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V&E Advises Saudi Aramco Entrepreneurship Center on Co-Investment in UnitX

Published: 10-31-2019

The Law Firm of Looaye M. Al-Akkas in Association with Vinson & Elkins (V&E) advised Saudi Aramco Entrepreneurship Center (Wa’ed) on its co-investment in UnitX, a KAUST artificial intelligence (AI) and supercomputing startup company and cloud-based supercomputing provider that helps enterprises deploy AI at scale. We frequently advise clients such as Wa’ed on early to mid-range growth stage equity investments into Saudi SMEs.  These investments focus on supporting projects which add value to, and support the economic development of, the Kingdom of Saudi Arabia.     

The V&E team was led by partner Looaye Al-Akkas, with assistance from senior associates Murad Al-Toukhi and Ibrahim Siddiki and associates Abdulaziz Al-Alami and Shumoukh Albadi.

V&E has represented clients in Saudi Arabia for more than 20 years. Our Riyadh team is made up entirely of Saudi nationals who are multi-lingual and, in addition to being Saudi licensed lawyers, admitted to practice in the United States and in England & Wales. Our lawyers bring deep understanding of Saudi Arabian business, legal and regulatory systems and a long history of advising local, regional and international clients doing business inside and outside of the Kingdom.

Select examples of our recent Saudi experience also include advising:  

  • Ahmad Hamad AlGosaibi and Brothers Company (AHAB) on Saudi Arabia’s largest restructuring and settlement negotiations with creditors and the largest Financial Restructuring Procedure under the Saudi Bankruptcy Law
  • Saudi Aramco Development Company on a joint venture with Jacobs Engineering to establish a project management construction management company in the Kingdom and on the subsequent sale of 30% of Saudi Aramco Development Company’s holding to the Public Investment Fund (PIF)
  • Sanabil Investments, a closed joint stock company wholly owned by the Public Investment Fund (PIF), in connection with its acquisition of a 20% equity stake in Ebrahim Mohammed Almana & Brothers Co. 
  • A group of sellers in connection with the sale of their interest in Kudu to a consortium of private equity funds led by Abraaj Capital 

Lawyer Contact

+966.11.250.0888
lalakkas@velaw.com

Media Contact

Melissa Anderson Senior Communications Manager

T +1.713.758.2030
manderson@velaw.com

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