Dubai lawyers are providing legal advice to construction stakeholders involved in Turkey’s multi-billion dollar North Marmara Highway project.
Legal experts have advised Turkey on how to finance two sections of a $2.7bn (AED9.9bn) motorway being built to improve links between the Asian and European regions of the country.
Dubbed the mega motorway, Dubai-based lawyers from US firm Winston & Strawn, led by partner, Shibeer Ahmed, advised on debt financing the for project.
Turkey construction companies involved in the project include Cengiz Inşaat, Limak, Kolin, Kalyon Group, and Pak Yatırım.
The North Marmara Highway project involves an innovative risk sharing arrangement between the public and private sectors, which will be used as the model for other major transport infrastructure projects in Turkey in the future,” said Shibeer.
The project aims to prove a better link between the west and east Turkey by reducing travel time and driving forward the government’s plan to boost jobs, productivity and the economy.
Shibeer, alongside his legal associates, Rajwah Al Kuhaymi and Shaheer Momeni, served as international counsel to Avrupa Otoyolu Yatirim ve Iletme and KMO Anadolu Otoyol Isletmesi for respective parts of the project. The former for the European stretch, the latter for the Asian section.
The 270km motorway will be built to connect either side of the Yavuz Sultan Selim Bridge, formally known as the Third Bosphorus Bridge. This is a suspension bridge for rail and motor transit and is over 2km long and provides an alternative route for crossing the narrow Bosphorus strait.
The project is being financed with a concession model called a BOT (Build-Operate-Transfer).