Capital markets in Saudi Arabia

Legal Advisors, Abdulaziz I. Al-Ajlan & Partners in association with Baker & McKenzie Limited

Legal Advisors, Abdulaziz I. Al-Ajlan & Partners in association with Baker & McKenzie Limited has extensive experience of IPOs, rights issuances and private placements in Saudi Arabia. It also has a dedicated debt capital markets team with experience advising on Sukuks. Karim Nassar advises a broad range of domestic and international clients on capital markets transactions. Ian Siddell is a banking and finance expert with extensive experience advising on Shari'ah-compliant matters. The team lost Mohammad Al Rasheed who left for an in-house role at EDGE.

Practice head(s):

Karim Nassar; Ian Siddell

Key clients

Arabian Centres Company

Citigroup Saudi Arabia

JP Morgan

GIB Capital

Samba Capital & Investment Management Company

Saudi Fransi Capital

Almarai Company

NCB Capital

Bindawood Holding Company

Allianz Saudi Fransi Cooperative Company

Work highlights

  • Acting as issuer’s counsel to Bindawood Holding Company on its proposed IPO on the Saudi Stock Exchange (Tadawul), incorporating a Reg S international offering.
  • Acting as legal counsel for Allianz Saudi Fransi Cooperative Company (“ASF”) in connection with its rights issue of SAR400m.
  • Acting as Saudi Arabian counsel to the arranger in respect of an up to $1bn Secured 3 Year Participation Notes on Saudi Arabian Oil Company (Saudi Aramco) due 2022 issued by Argentum Securities Ireland Plc under a Structured Issuance Programme.

Abuhimed Alsheikh Alhagbani Law Firm (AS&H) in co-operation with Clifford Chance

Abuhimed Alsheikh Alhagbani Law Firm (AS&H) in co-operation with Clifford Chance has a strong presence in the capital markets space. The practice is led by Mansoor Alhagbani who has extensive experience advising on high-profile IPOs. Other key individuals in the team include Majid Al-Sheikh, Khalid Al-Abdulkareem and Omar Rashid.

Practice head(s):

Mansoor Alhagbani

Other key lawyers:

Majid Al-Sheikh; Khalid Al-Abdulkareem; Omar Rashid

Khoshaim & Associates

Khoshaim & Associates displays a high level of expertise when advising on equity and debt capital market matters. Managing partner Zeyad Khoshaim leads the work and advises a broad range of clients on matters ranging from sukuk bonds to M&A.

Practice head(s):

Zeyad Khoshaim

King & Spalding in Affiliation With the Law Office of Mohammad Al-Ammar

King & Spalding in Affiliation With the Law Office of Mohammad Al-Ammar has a strong capital markets practice and advises on both conventional and Islamic finance basis. Key sectors of strength include the healthcare and education sectors. Dubai-based James R. Stull advises a range of public and listed funds and is recommended for advising managers on REITs in both the UAE and Saudi Arabia. Nabil A. Issa has notable expertise in privately placed sukuk and funds.

Practice head(s):

Jawad I. Ali

Other key lawyers:

James R. Stull; Nabil A. Issa

Key clients

Riyad Capital

Jadwa Investment Company

Islamic Development Bank

Al Bilad Capital

Al Rajhi Capital

SEDCO Capital

Ashmore Investments Saudi Arabia

Franklin Templeton

SHUAA Capital

Malaz Capital

Alkhabeer Capital

Samba Capital

GIB Capital

Muscat Capital

NMG

Work highlights

  • Advised Ashmore Investment Saudi Arabia as arranger in connection with the establishment by InterHealth Canada Limited, Saudi Arabia branch of a SAR 125m Sukuk Programme.
  • Advised Al Rajhi Capital to conduct a capital increase for Al Rajhi REIT which increased the size of the REIT to SAR2.4bn and was used to acquire five new real estate assets.

Law Office of Salman M. Al-Sudairi in association with Latham & Watkins LLP

Law Office of Salman M. Al-Sudairi in association with Latham & Watkins LLP's capital markets practice handles both equity and debt capital markets mandates advising issuers and underwriters on high value transactions. Other key areas of focus include Sukuk transactions, IPOs and regulatory advice. Practice head Salman Al-Sudairi advises on a range of IPOs and debt capital markets transactions.

Practice head(s):

Salman Al-Sudairi

Key clients

The Underwriters of the Saudi Aramco (25 financial institutions)

Dar Al-Arkan Sukuk Company Ltd.

Work highlights

  • Advised the Underwriters on the Saudi Aramco’s initial public offering of 3.45 billion ordinary shares representing 1.5% of Saudi Aramco’s share capital and listing on Saudi Stock Exchange.
  • Advised Dar Al-Arkan Sukuk Company Ltd. in relation to its Trust Certificate Issuance update and drawdown 2019 and in relation to its Trust Certificate Issuance drawdown 2020.

The Law Office of Megren M. Al-Shaalan in cooperation with White & Case

The Law Office of Megren M. Al-Shaalan in cooperation with White & Case advises on a broad range of securities including Sukuk and conventional bonds, project bonds, convertible bonds, initial public offerings, secondary equity offerings and rights issues, as well as public tender offers. Sami E. Al-Louzi is a key name to note and has significant experience advising clients in the oil and gas, financial services, securities, infrastructure, healthcare and telecoms sectors. Debashis Dey is also noted.

Practice head(s):

Megren M. Al-Shaalan; Sami E. Al-Louzi; Debashis Dey; Doug Peel

Key clients

Saudi Arabian Oil Company (Saudi Aramco)

Arabian Centres Company

Saudi Real Estate Refinance Company

J.P. Morgan

Citi

HSBC Saudi Arabia

Goldman Sachs

Almarai

NCB Capital

Al Inma Bank

Bank of America

Deutsche Bank

Natixis

First Abu Dhabi Bank

Work highlights

  • Represented Saudi Aramco on its SAR 111.0bn ($29.4bn) initial public offering.
  • Acted for First Abu Dhabi Bank, HSBC, Gulf International Bank, J.P. Morgan and Standard Chartered Bank on the establishment by Almarai Sukuk Ltd. of a Reg S $2bn Trust Certificate Issuance Programme, and on the issuance of $500m Trust Certificates due 2024 thereunder.
  • Assisted Fawaz Alhokair Group’s Arabian Centres Company, the owner, developer and operator of shopping centres with its debut issuance of Reg S/Rule 144A $500m five-year Sukuk as part of the company’s $1.9bn refinancing package comprising of Islamic bonds and new bank debt.

Derayah LLPC – Saudilegal

Derayah LLPC – Saudilegal has expertise in sukuk issuances, securities disputes and regulatory compliance. Asad Abedi heads the practice and specialises in securities law and acquisitions. Andreas Haberbeck is recommended for contentious matters.

Practice head(s):

Asad Abedi

Other key lawyers:

Andreas Haberbeck

Key clients

Citicorp Trustee Company Limited

Golden Belt Sukuk 1

Work highlights

  • Representing Citicorp Trustee Company Ltd and Golden Belt 1 Sukuk Company in litigation against Saad Trading and Maan Al Sanea in respect of a default under a sukuk for $ 650m.

The Law Firm of Salah Al-Hejailan in association with Freshfields Bruckhaus Deringer

Simmons & Simmons Middle East

Simmons & Simmons Middle East has expertise advising sovereigns, quasi-sovereigns, financial institutions and public and private companies on a wide range of matters relating to Islamic debt capital markets. Lee Irvine heads the capital markets practice and frequently advises a broad range of clients on international sukuk transactions, international debt offerings and equity offerings.

Practice head(s):

Lee Irvine

Key clients

Riyad Capital

Rawabi Vallianz Offshore Services Company Limited

Work highlights

  • Advising Riyad Capital, as Arranger, Payment Administrator, Registrar, Sukukholders’ Agent and Dealer, on the establishment of a Saudi Riyal-denominated privately placed sukuk issuance programme by Rawabi Holding Company.
  • Acted as transaction counsel and advised Riyad Capital, as Dealer, Payment Administrator, Registrar, and Sukukholders’ Agent on the first issuance of SAR375m.

Al Tamimi & Company

Al Tamimi & Company advise on complex IPOs and act for issuers or the bookrunners on various types of transactions. Another key area of strength includes advising on capital markets regulatory issues. The practice works alongside government ministries seeking to draft legislation or guidelines for IPOs and privatisation. Andrew Tarbuck heads the international capital markets practice which also includes Grahame Nelson who displays expertise across energy and natural resources, financial services, major corporatisation and privatisation projects.

Practice head(s):

Andrew Tarbuck; Grahame Nelson

Key clients

Welspun Group

Strategy&

Emirates NBD

Arup

Virgin Mobile

Huawei Tech. Investment Saudi Arabia Co., Ltd

Sanad Hospital

AlDhabaan & Partners in association with Eversheds Sutherland (International) LLP

AlDhabaan & Partners in association with Eversheds Sutherland (International) LLP has a broad practice that advises issuers, investment banks, fund managers, financial advisors, underwriters and unitholders. Managing partner Fahad AlDehais AlMalki has an in-depth knowledge of capital markets transactions as well as a strong background in regulatory reforms.

Practice head(s):

Fahad AlDehais AlMalki

Key clients

Nayifat Finance Company

Saudi Cable Company

Tihama Advertising and Public Relations Company

GIB Capital (CAYAN Group)

Work highlights

  • Appointed by Nayifat Finance Company (NFC) for the first ever quasi-bank IPO on the Saudi Stock Exchange (Tadawul).
  • Assisted Saudi Cable Company (SCC) with its rights offering for capital increase of SAR250m.
  • Assisted Tihama Advertising and Public Relations Company with its rights offering to increase its capital by a SAR100m.

Law Firm of Hassan Mahassni In association with Dechert LLP

Law Firm of Hassan Mahassni In association with Dechert LLP advises a wide range of investment houses, asset managers, fund managers and large Saudi corporates. The practice displays in-depth knowledge of key regulatory reforms and assisting clients with the updated and revised securities regulations with the Saudi Capital Market Authority has been a key area of work. Emad Zahrani, senior legal consultant Atif Mulla and counsel Husam El-Khatib are key names to note.

Practice head(s):

Emad Zahrani; Atif Mulla; Husam El-Khatib

Work highlights

  • Instructed by a US securities house to review its securities agreements with HSBC Saudi Arabia to become qualified as a Qualified Foreign Investor under the QFI Regulations of the Saudi Capital Market Authority, for purposes of trading securities on Tadawul stock exchange in the Kingdom of Saudi Arabia.
  • Advising a UAE-based investment bank, regarding a potential capital markets licensing setup in Saudi Arabia.
  • Assisting a Bahraini investment firm with setting up a medical investment fund in the Kingdom of Saudi Arabia, by advising on its formal application, subscription agreement and prospectus (PPM) to the Saudi Capital Market Authority (CMA) for the licensing of a foreign investment fund under the revised Saudi securities investment fund regulations.

Shearman & Sterling in association with the Law Firm of Dr. Sultan Almasoud

Shearman & Sterling in association with the Law Firm of Dr. Sultan Almasoud has a wide client offering that covers IPOs, rights issues, private placements, employee share option plans and CMA regulations. The practice is particularly experienced in the insurance and industrials sectors. Sultan Almasoud specialises in capital market transactions, private placements and corporate and commercial matters.

Practice head(s):

Sultan Almasoud

Other key lawyers:

Sanjarbek Abdukhalilov

Key clients

Takween Advanced Industries Company

MetLife – AIG – ANB Cooperative Insurance Company

Thales SA

Jabal Omar Development Company

Work highlights

  • Advising Jabal Omar Development Company on its SAR2bn sukuk programme through a private placement.
  • Advised Thales S.A. on the offering of its 2019 Employee Stock Purchase Plan in Saudi Arabia.