King & Spalding Advises SHUAA Saudi on New Real Estate Fund

RIYADH, SAUDI ARABIA--(Marketwire - June 18, 2008) - King & Spalding, a leading international law firm, advised SHUAA Capital Saudi Arabia cjsc (SHUAA Saudi) on the structure and formation of a two billion Saudi Riyal (US$533 million) Shari'ah-compliant, closed-end fund under the name SHUAA Saudi Hospitality Fund I (SHUAA Saudi Fund). The SHUAA Saudi Fund is managed by SHUAA Saudi, which is a subsidiary of SHUAA Capital psc. The first closing of the SHUAA Saudi Fund is expected to occur June 2008.

The SHUAA Saudi Fund intends to acquire and develop seventeen hotels, serviced apartment buildings and resorts throughout the Kingdom of Saudi Arabia, eventually comprising a total of 5,000 rooms. The proposed properties will be managed and operated by a subsidiary of Rotana Hotel Management Corporation (Rotana), a leading pan-Arab hotel management company. The SHUAA Saudi Fund will own 20 percent of the subsidiary. King & Spalding advised on the various agreements between Rotana and SHUAA Saudi Fund.

The cross-office team of King & Spalding lawyers representing SHUAA Saudi on the formation and structuring of the SHUAA Saudi Fund was led by associate Nabil Issa of the firm's Dubai and Riyadh offices and Dubai-based corporate partner Benjamin Newland. Dubai Islamic finance partner Jawad Ali played a significant role in the structuring of the fund and the development of Shari'ah-compliant structures that SHUAA Saudi Fund will utilize to finance the construction. Scott Arnold, a New York-based partner and co-head of King & Spalding's real estate capital markets practice, advised on certain agreements with Rotana. Dubai-based associates James Stull, Yasmine Kurukgy and Emily Leung, Riyadh-based counsel Mohammad Al-Ammar and New York-based associate Dave Powell assisted on the transaction.

About King & Spalding

King & Spalding is an international law firm with more than 800 lawyers in Abu Dhabi, Atlanta, Austin, Charlotte, Dubai, Frankfurt, Houston, London, New York, Riyadh (affiliated office), San Francisco, Silicon Valley and Washington, D.C. The firm represents half of the Fortune 100 and in a Corporate Counsel survey in September 2007 was among the top firms representing Fortune 250 companies. For additional information, visit www.kslaw.com.

Contact Information: Contact: Les Zuke King & Spalding Ph: (212) 827-4392