K&L Gates Advises IL&FS on Dubai’s First Project Under New PPP Law
The new initiative will be delivered on a design, build, finance, operate, and transfer basis and aims to develop one of the world’s largest automated car parks within the existing premises of the Dubai Courts. It is a collaboration between Dubai Courts and Park Line, a special purpose company established by ITNL Infrastructure Developer and NGP.
Mr. K. Ramchand, Managing Director, ITNL, and Chief Executive Officer, IL&FS, said: “This is the culmination of a year-long effort between the proponents to arrive at a mutually beneficial partnership providing for a risk-sharing mechanism acceptable to all stakeholders in such projects. As is observed all over the world, the success of the initial clutch of projects paves the way for expeditiously promoting PPP projects across various sectors of infrastructure. We congratulate the Government of Dubai in leading the way for the region to adopt such practices and the speedy implementation of infrastructure projects using private capital.”
Shailendra Kaushik, general manager of ITNL Infrastructure Developer, commented: “The final concession agreement of the first PPP transaction in Dubai features a balanced risk-sharing format that can be emulated by various authorities.”
Doha partner Amjad Hussain led the K&L Gates team and was assisted by partner Matthew Walker, as well as counsel Joanna Klat and associates Mohammed Tartir and Joseph Lee.
“K&L Gates is delighted to have advised ITNL on this ground-breaking new project, and we are proud to have contributed to a successful outcome,” stated Hussain. “This project shows that we are well placed to develop appropriately balanced structures to assist private- and public-sector clients in delivering important infrastructure for this region.”
A subsidiary of India-based Infrastructure Leasing & Financial Services Limited (IL&FS), ITNL is a transport infrastructure development company. IL&FS has a global project portfolio of over $45 billion.
NGP is a subsidiary of KBW Investments, which was founded and chaired by Prince Khaled bin Alwaleed bin Talal, and works across a number of sectors, including construction, finance, consultancy, and development.
K&L Gates comprises approximately 2,000 lawyers globally who practice in fully integrated offices located on five continents. The firm represents leading multinational corporations, growth and middle-market companies, capital markets participants and entrepreneurs in every major industry group as well as public sector entities, educational institutions, philanthropic organizations and individuals.