Mohammed Khalil

Senior Consultant

+44 (0) 20 7776 6681

Location: London

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Mohammed specialises in the economics of state aid assessments, advising clients on state aid matters across a number of sectors, including transport, energy, real estate, R&D, and sports clubs and infrastructure. He has advised clients on the application of the market economy operator principle (MEOP) and the compatibility of aid assessment. His experience covers state aid compliance, as well as advice for complainants, beneficiaries and member states during formal investigations by the European Commission and appeals in front of the European Courts.

Mohammed is also experienced in commercial litigation cases and regulatory finance, specialising in financial analysis, cost of capital and profitability assessments. 

Selected project experience

  • Advising a local public authority in the UK on state aid compliance of an investment in the R&D sector (2017)

  • Advising a public investment agency on state aid compliance of loan arrangements to a regional European airport (2017)

  • Advising the French Ministry of Overseas Departments in the context of a state aid assessment of a fiscal measure aimed at supporting rum producers in French overseas departments (2016–17)

  • Advising a client on a commercial dispute in the context of seeking to overturn a criminal conviction in the USA (2016–)

  • Advising a top Spanish football club on its appeal of a negative state aid decision by the European Commission (2016–)

  • Advising an international airport on the compatibility of public direct grants with state aid rules (2016)

  • Advising a large investor in a sports infrastructure project on the assessment of state guarantees on loan arrangements (2016)

  • Advising an international airport on state aid issues relating to loan arrangements (2016)

  • Advising a number of property developers in an EU member state to demonstrate that incompatible state aid may have been received by their state-backed competitors (2016–)

  • Quantifying damages suffered by a multinational oil and gas engineering and construction company in the context of an international arbitration case (2015–)

  • Advising a regional European airport in relation to alleged state aid leaking to its agreement with an airline (2015)

  • Advising a large multinational manufacturing company in the aerospace sector on compliance with state aid rules (2015)

  • Advising an energy generation company on state aid matters (2015)

  • Advising Ryanair in relation to a number of state aid investigations at various European airports, as well as during appeals of negative state aid decisions by the European Commission (2014–)

  • Advising an energy company on competition finance issues in the context of an abuse of dominance litigation case in the UK gas market (2014–15)

  • Advising a major European port on compliance with state aid issues (2014)

  • Assisting in the preparation of an expert report in relation to state aid litigation in Germany (2014)

  • Advising a gas distribution company on the appropriate cost of capital associated with extending the natural gas network in Northern Ireland (2014)

  • Quantifying damages in the context of a lump sum compensation in a personal injury case in the USA (2014)

  • Conducting a comparative analysis of the riskiness of different regulatory regimes for a European electricity provider (2014)

  • Undertaking a cross-subsidy and profitability analysis of a ferry operator in the UK (2014)

  • Advising a large GB infrastructure company on compliance with state aid rules (2013–14)

  • Undertaking a comprehensive retail margins analysis for a leading energy retailer in the UK (2013–14)

  • Assessing the margins and cost of capital for a UK-regulated company in the transport sector (2013)

  • Analysing product margins of a French retailer in the context of a cartel case (2013)

  • Analysing the validity of Nexus’s (Tyne and Wear’s Passenger Transport Executive) core assumptions on the financial structure of the bus industry (2013)

  • Quantifying the required returns for six water-only companies in light of Ofwat’s price review in 2014 (2013)

Selected publications

  • Robins, N. and Khalil, M. (2016), ‘The Bitter Side of Illegal Tax Sweeteners: State Aid Investigations of Corporate Tax Arrangements’, Concurrences, 19 December.

  • Robins, N., Khalil, M. and Taneja, V. (2016), ‘Tax arrangements under the State aid spotlight: the case of Apple’, Informa Comp Law Blog, 23 November.


  • MPhil Finance and Economics, University of Cambridge

  • BA Economics, American University of Beirut, Lebanon

  • BSc Mathematics, American University of Beirut, Lebanon

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