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 expertise in both debt and equity capital markets. Karim Nassar, who is a key name for equity capital markets, and Robert Eastwood, advised Arabian Centres Company on its $748m IPO. Ian Siddell assisted Almarai Company with its $2bn issuance of sukuk bonds. Other notable names include Mohammad Al Rasheed, who works on ECM, and Nick Church, who is highly experienced in DCM.

Practice head(s):

Ian Siddell; Karim Nassar

Testimonials

‘The team, including partners, is accessible any time of the day. The lawyers are very professional and competent and are experts in capital market law and practice.’

‘Karim Nassar is an expert on capital market law and has provided us guidance on a number of issues even when not mandated on any assignment. We can fully rely on his advice.’

Key clients

Arabian Centres Company

Alawwal Bank

Samba Capital & Investment Management Company

The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company

Saudi Fransi Capital

The Saudi Investment Bank

Almarai Company

Riyad Bank

Citigroup Global Markets Limited

Al Rajhi Banking and Investment Corporation Circa

NCB Capital

Work highlights

  • Acting for Samba Capital & Investment Management Company in its capacity as underwriter to the offering of 15,715,009 shares representing 30% of the share capital of Leejam Sports Company through an IPO at an offer price of SAR52 per share.
  • Advising MedGulf on its proposed capital increase through a rights issue offering.
  • Acting for Saudi Fransi Capital as underwriter for Al Moammar Information Systems Company’s planned IPO on the Saudi Stock Exchange.

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's team is led by Mansoor Alhagbani, who is a key name in the market for major capital markets transactions. In recent work, he advised bookrunners, including Goldman Sachs and JP Morgan, on their collective investment in the $659m IPO of Arabian Centres. He also assisted the Saudi Arabian Ministry of Finance and the Debt Management Office with a sovereign SAR-denominated sukuk programme . Other notable names include Majid Al-Sheikh, Khalid Al-Abdulkareem and Omar Rashid, who are all key names for equity capital markets.

Practice head(s):

Mansoor Alhagbani

Key clients

The Savola Group

Arabian Centres

Ministry of Finance

Jabal Omar Development Company

Work highlights

  • Advised The Savola Group on its sukuk issuance.
  • Acted for Saudi Telecom Company on the establishment of its $5bn sukuk programme and its debut international capital markets issuance of $1.25bn.
  • Advised the Saudi Arabian Ministry of Finance and the Debt Management Office on a sovereign SAR-denominated sukuk programme and issuances of sukuk thereunder.

Khoshaim & Associates

Khoshaim & Associates in cooperation with Allen & Overy LLP has handled a number of high-profile equity and debt capital markets matters recently. Managing partner Zeyad Khoshaim leads the practice and advised HSBC Saudi Arabia as sole arranger on Saudi Real Estate Refinance Company's SAR11bn issuance of sukuk bonds. He also assisted Saudi International Petrochemical Co with its acquisition of Sahara Petrochemical Co in an all-share deal valued at just over $2bn.

Practice head(s):

Zeyad Khoshaim

Key clients

HSBC Saudi Arabia Limited

Sipchem

Saudi Aramco

Work highlights

  • Advised the Ministry of Finance of the Kingdom of Saudi Arabia on a $7.5bn global bond issuance under its global medium-term note programme
  • Acted as issuer’s counsel to Saudi Electricity Company on its issuance of Sukuk bonds.
  • Assisted the Saudi Arabian Basic Industries Corporation with the acquisition by Saudi Aramco of 70% of its shares from the Public Investment Fund.

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

King & Spalding in affiliation with the Law Office of Mohammad Al-Ammar focuses its practice on major public offerings and sukuk issuances. Practice head James R. Stull splits his time between the firm's Riyadh and Dubai offices, and is a key name for equity capital markets. He recently advised Al Rajhi Capital on the public offering of its subsidiary Al Rajhi REIT on the Saudi stock exchange. Debt capital markets is a speciality of Dubai-based Nabil A. Issa, who assisted Al Bilad Capital with its SAR500m sukuk issuance.

Practice head(s):

James R. Stull 

Work highlights

  • Advised Riyad Capital on the capital increase of Riyad REIT from $133m to $435m.
  • Acted for Ashmore Investment Saudi Arabia as arranger on the establishment by InterHealth Canada Limited, Saudi Arabia branch, of a SAR125m sukuk programme.
  • Acted as fund counsel to Sedco Capital, which was recently approved by the Saudi Arabian Capital Market Authority.

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 has 'excellent Islamic financing knowledge and experience',  as exemplified by its recent work for the joint lead arrangers of Saudi Electric Company's $800m sukuk issuance. Salman Al-Sudairi leads the team and advised Maharah Human Resources Company on its SAR776 m IPO on the Saudi Arabia stock exchange. Dubai-based Nomaan Raja advised a financial consortium on Saudi Aramco's $12bn notes issuance. Dubai-based Harj Rai is noted for his ability to 'explain complex legal matters using simple language' and to 'think outside of the box in providing solutions and options'.

Testimonials

‘Always immediately available by phone, email.’

‘Very fast response times in turning around documents.’

‘Excellent Islamic Financing knowledge and experience.’

‘Able to explain complex legal matters using simple language.’

‘Thinking outside of the box in providing solutions and options.’

‘Always immediately available by phone, email.’

Key clients

Citigroup

HSBC

MUFG

Standard Chartered

Dar Al-Arkan Real Estate Development Company

The Kingdom of Saudi Arabia

NCB Capital

Saudi Stock Exchange

JP Morgan

Work highlights

  • Advised on the establishment of Saudi Aramco’s issuance of $12bn notes.
  • Assisted Maharah Human Resources Company with its SAR776m IPO on the Saudi stock exchange.
  • Assisted HSBC Saudi Arabia with its role as underwriter on Ataa Educational Company’s IPO on the Saudi stock exchange.

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 is a popular choice for major financial institutions including J.P. Morgan, Citi and HSBC, as well as major domestic companies Saudi Aramco and Saudi Real Estate Refinance Company. Sami E. Al-Louzi is a key name in the market for IPOs; he advised Leejam Sports Company on its SAR817m IPO which was listed on the Saudi Stock Exchange.

Practice head(s):

Sami E. Al-Louzi; Debashis Dey

Work highlights

  • Advised a financial consortium on the 2018 update of the Kingdom of Saudi Arabia’s trust certificate issuance programme.
  • Advised a financial consortium on the establishment by Almarai Sukuk Ltd. of a Reg S $2bn trust certificate issuance programme.
  • Acted for Saudi Aramco, as issuer, on its debut five-tranche offering of global notes worth $12bn.

Hatem Abbas Ghazzawi & Co.

Hatem Abbas Ghazzawi & Co. is a key name for sukuk issuances, securities disputes and regulatory compliance. Practice head Asad Abedi recently advised National Commercial Bank on the early redemption of sukuk bonds. Andreas Haberbeck handles contentious matters; he acted for Citicorp Trustee Company in a dispute against Saad Trading and Maan Al Sanea in relation to a default under a sukuk bond.

Practice head(s):

Asad Abedi

Key clients

NCB

Golden Belt

Work highlights

  • Advised National Commercial Bank on the early redemption of its sukuk bonds.
  • Acted for Citicorp Trustee Company Limited in a dispute against  Saad Trading and Maan Al Sanea in respect of a default under a sukuk for $650m which the client had invested in.

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

Al Tamimi & Company

Al Tamimi & Company is particularly strong in equity capital markets, with Dubai-based Andrew Tarbuck leads the firm's Middle East ECM team. Also based in Dubai is Izabella Szadkowska who advised DM Healthcare on its share offering to US and Indian investors.

Practice head(s):

Andrew Tarbuck

Key clients

Arup

Strategy&

Emirates NBD

Asdal Group

Virgin Mobile

Huawei Tech. Investment

Saudi Arabia Co., Ltd

Sanad Hospital

Central Directorate of National Savings, Ministry of Finance, Government of Pakistan

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

AlDhabaan & Partners in association with Eversheds Sutherland (International) LLP is highly experienced in handling initial public offerings. Fahad AlDehais AlMalki heads the team and advised Nayifat Finance Company on its IPO.

Practice head(s):

Fahad AlDehais AlMalki

Key clients

Swicorp Wabel REIT

Nayifat Finance Company

Swicorp

Derayah Financial Company

Hammad Al-Mehdar & Co in alliance with Simmons & Simmons LLP

Hammad Al-Mehdar & Co in alliance with Simmons & Simmons LLP's practice is led by Dubai-based Lee Irvine, who is an expert in both conventional and Islamic debt capital markets matters. Islamic finance expert Ahmed Butt is a key figure in the Riyadh office.

Practice head(s):

Lee Irvine 

Law Firm of Hassan Mahassni In association with Dechert LLP

Law Firm of Hassan Mahassni In association with Dechert LLP has been active recently advising on IPOs, capital market authority registrations, as well as capital market security transactions. Counsel Husam El-Khatib is the key name to note.

Practice head(s):

Husam El-Khatib

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 been advising Sukuk programmes and employee stock purchase plans. The team is led by Sanjarbek Abdukhalilov and Sultan Almasoud who together advised Jabal Omar Development Company on its SAR 2 billion Sukuk programme through a private placement. Both partners also assisted EssilorLuxottica with its employee stock purchase plan.

Key clients

EssilorLuxottica

Thales

Jabal Omar Development Company

Work highlights

  • Advised Thales on its employee stock purchase plan.