewater treatment plant with a treatment capacity of 450,000 m3/d and to be done on a Public Private Partnership basis.
Recent Speaking Engagements
- Presenter at the Global Independent Law Firms Forum Partnership in London, England;
- Presenter on Foreign Investment Law in Kuwait, co-hosted by Kuwait Direct Investment Promotion Authority and Al Tamimi & Co (“ATCO”) in Dubai;
- Chair & Speaker on New Private Public Partnership Law at Kuwait Projects Conference hosted by MEED;
- Chair & Speaker on New Private Public Partnership Law & Islamic Finance hosted by Islamic Finance News;
- Chair & Speaker on Board Governance at the Governance, Risk & Compliance Seminar hosted by Thomson Reuters;
- Presenter on Family Businesses, Growth, Governance & Structure, co-hosted by PWC and ATCO;
- Chair & Speaker on Funding & Financing Kuwait’s Future Expansion at the Kuwait Projects Conference hosted by MEED;
- Presenter on Pre-dispute & Dispute Resolution Strategies, hosted by ATCO;
- Presenter on The New Kuwait Companies Law, Initial Thoughts hosted by ATCO;
- Chair & Speaker on Overview of the Kuwait Legal Environment at the Energy and Infrastructure Projects Kuwait Conference hosted by MEED;
- Presenter on Sukuk Legal Framework at the Asset Monetization & Debt Capital Markets in the GCC Seminar hosted by Rasameel Investment and Finance Company;
1991 – Juris Doctor, Georgetown Law School
1988 – Bachelor of Arts (Magna Cum Laude), Wayne State University
Commonwealth of Virginia Bar (USA)
State of Michigan Bar (USA)
United States District Court for the Eastern District of Virginia
United States District Court for the Eastern District of Michigan
United States Court of Appeals for the Fourth Circuit
United States Tax Court