Craig R. Nethercott

  • Partner
  • 99 Bishopsgate
  • London EC2M 3XF
  • United Kingdom
  • T +44.20.7710.1118
  • Dubai International Financial Centre
  • ICD Brookfield Place, Level 16
  • P.O. Box 506698
  • Dubai, United Arab Emirates
  • T +971.4.704.6352


Craig Nethercott is a partner in the Finance Department and is Co-Chair of the Global Islamic Finance Practice. Mr. Nethercott has experience in project finance, banking, capital markets, and Islamic finance. Mr. Nethercott has advised on transactions in Europe, the Middle East, Africa, and Asia. He co-edited and contributed to the treatise “Islamic Finance: Law and Practice 2nd ed” published in March 2020 by the Oxford University Press.

Mr. Nethercott was ranked Band 1 by Chambers Global 2020 for Middle East-wide, Projects and Energy, and Band 1 for Saudi Arabia – Banking and Finance.


Mr. Nethercott’s experience includes representing: 

Oil and Gas  

  • The lenders on the renewal of SABIC Capital’s US$2 billion syndicated multicurrency revolving facility
  • The sponsors, led by Total, in connection with the US$20 billion financing by several ECAs of the development of an LNG project in Mozambique; the transaction was named 2020 “Global Multilateral Deal of the Year” by Project Finance International
  • The underwriters in relation to the US$25.6 billion IPO and listing of Saudi Arabian Oil Company (Saudi Aramco) on Tadawul – the largest IPO of all time
  • Export Credit Agencies (K-Exim, K-Sure, SACE, UKEF, and Atradius) and the commercial banks in the financing of the US$6.25 billion Clean Fuels Refinery Project in Kuwait  
  • Export Credit Agencies (K-Exim, K-Sure, and SACE) in the financing of the Duqm Export Refinery in Oman  
  • SABIC in the financing of a Nexlene PE joint venture with SK Global Chemical  
  • Commercial lenders in connection with the acquisition financing of the Sadara tank farm facilities in Saudi Arabia by SABIC  
  • Saudi Aramco in the financing of the US$9.9 billion Rabigh Refinery and Petrochemical Project in Saudi Arabia  
  • Qatar Petroleum in the financing of the QGII, QG3, and QG4 LNG trains in Qatar  
  • The commercial lenders in the financing of the Nigeria LNG Plus expansion project

Sovereign Representation  

  • The Kingdom of Saudi Arabia  in connection with its US$17.5 billion debut 144A sovereign bond issuance and subsequent US$9 billion debut sovereign Sukuk  
  • The underwriters in connection with the US$4 billion debut sovereign Sukuk offering by Qatar  
  • The  Kingdom of Saudi Arabia in connection with its US$10 billion commercial lender sovereign facility      

Metals and Mining  

  • Acting on the financing of numerous greenfield smelters and expansion projects, including Mozal I and Mozal II (Mozambique), Sohar (Oman), Rusal Khaz (Russai), EMAL (UAE), Qatalum (Qatar), Sarawak (Malaysia), and Alba (Bahrain)
  • The commercial banks on the SAR11.4 billion refinancing for Maaden Phospate Company in Saudi Arabia         
  • Bin Jarallah Group in the financing of a seamless steel pipe plant in Saudi Arabia  
  • Norsk Hydro in connection with the financing of aluminium and alumina assets acquired from Vale in Brazil      

Power and Water  

  • GDF Suez, Sumitomo Corporation, and Al Sagar in connection with the US$1.4 billion financing of the 1500MW and 107 MGPD IWPP in Kuwait  
  • Citi, BNPP, Mizuho, Standard Chartered, and NBAD as underwriters in connection with the US$825m 144A bond refinancing of the Shuwiehat 2 Ruwais power and water plant in Abu Dhabi  
  • Commercial and Islamic finance parties in connection with the PP-11 1750 MW IPP in Saudi Arabia  
  • Commercial lenders and Islamic finance parties in connection with the Rabigh IPP in Saudi Arabia  
  • Commercial lenders, K-Exim, and K-Sure financing provided to Saudi Electricity Company in connection with the Rabigh 6, Jeddah South, and Shuqaiq power plants in Saudi Arabia    


  • Mobily (Etihad Etisalat) in connection with its initial mobile license financing and all of its other financings arrangements since the formation of the company in 2004
  • Commercial and Islamic finance parties in connection with the US$7.5 billion financing provided to Zain KSA the third mobile licensee in Saudi Arabia
  • Etisalat Misr in connection with the financing of its mobile license in Egypt
  • COFACE and the commercial lenders in connection with the US$586 million constellation satellite financing provided to Globalstar


  • The commercial lenders in connection with the Salalah Port expansion in Oman
  • The international development institutions in connection with the expansion of the Colombo Port in Sri Lanka  
  • The commercial and Islamic finance parties in connection with the expansion and upgrade of the Hajj Terminal Concession project in Saudi Arabia  
  • SBG, ADP, and Lamak in connection with the consortium bid for the Madinah airport concession

Thought Leadership

  • The Evolving Business and Investment Landscape in Saudi Arabia -  June 02, 2016
  • PF Newsletter: Article 55 of the BRRD -  May 05, 2016
  • PF Newsletter: LMA Updates - Quarter One 2016 -  May 05, 2016
  • PF Newsletter: Solar in Sub-Saharan Africa -  May 05, 2016
  • PF Newsletter: The Global Oil Economy -  May 05, 2016
  • PF Newsletter: US Exim Update  -  May 05, 2016
  • Al-Mirsal Blog: Kuwait Power and Water Projects to Take-Off Following Publication of PPP Regulations  -  May 13, 2015
  • Al-Mirsal Blog: Kuwait Projects to Press Ahead Following PPP Law Publication  -  January 07, 2015
  • Project bonds in the Middle East: Releasing asset value and financing the future -  June 01, 2014
  • Sukuk: Rethinking Sukuk While Leaping Forward -  May 01, 2014
  • Al-Mirsal Blog: How LIBOR Administration Change will Impact Financial Contracts  -  February 03, 2014
  • Al-Mirsal Blog: #FATCA Update: Six Month Grace -  July 18, 2013
  • Al-Mirsal Blog: Window for Comments on Saudi CMA’s Draft Guidelines for Public Company Losses Now Closed -  July 04, 2013
  • Al-Mirsal Blog: How #Saudi New Weekend Impacts Legacy #Financing Agreements -  June 25, 2013
  • Al-Mirsal Blog: K.A.CARE Sheds Light on Renewable Energy Program  -  February 26, 2013
  • Islamic Project Finance -  November 14, 2012
  • Al-Mirsal Blog: Japanese Tax Law Reforms Facilitate Issuance of Sukuk by Japanese Companies  -  June 03, 2012
  • Mobily Leads the Way in Jumbo Refinancing -  May 18, 2012
  • Al-Mirsal Blog: Oxford University Press Publishes Comprehensive Guide to Islamic Finance -  May 03, 2012
  • Al-Mirsal Blog: Current Trends in Islamic Finance on Agenda at Kuala Lumpur Conference -  April 26, 2012
  • Al-Mirsal Blog: Eurozone crisis – Permitted in the Middle East?  -  March 20, 2012
  • Down the Flexible Road -  October 2011
  • Social Infrastructure - Islamic Finance Opportunities -  April 13, 2011
  • Nigerian Power Sector Reforms: Opportunities and Challenges for Investment -  February 11, 2011
  • Islamic Project Finance – Playing its Part in 2009 -  June 1, 2010
Clients note that Mr. Nethercott has “done some groundbreaking deals” and they compliment him on his excellent project finance expertise. He is acclaimed as one of the leading figures in project financing.Chambers Global 2018
Bar Qualification
  • England and Wales (Solicitor)
  • New York
  • LL.M., Queen's University of Belfast, 1993
  • Bachelor of Civil Law Degree, University College Dublin, 1991
  • Aerospace, Defense & Government Services
  • Energy & Infrastructure
  • Technology
  • Communications Law
  • Capital Markets
  • Project Development & Finance
  • Banking
  • Africa Practice
  • Korea Practice
  • Connectivity, Privacy & Information
  • Islamic Finance