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Saturday, November 28 - 2009

Clifford Chance advises on landmark IPO in Saudi Arabia

International law firm Clifford Chance (led by Corporate partner Iain Hunter in Dubai), in conjunction with Al-Jadaan Law Firm in Saudi Arabia, has advised Samba Financial Group as lead manager and bookrunner on the Saudi IPO of Kingdom Holding Company, HRH Prince Alwaleed's investment holding company.

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Kingdom Holding has a large portfolio of diverse investments valued at over USD 20 billion, including owning approximately 4% of Citigroup and 5% of News Corp as well as the Savoy in London and various Four Seasons and Fairmont hotels around the world. The offering is of just 5% of the company (rather than the minimum 30% required) and is expected to raise approximately USD 860million.

Lead associate on the transaction, Mike Taylor in Dubai comments,

"This deal is significant not just due to its size and the profile of the company involved. This is the third Saudi IPO where an institutional offer and book building structure has been adopted, Clifford Chance Dubai having advised on the previous two such IPOs of United International Transportation Company and Saudi Vitrified Clay Pipe Company. This demonstrates that we are at the forefront of developments and confirms our pre-eminence in the Saudi IPO market."
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Notes and media contacts

1. Capital Markets: The capital markets practice comprises over 325 partners and lawyers who concentrate on securities transactions and other products sold into the capital markets. The practice is founded on a full-service US and UK securities law capability, complemented by local securities law expertise in each of the key financial centres.

The combination of local knowledge with an international perspective enables us to provide practical, integrated legal advice covering the full spectrum of global capital raising activities including public and private domestic and international offerings of traditional debt and equity securities as well as convertible and other derivative and structured securities.

Our clients include issuers, originators, arrangers, managers, investors and other finance providers, trustees, rating agencies, monoline insurers and swap counterparties from a variety off industries including energy, transport, infrastructure projects, and real estate.

Corporate: The corporate practice, which comprises 820 legal advisers worldwide, handles some of the world's largest and most complex M&A transactions. The practice combines global transaction capability with a full service of English, US and civil law expertise in the key financial centres across Europe, the Americas and Asia. In addition to mainstream M&A, the firm also encompasses leading specialist practices in: commercial contracts, competition and antitrust, communications, energy, healthcare, financial institutions, funds, investment banking, insurance, media and technology, and private equity.

The practice focuses on providing practical and commercial legal advice. Clients include investment banks and financial institutions, multinationals and other public and private corporations, private equity providers and management teams, asset management clients, international partnerships and governments.

2. Clifford Chance LLP is the first fully integrated global law firm, with 28 offices in 20 countries*. The firm aims to provide seamless global services to the world's leading financial institutions and multinational businesses.

3. Unrivalled in its international resources, Clifford Chance has over 3,800 legal advisers and is organised around six global practice areas: capital markets; corporate (including M&A); finance; litigation and dispute resolution; real estate; and tax, pensions and employment law.

* Includes an associated office in Romania

For further information about this release contact Fiona Johnston on +44 (0)20 7006 2824

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