RIYADH - Allen & Overy, through its association with leading local law firm Abdulaziz AlGasim Law Firm, has advised HSBC Saudi Arabia Limited (HSBC) on the largest ever Sukuk in the Kingdom of Saudi Arabia and the first Saudi sovereign sukuk.
The 10 year, SAR15 billion instrument was issued by the General Authority of Civil Aviation (GACA) of Saudi Arabia and fully guaranteed by the Ministry of Finance. The Sukuk will raise funds to finance the King Abdulaziz Airport redevelopment in Jeddah.
The Allen & Overy team was led by Riyadh-based managing partner Julian Johansen, who was supported by senior associate Jonathan Ibraaheem Marshall.
Commenting on the deal, Julian Johansen said: "The issuance of this Sukuk is ground-breaking in numerous ways. It is not only the first sovereign Sukuk to be issued by a Saudi Arabian government entity, but at SAR15 billion it is also the largest ever Sukuk to have been issued in the local market. We are very proud to have advised on such a prestigious transaction which demonstrates our leading position in the Saudi sukuk market."
For further information on the above, please contact Lucy Turner at lucy.turner@allenovery.com or on +971 (0)2 418 0400.
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1. Allen & Overy is an international legal practice with approximately 4,750 staff, including some 480 partners, working in 39 offices worldwide.
2. In this press release 'Allen & Overy' means Allen & Overy LLP and/or its affiliated undertakings.
3. The term 'partner' is used to refer to a member of Allen & Overy LLP or an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP's affiliated undertakings.
© Press Release 2012
