Mohammed specialises in quantum estimation in the context of commercial disputes and the economics of state aid assessments.

On the commercial dispute side, Mohammed specialises in damages quantification resulting from breach of contract, contract termination and lost profits claims, reputational harm, and shareholder disputes. His international arbitration experience includes projects under the rules of the LCIA and the ICC, where he has assisted in the preparation of expert reports and testimonies.

On the state aid side, Mohammed advises 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.

Selected project experience

  • Quantifying damages on behalf of an international pharmaceutical company in its LCIA dispute with an international drug manufacturer in the context of a manufacturing and supply agreement between the two parties (2018–)
  • Quantifying damages on behalf of an international telecoms company in its ICC dispute with an international digital financial services platform regarding the termination of a sale purchase agreement between the two parties (2018–)
  • Assisting a third-party expert in the context of a pricing dispute in the telecoms sector (2018–)
  • Advising a regional airport on the compliance of publicly financed investment projects with state aid rules (2018)
  • Advising a local public authority in the UK on state aid compliance of an investment in the R&D sector (2017–18)
  • Advising easyJet on the compliance of the terms of various proposed agreements with European airports with state aid rules (2017–18)
  • 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 (2016–17)
  • 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 (2016–17)
  • Advising a large investor in a sports infrastructure project on the assessment of state guarantees on 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 (2015–18)
  • 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)
  • 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, UK
  • BA Economics, American University of Beirut, Lebanon
  • BSc Mathematics, American University of Beirut, Lebanon
  • Mohammed Khalil is a CFA® charterholder