Clifford Chance and Abuhimed Alsheikh Alhagbani Law Firm in co-operation with Clifford Chance (AS&H) have advised Saudi Telecom Company (STC) in relation to the establishment of its US$5 billion sukuk programme and its debut international capital markets issuance of US$1.25 billion 10-year fixed rate trust certificate by STC Sukuk Company Limited (the Certificates).

STC is the leading telecommunications operator in Saudi Arabia and is one of the highest value telecom brands in the Middle East. STC provides a wide variety of telecommunications services in Saudi Arabia, including mobile, fixed-line and broadband access products, wholesale, data centre hosting, solutions for office and home environments, cybersecurity and other information and communication technology and related solutions.

This transaction marks STC's debut foray into the international debt capital markets issuance and is a landmark transaction for STC in terms of diversifying its sources of funding and investor base while gaining access to greater pools of liquidity.

The transaction was highly successful with the orderbook being 3.5 times oversubscribed.

Qudeer Latif (Global Head of Islamic Finance), who led the Clifford Chance team commented: "We are delighted to have assisted Saudi Telecom Company on their first move into the international debt capital markets and were delighted to see the high demand from the market. Our team passes our congratulations to STC on a successful initial debt issuance."

The Clifford Chance team comprised Qudeer Latif (Partner), John Connolly (Partner), Stuart Ure (Partner), Ahmed Choudhry (Senior Associate), Alekhya Prakash (Senior Associate), Christopher Osborne (Senior Associate), Kierra Jones (Law Clerk) and Ismaila Ngum (Trainee Solicitor). The AS&H team comprised Yasser Al-Hussain (Partner), Reema Al-Hamoud (Associate), Ali Moiz Ansari (Associate) and Sahal Khalawi (Associate). 

First Abu Dhabi Bank, HSBC, J.P. Morgan, KFH Capital, Samba Capital and Standard Chartered Bank acted as joint lead managers on the issuance.


For more information about Clifford Chance see .

For further information about AS&H in co-operation with Clifford Chance see

For further information about this release contact:

Roshan Khan on +971 4 503 2661 or 

Mohammed Bahelmi on +966 11 481 9725 or 

  • Abuhimed Alsheikh Alhagbani Law Firm (AS&H) in co-operation with Clifford Chance is Saudi Arabia's leading law firm. It commenced operations in November 2016 and delivers world class legal services in the Kingdom of Saudi Arabia. AS&H in co-operation with Clifford Chance has had a long term presence in the market: between 2014 – 2016 as Clifford Chance Law Firm in Saudi Arabia; and between 1998 – 2014 as Al-Jadaan & Partners Law Firm in co-operation with Clifford Chance.
  • AS&H in co-operation with Clifford Chance has eight partners (of whom three are seconded from Clifford Chance), more than any other law firm in the Kingdom, offering Saudi and international clients the greatest depth of top Saudi and internationally qualified foreign lawyers as well as continuity and stability. The team's cutting edge work and commitment to clients has been consistently recognised by all the major legal directories and commentaries and the team has won more awards than any other Saudi law firm.
  • Clifford Chance is one of the world's pre-eminent law firms with significant depth and range of resources across five continents. As a single, fully integrated, global partnership, we pride ourselves on our approachable, collegiate and team based way of working. We always strive to exceed the expectations of our clients, which include corporates from all the commercial and industrial sectors, governments, regulators, trade bodies and not for profit organisations. We provide them with the highest quality advice and legal insight, which combines the firm's global standards with in-depth local expertise.
  • Clifford Chance was ranked 'Band 1' in more cross-border tables than any other firm in the Chambers Global 2018 Directory. This independent analysis focuses on firms' legal ability, professional conduct, client service, and commercial awareness, and these rankings provide outstanding recognition for the firm's breadth of expertise and consistency of quality across global markets.
  • Our Middle East office was recently ranked 1st place by value in the Merger Market 2018 global M&A league tables and was awarded International Law firm of the Year at the IFLR Middle East Awards ceremony. We were also awarded Debt and Equity Linked Team of the Year for 2018 at IFLR Middle East Awards ceremony.
  • In January 2019, we won 10 awards at the IFN Middle East Deal of the Year Awards noting successes in key categories such as construction finance, infrastructure and project finance, Islamic finance and securitisation.
© Press Release 2019

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