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The largest deal price in Kuwait history
Al Tamimi & Company, the largest law firm in the Middle East, acted as lead legal counsel for Finmeccanica (now Leonardo - Finmeccanica - Società per azioni), a leading Italian multinational aerospace, defense and security company headquartered in Rome in Italy and with operations worldwide, in closing of its military contract of Eurofighter Typhoon jets to the State of Kuwait for an estimated value of USD $9 Billion.
The transaction, which saw the largest deal price in Kuwait history, included the sale of 22 single seat jets and six dual set jets, their support, crew training and infrastructure investments in Kuwait. The deal involves the newest version of the Typhoon jet, which is built by a consortium that includes the U.K.'s BAE Systems PLC and Airbus Group SE.
Finmeccanica signed the deal in Kuwait with the Ministry of Defense with the Italian Minister of Defense, Roberta Pinotti, and her Kuwait counterpart, Defense Minister Sheikh Khalid Al-Jarrah Al Sabah.
Al Tamimi advised on all aspects of the transaction, which involves the supply of aircraft from Italy and covers logistics, operational support, and the training of flight crews and ground personnel. In addition, the contract also provides for the upgrade of infrastructure in Kuwait which will be used for Typhoon operations. The Kuwait Ministry of Defense stated that the first two Eurofighters will arrive in Kuwait in the fourth quarter of 2019 and final delivery occur by 2022. They also noted that the agreement will include logistical and training support.
The Al Tamimi team was led by Head of Office and Partner, Alex Saleh and Associate Hamzah Alshammaa, with assistance from Associate Mohamed Afifi. Alex Saleh, commenting on the transaction, said: "We are very excited to have had the opportunity to be lead counsel on the largest contract deal in the Gulf in living memory. What makes this transaction so unique and special is that, in addition to its size, it will play a major role in the protection and safety of the State of Kuwait. We are very proud in this regard."
Al Tamimi & Company has been in the forefront of many of the large contractual projects involving the State of Kuwait from large infrastructure deals like the USD $1.5 Billion Az-zour IWWP transaction to the most recent USD $ 3.5 Billion financing of KNPC.
Al Tamimi & Company's Kuwait office is headed by Partner & Head of Office, Alex Saleh and operates through its joint venture with Kuwaiti lawyer Yaqoub Yousef Al Munayae. Al Tamimi & Company was established in 1989 and is the largest law firm in the Middle East. The firm has 16 offices in 9 countries including Kuwait, the United Arab Emirates, Egypt, Qatar, Saudi Arabia, Iraq, Jordan, Oman, Bahrain.
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For further information, please visit: www.tamimi.com
© Press Release 2016
