Riyadh, Kingdom of Saudi Arabia: - Legal Advisors Abdulaziz Alajlan & Partners in association with Baker & McKenzie Limited has acted as legal counsel to the Ministry of Finance of The Kingdom of Saudi Arabia on a landmark agreement signed with Saudi Electricity Company (SEC) in relation to a SAR 167.92 billion (US$ 44.78 billion) perpetual subordinated instrument.

This transaction, which involves creating a mudaraba based subordinated perpetual financial “equity-like” instrument, is the world's largest ever Islamic finance transaction.

Commenting on the deal, Ian Siddell, the head of Gulf banking & finance practice of Baker McKenzie said, “We are absolutely privileged to have successfully assisted the Ministry of Finance of The Kingdom of Saudi Arabia in this exceptional transaction which demonstrates our strength in dealing with complex transactions and exemplifies the ongoing confidence clients have in our deep understanding, knowledge and expertise in Islamic finance practice.”

The team at Legal Advisors Abdulaziz Alajlan & Partners in association with Baker & McKenzie Limited was led by Ian Siddell, Nick Church and Delwar Hossain, supported by Robert Eastwood, Mohammed AlAmer and Marwa Abdulmalik.

-Ends-

www.legal-advisors.com 

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2020

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.