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Stephen Matthews Photo
Stephen Matthews Photo
Stephen Matthews
Senior Counsel
stephen.matthews@bakerbotts.com
Details
Overview
Overview Admission & Affiliations Experience News Thought Leadership Awards and Community
Practices
Corporate
Cross-Border Transactions
Infrastructure
International Disputes
Mergers and Acquisitions
Project Development
Project Finance
Industries
Air and Space Tech
Energy
Manufacturing
Oil and Gas
Pipeline Projects
Power
Technology

Overview

Stephen Matthews’ practice centers on banking and finance, technology transfer, telecommunications, construction, and international investment, especially cross-border business ventures in Saudi Arabia and other GCC countries. He has worked on contracts and financings for many infrastructure projects in the region, including oil refineries, petrochemical plants, pipelines, manufacturing plants, defense projects and telecommunications networks. Stephen is described by clients in Chambers Global as "a brilliant mind" (2020) and he has a "deep knowledge of the legal environment" and "long-standing experience in the region" (2018).

Admission & Affiliations

  • District of Columbia Bar

    United States District Court for the Eastern District of Virginia

    American Business Group of Riyadh (ABGR), Steering Committee, 2003-2004

  • J.D., Georgetown University Law Center 1983
  • A.B., Near Eastern Studies, Princeton University 1980

    Study at the University of Isfahan, Iran, 1978 to 1979

Experience

Corporate / M&A

  • Samba Financial Group – counsel in restructuring its relationship with Citibank upon expiration of a 23-year technical management arrangement and sale by Citibank of its 20 percent stake in Samba Financial Group
  • Leading Insurance Broker – counsel in restructuring insurance brokerage and risk management consulting businesses in Saudi Arabia
  • Leading Insurance Broker - counsel on proposed acquisition of insurance brokerage business in UAE
  • Leading Oilfield Services Companies – joint venture, M&A, restructuring and related activities in Saudi Arabia
  • DigitalGlobe Inc. – Joint venture with KACST and TAQNIA Space to design, construct, launch and operate a constellation of no fewer than 6 imaging satellites
  • Nokia Group – joint venture in Saudi Arabia for GSM infrastructure projects
  • Oilfield Service Company – acquisition of 85% stake in BVI company with branch office in UAE free zone and operations in Kurdistan Region of Iraq and South Sudan
  • Oilfield Equipment Company – counsel on proposed acquisition of significant stake in Saudi-Asian joint venture in Saudi Arabia
  • U.S.Manufacturing Company – acquisition of 34% interest in Saudi-U.S. joint venture manufacturing plant in Dammam, Saudi Arabia and related technology license agreement
  • Italian Fashion House – 75% foreign-owned joint venture with Saudi merchant family to distribute luxury products in Saudi Arabia
  • Japanese Public Company – joint ventures with Saudi merchant family to (i) distribute air conditioning products and (ii) manufacture modular chiller units in Saudi Arabia
  • UK Public Company – formation of 100% foreign owned Saudi LLC to provide facilities management services in Saudi Arabia

Project Development

  • Consortium - counsel on bidding on Saudi Landbridge east-west rail project involving the construction of over 1,000 kilometers of new-build rail on a 30-year build-operate transfer basis
  • Consortium – counsel on bidding on four IPPs to be built on a build-operate-own-transfer basis for Saudi Aramco
  • Al-Hamra Power LLC – representation of the sponsor in the development and financing of a 133-megawatt gas-fired captive combined power and reverse osmosis desalination in the Emirate of Ras Al-Khaimah, the United Arab Emirates
  • International oil companies – advice on Saudi Gas Initiative (SGI-1 and SGI-2) upstream gas projects in Saudi Arabia
  • International oil company - advised on structuring and negotiation of agreements to develop 400,000 BPD export refinery in Yanbu, Saudi Arabia as a joint venture with Saudi Aramco
  • Chinese Manufacturer - counsel on project to supply absorption chillers for turbine inlet cooling to Saudi Arabian electric utility on a BOT basis

Telecommunications

  • PCCW - counsel to operator in structuring its relationship with consortium of Saudi Arabian companies on successful bid for 2nd fixed line license in Saudi Arabia and follow on work leading to IPO of 35% stake in new Saudi joint stock company to hold the license
  • PCCW - counsel to operator in structuring its relationship with consortium of Qatari and international companies on bid for 2nd fixed line license in Qatar
  • U.S.-Saudi offset joint venture – technology transfer agreement with a European telecom company valued in excess of $100 million
  • Consortium – counsel on bidding on second GSM telecom license in Saudi Arabia
  • Consortium – counsel on bidding on third GSM telecom license in Saudi Arabia
  • Watania Telecom – acquisition of significant minority stake in telecom operator in Saudi Arabia
  • U.S. Equipment Manufacturer – advice on VoIP regulations in United Arab Emirates
  • U.S. Defense Contractor – advice on VoIP and encryption technology restrictions in various Middle Eastern and European countries

Finance

  • Saudi Banks – counsel to senior lenders in respect of multi-currency project finance facility for the Equestrian Club hotel/resort complex in Jeddah, Saudi Arabia and subsequent restructuring of that facility
  • Saudi Banks – multi-currency Islamic finance facility for construction of a petrochemical plant in Al-Jubail, Saudi Arabia
  • Leading Japanese company – security package for construction of a petrochemical project in Saudi Arabia
  • Saudi Bank – Shari’a compliant loan facility for CMA-regulated real estate fund for construction of residential tower in Eastern Province of Saudi Arabia
  • Saudi Bank - Shari'a compliant loan facility for CMA-regulated real estate fund for construction of 164 residential housing units in Eastern Province of Saudi Arabia
  • Saudi Bank - Shari'a compliant loan facility for CMA-regulated real estate fund for development of plots for residential housing in Riyadh, Saudi Arabia

Defense & Security

  • U.S. Defense Contractor – advice on sale of surface-to-air missile defense systems in Saudi Arabia
  • U.S. Defense Contractor – advice on sale of weapons systems to customers in Saudi Arabia and United Arab Emirates
  • U.S. Defense Contractor – advice on sale of C4I systems to defense and security customers in Saudi Arabia
  • U.S. Defense Contractor – advice on master offsets agreement for Saudi Arabia
  • U.S. Defense Contractor – advice on limited partnership and portfolio investments to discharge offsets obligations in Saudi Arabia
  • U.S. Defense Contractor – advice on structuring and formation of offsets joint ventures in Saudi Arabia and United Arab Emirates
  • U.S. Defense Contractor – advice on sale of air traffic control systems and related radar units in Saudi Arabia and United Arab Emirates
  • U.S. Defense Contractor – advice on establishment of a branch campus of a major U.S. state university in Kuwait, to be funded through the Kuwait Offsets Program

Hospitality

  • Hotel Management Company - advice on hotel management contract for hotel in Dubai, UAE
  • Hotel Management Company - advice on hotel  management contract for 5-star hotel in Doha, Qatar that included set-up of first 100% foreign owned management company in tourism and hospitality sector in Qatar
  • Hotel Management Company - advice on proposed hotel project in Aqaba, Jordan
  • Hotel Management Company - advice on suite of hotel operating agreements structured on a franchise model for use in Saudi Arabia

Awards and Community

Stephen Matthews splits his time between Dubai and Baker Botts' affiliate in Riyadh. He advises on an array of commercial agreements in both the UAE and Saudi Arabia, with clients describing him as "a brilliant mind" and adding: "Something we appreciate is his ability to provide an in-depth answer and a rational, comparative perspective on the law in many jurisdictions."
Chambers Global 2020

Stephen Matthews of Baker Botts LLP is described by clients as "knowledgeable, proactive and insightful." He specialises in corporate and commercial law, with particular expertise in the energy sector, and splits his time between Riyadh and Dubai. An impressed client enthused: "He is a lawyer but he has an understanding of commercial requirements. He can evaluate risk - real risk and textbook risk. He demonstrates regional realism and translates it into Western sensibilities, and that is rare."
Chambers Global 2019

Stephen Matthews of Baker Botts LLP splits his time between the firm's UAE and Saudi Arabian offices and specialises in cross-border M&A covering both jurisdictions. One client described him as "very flexible, and he understands our business requirements."
Chambers Global 2019

Listed in Chambers Global, 2004-2024. Overseas Counsel-Saudi Arabia (Corporate & Commercial) (Band 1) 2010-2014, (Foreign Expert) 2015-2024

Chambers Saudi Arabia - (Corporate/Commercial) (Foreign Expert) 2020

Chambers Saudi Arabia - (Banking & Finance) (Band 3) 2018-2020

Recommended in both the Saudi Arabia and UAE Corporate sections of The Legal 500 Europe, Middle East & Africa, 2006-2022

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