Firms To Watch: Capital markets

SuhailPartners LLP began operations in October 2021 and is led by managing partner Fahad AlDehais Al Malki who was previously based at AlDhabaan & Partners in association with Eversheds Sutherland (International) LLP. The group advises domestic and foreign investors on restructurings, IPO’s and securities placements, with key focus on the Saudi Vision 2030.

Capital markets in Saudi Arabia

Legal Advisors, Abdulaziz I. Al-Ajlan & Partners in association

Legal Advisors, Abdulaziz I. Al-Ajlan & Partners in association with Baker & McKenzie Limited’s capital markets teams remain a preeminent market leader handling landmark IPOs and sukuk issuances. The group is noted for its debt and equity capital markets work and is overseen by Karim Nassar in Riyadh. Ian Siddell handles a steady stream of high-value shariah-compliant transactions for both domestic and international clients, and multi-sourced financings. Robert Eastwood specialises in IPO, private placements, and cross-border securities.

Practice head(s):

Karim Nassar; Ian Siddell

Other key lawyers:

Robert Eastwood

Testimonials

Baker McKenzie, is one of the oldest international law firms in the Kingdom. They have a deep understanding of local laws and practices which is very helpful in structuring and closing deals. They also have a wealth of experience as a leading law firm when it comes to IPOs.’

Karim Nassar is highly recommended as very few lawyers in Saudi Arabia are as knowledgeable as him. He is great to have in your deal team as he is highly capable of managing deal negotiations and coming up with creative solutions to mitigate risks.’

Key clients

Saudi Fransi Capital

SNB Capital

The Ministry of Finance, Saudi Arabia

Al Rahji Bank

Banque Saudi Fransi

Arabian Centres Company

Citigroup Saudi Arabia

J.P. Morgan Saudi Arabia

Natixis Saudi Arabia Investment Company

Riyad Capital

GIB Capital

Almarai Company

Bindawood Holding Company

Allianz Saudi Fransi Cooperative Group

Alinma Investment Company

Mobile Telecommunication Company Saudi Arabia (Zain)

Work highlights

  • Advised the Ministry of Finance of The Kingdom of Saudi Arabia as the issuers’ counsel in a highly complex mudaraba based subordinated perpetual financial “equity-like” instrument.
  • Acted as issuer’s counsel to Bindawood Holding Company on its $585m IPO and listing listing on the Saudi Stock Exchange (Tadawul) , with an implied market capitalization on listing of approximately $2.9bn.
  • Acted as underwriter’s counsel on the proposed ACWA Power IPO and listing on Tadawul; the IPO will comprise a domestic and international offering pursuant to Reg S of the US Securities Act.

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 well-regarded capital markets team is active in domestic IPOs and high-value transactional work. Key contacts include Majid Al-Sheikh who leads the corporate group, Omar Rashid and practice head Mansoor Alhagbani.

Practice head(s):

Mansoor Alhagbani

Other key lawyers:

Omar Rashid; Majid Al-Sheikh

Khoshaim & Associates

Khoshaim & Associates handles the full scope of capital market work including equity and debt capital structures, sukuk, and private placements. The group has seen an increase in public M&A matters and holds leading banks as key clients. Managing partner Zeyad Khoshaim is the key contact and is supported by counsel Amro Bakhaider.

Practice head(s):

Zeyad Khoshaim

Other key lawyers:

Amro Bakhaider

Key clients

Riyad Capital

HSBC Saudi Arabia

Ministry of Finance of the Kingdom Saudi Arabian

Capital Markets Authority (CMA)

Samba Financial Group

NatWEest Markets NV (formerly RBS)

Saudi Aramco

SIPCHEM

SABIC

Emaar Economic City

Kingdom Investment Development Company (KIDC)

Work highlights

  • Advising Riyad Capital as Sole arranger and dealer in relation to Riyad Bank’s establishment of SAR 10bn sukuk program and issuance of sukuk thereunder.
  • Advised HSBC Saudi Arabia in relation to the update of Saudi Aramco’s SAR 37.5bln sukuk programme.
  • Advised NatWest Markets plc (NWM) and Banco Santander S.A (Santander) on their disposals of shares in (SABB) by way of an accelerated bookbuild.

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

King & Spalding in Affiliation With the Law Office of Mohammad Al-Ammar is singled out for its reputation handling complex Islamic financing deals and structuring sukuk transactions, particularly in highly regulated sectors including healthcare; it also has notable experience advising on the formation and listing of REITS. Jawad Ali leads the team from Dubai and handles a significant amount of sukuk and mudaraba transactions in the Saudi market; James Stull advises on security toke offerings and sukuk, as does Nabil Issa.

Practice head(s):

Jawad Ali

Other key lawyers:

James Stull; Nabil 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

Alkhabeer Capital

NMG

Work highlights

  • Advised Alkhabeer Capital on the listing of the units of the Alkhabeer Diversified Income Traded Fund on the main market of the Saudi Stock Exchange after successfully completing an IPO on 24 December 2020 raising 472.8 million Saudi Riyals.
  • Acting for NMG, a U.S. company, in relation to acquisition of a stake in a joint venture with Gulf Medical in Jeddah.

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 a strong track record acting in both equity and debt capital markets transactions, and is noted for its work with the Saudi Arabian government. The group, led by Salman Al-Sudairi , remains active in sukuk, advising local and global Islamic finance clients on shariah-compliant transactions. The practice is backed by a bench of experienced associates including Najla Al-Gadi and Mashal Al-Assaf who also handle a broad range of corporate finance work and restructurings.

Practice head(s):

Salman Al-Sudairi

Other key lawyers:

Najla Al-Gadi; Mashal Al-Assaf

Key clients

Arabian Internet and Communications Services Company Ltd (Solutions by STC)

Emaar The Economic City

Saudi Basic Industries Corporation (SABIC)

Citigroup

Goldman Sachs

First Abu Dhabi Bank

HSBC

J.P. Morgan

MUFG

Standard Chartered Bank

BNP Paribas

Mizhuo Securities

SMBC Nikko

BofA Securities

Crédit Agricole CIB

ING

Morgan Stanley

NCB Capital

Work highlights

  • Advising Solutions by STC, a leading IT company in the Kingdom, in the offering of its shares and listing on Saudi Stock Exchange.
  • Advised SABIC on the sale of its agri-nutrients businesses to SABIC Agri-Nutrients Co. (previously SAFCO) in consideration for newly issued SABIC Agri-Nutrients Co shares.
  • Advised the arrangers and dealers (J.P. Morgan, Morgan Stanley, Citigroup, Goldman Sachs International, HSBC, and NCB Capital) in relation to Saudi Arabian Oil Company’s (Saudi Aramco) update of its Global Medium Term Note Programme, and the managers in relation to the issuance of $8bn notes thereunder.

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’s capital market practice has strength in the full range of bonds work, particularly, sukuk and conveniently bonds matters. Practice head Megren Al-Shaalan leads the group which has seen an increase in equity and debt capital markets transactions and IPOs. Key contacts in Dubai remain Sami Al-Louzi and Debashis Dey; the duo lead on high-end IPOs. The group is able to leverage its global footprint to handle large-cross-border deals across London and New York.

Practice head(s):

Megren M. Al-Shaalan

Other key lawyers:

Sami E. Al-Louzi; Debashis Dey; Doug Peel

Key clients

Saudi Arabian Oil Company (Saudi Aramco)

Saudi Real Estate Refinance Company (SRC)

Arabian Centres Company (ACC)

J.P. Morgan

Citi

Nayifat Finance Company

Alrajhi Investments

HSBC Saudi Arabia

Goldman Sachs

Almarai

NCB Capital

GIB Capital

Bank of America

Deutsche Bank

Work highlights

  • Advised Saudi Aramco on its $29.4bn initial public offering, which is the world’s largest initial public offering to date.
  • Advised Goldman Sachs Saudi Arabia and J.P. Morgan Saudi Arabia Company, as financial advisers, bookrunners and underwriters; GIB Capital as senior bookrunner and underwriter; and NCB Capital Company as lead manager, bookrunner and underwriter on the initial public offering of supermarket giant BinDawood Holding Company (BinDawood) on the Saudi Stock Exchange (Tadawul).
  • Advised Saudi Real Estate Refinance Company (SRC) in connection with the establishment of SAR 10 billion domestic Sukuk issuance programme and issuance of SAR 1 billion guaranteed Sukuk due 2028 and SAR 3bn guaranteed Sukuk due 2031.

Derayah LLPC – Saudilegal

Derayah LLPC – Saudilegal handles a mix of transactions for international and Saudi blue-chip companies; it is also noted for its experience in handling high-value sukuk issuances for the financing of energy and infrastructure projects. Practice head Asad Abedi and Andreas Haberbeck are the key names.

Practice head(s):

Asad Abedi

Other key lawyers:

Andreas Haberbeck

Testimonials

‘Good lawyering combined with a commercial approach to the issues which helps the commercial principals iron out issues. Ali Abedi is a very capable counsel able to synthesise complex issues for his clients.’

Work highlights

  • Provided expert evidence on Saudi Arabian law to SAMBA Financial Group, in English High Court proceedings brought by the liquidators of Saad Investments Company, in connection with a claim for US$ 318 million.
  • Acting for Citicorp Trustee Company Ltd and Golden Belt 1 Sukuk Company against Saad Trading and Maan Al Sanea in respect of a default under a sukuk for $650m.

Simmons & Simmons Middle East

Simmons & Simmons Middle East advises regional financial instructions on capital markets issuances, including structuring complex sukuks, and Islamic debt capital market transactions. Muneer Khan in Dubai oversees the practice which includes experienced practitioner Lee Irvine who has extensive experience in advising sovereigns, quasi-sovereigns, financial institutions and public and private companies on all aspects of debt capital markets.

Practice head(s):

Muneer Khan

Other key lawyers:

Lee Irvine

Testimonials

‘Efficient team with knowledge in Islamic Finance.’

Key clients

Riyad Capital

Albilad Capital

Alinma Investment Company

Samba Capital

Work highlights

  • Advised Riyad Capital, as Arranger, Payment Administrator, Registrar, Sukukholders’ Agent and Dealer in connection with the establishment (and subsequent update and upsize) of Rawabi Holding Company’s SAR 2.5 billion sukuk programme and five issuances thereunder by Rawabi Holding Company.
  • Advising Riyad Capital, as Arranger, Payment Administrator, Registrar, Sukukholders’ Agent and Initial Dealer in connection with the establishment of a $1.5bn sukuk programme by Al Arabia for Real Estate Development Company ARECO S.A.E.

Al Tamimi & Company

Al Tamimi & Company has expertise advising on equity offerings, particularly IPOs and sukuk. Led by Andrew Tarbuck who leads the Middle East capital markets group, the team advises clients, including government agencies, on capital markets regulation work. In Riyadh, new partner Christopher Webb is the key name for capital markets transactions in the Saudi market, having over two decades of experience. The team has strength across the energy, natural resources and financial services sectors.

Practice head(s):

Andrew Tarbuck

Other key lawyers:

Christopher Webb

Key clients

Solidarity Saudi Takaful Company

Mahara Human Resources Company

Welspun Group

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 acts on capital markets transactions, including offerings and funds, public M&A, and IPOs. The team works closely with its Amman office on regional matters. Associate Turki AlShagrood handles rights offerings in the main and secondary markets. Former managing Partner and practice head Fahad AlDehais departed in September 2021.

Other key lawyers:

Turki AlShagrood

Key clients

Amana Cooperative Insurance Company

Allied Cooperative Insurance Group

Arabia Cooperative Insurance Company

SADR Logistics Company

Al Ahlia For Cooperative Insurance Company

Work highlights

  • Acting for Amana on acquisition over all the listed shares of Saudi Enaya Cooperative Insurance Company, by way of capital increase and share swap.
  • Advising Allied Cooperative Insurance Group (ACIG) on its proposed rights issue by way of capital increase in KSA.

Law Firm of Hassan Mahassni

Law Firm of Hassan Mahassni has seen an increase in instructions from domestic and foreign corporates on acquiring securities in the Saudi market. The practice has demonstrable strength in advising investment banks on domestic CMA regulations and agreements. Led by Emad Zahrani, key contacts in the team include counsel Husam El-Khatib and associate Faisal Linjawy.

Practice head(s):

Emad Zahrani; Faisal A. Linjawy; 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.
  • Acting for a UAE-based investment bank regarding a potential capital markets licensing setup in Saudi Arabia.
  • Advising a Bahraini investment firm that setup an medical investment fund in the Kingdom of Saudi Arabia on its formal application, subscription agreement and prospectus (PPM) to the Saudi Capital Market Authority.

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 extensive experience advising on rights issuances, private placements and the Saudi CMA regulations. Sultan Almasoud focuses on capital markets transactions, corporate restructurings, and other corporate and commercial matters.

Practice head(s):

Sultan Almasoud

Key clients

Tabuk Agriculture Development Company (TADCO)

Work highlights

  • Advising Jabal Omar Development Company (a company listed on the Saudi Stock Exchange) on its SAR 2 billion sukuk programme through a private placement.
  • Advised Tabuk Agricultural Development Company on its rights issue on the Saudi Stock Exchange (Tadawul).