21 March 2012
RIYADH: Allen & Overy has successfully advised HSBC Saudi Arabia Limited (HSBC) as arranger and dealer on the establishment of Saudi Arabia's first domestic Sukuk programme. The SAR2.3bn programme was established by Almarai Company, one of the largest integrated consumer food producers in the Middle East. Allen & Overy also advised HSBC on the first offering under the programme, a seven year SAR1bn Sukuk.
The Allen & Overy team in Riyadh was led by Riyadh-based managing partner Julian Johansen and senior associate Jonathan Ibraaheem Marshall.
Commenting on the deal, Jonathan noted: "Following shortly after the ground-breaking SAR15bn sovereign backed Sukuk issued by the Saudi Arabian General Authority for Civil Aviation, on which Allen & Overy also advised, the Almarai Company programme represents another important step forward for the Saudi Arabian Sukuk market. We expect this transaction to set an important precedent, enabling Saudi corporates to tap into the Shari'ah compliant capital markets more frequently and on more flexible terms."
The completion of this transaction represents the latest success in an outstanding twelve months for Allen & Overy's Global Islamic Finance Group. This performance was rewarded recently at the annual Islamic Finance News Awards ceremony in Dubai, where the group received twelve accolades, outperforming all its competitors and setting a new record for the number of awards won in a single year by a law firm. These awards included winning the most coveted award for "Best Overall Law Firm", reinforcing Allen & Overy's clear standing as the market leader in the Islamic finance field.
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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© Press Release 2012
