Capital markets in Saudi Arabia

White & Case

The ‘solution driven and very approachable’ capital markets team at White & Case often acts for high level issuers, arrangers, and managers in structuring and executing capital markets transactions. The practice is led by Sami Al-Louzi and Dabashis Dey, both of whom are based in Dubai. Al-Louzi is well-versed in advising on IPOs on the Saudi Stock Exchange. Dey specialises in Islamic finance in the capital markets, and often works on establishing large Islamic finance issuance programmes. In October 2023, Ibrahim Soumrany left the practice to join Gibson Dunn.

Practice head(s):

Sami Al-Louzi; Debashis Dey


Testimonials

‘Very hands on, always responsive, solution driven and very approachable.’

 

Key clients

Saudi Arabian Oil Company


Saudi Telecom Company


Al Rajhi Capital Company


Nayifat Finance Company


Arabian Centres Company


Saudi Real Estate Refinance Company


HSBC Saudi Arabia


Morgan Stanley Saudi Arabia


SNB Capital Company


J.P. Morgan


Citi


Riyadh Cables


Goldman Sachs


Tamer Group


Soliman Fakeeh Hospital


NCB Capital


GIB Capital


Bank of America


Deutsche Bank


AlBilad Capital


Saudi Fransi Capital


HSBC Limited


Emirates NBD


KFH Capital


Riyadh Cables Company


Perfect Presentation Company


Citigroup Global Markets Limited


Dubai Islamic Bank PJSC


Standard Chartered Bank


Work highlights


  • Advising the arrangers on the establishment of $4bn Trust Certificate Issuance Programme of Al Rajhi Banking and Investment Corporation and the managers on the inaugural issuance of $1bn Senior Sustainable Certificates due 2028 under the programme.
  • Advised the Saudi Real Estate Refinancing Company in connection with establishment of SAR 10bn domestic Sukuk issuance programme and the inaugural issuances of SAR 1bn guaranteed Sukuk due 2028 and SAR 3bn guaranteed Sukuk due 2031 in March 2021, which were followed with the issuances of SAR 2 billion guaranteed sukuk due 2031 in December 2021 and SAR 4 billion guaranteed sukuk due 2030 in April 2022.
  • Advised HSBC Saudi Arabia Limited, Al Rajhi Capital Company and Alinma Investment Company as dealer managers and Riyad Capital Company as agent, on the liability management exercise comprising the voluntary cancellation and exchange for new sukuk of 18 series of outstanding bonds and sukuk (worth $6.9bn) issued by the Kingdom of 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 a strong capital markets practice. The practice is very active in both equity and debt capital markets. In terms of IPOs, this year, the firm acted for both First Mills Company and Jamjoom Pharmaceuticals Company on their listings on the Saudi market. The firm also has a strong client list of investment banks, venture capital firms, and the Ministry of Finance. The practice is led by Karim Nassar and Ian Siddell. Nassar, based in Riyadh, has been involved in all areas of capital markets and leads the firm’s most significant matters. Siddell splits his time between Riyadh and Bahrain, he has extensive knowledge in structuring and documenting Shariah-compliant transactions.

Practice head(s):

Karim Nassar; Ian Siddell


Other key lawyers:

Robert Eastwood


Key clients

Professional Medical Expertise Company


Jamjoom Pharmaceuticals Company


First Mills Company


Retal Urban Development Company


HSBC Saudi Arabia


GIB Capital


SNB Capital Company


Alinma Investment


Saudi Fransi Capital


Aljazira Capital


ANB Invest


Riyad Capital


The Ministry of Finance, Saudi Arabia


Al Rajhi Bank


The Saudi Investment Bank


Alinma Investment Company


ABC Islamic Bank (E.C.)


Work highlights


  • Acting for First Mills Company in relation to their initial public offering in the Saudi main market.
  • Advising Jamjoom Pharmaceuticals Company on their Initial Public Offering of 21,000,000 shares representing 30% of the Company in the Saudi Main Market.
  • Acting as issuer’s counsel for Retal Urban Development Company in regard to its initial public offering (IPO) on the Saudi Stock Exchange (Tadawul).

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 capital markets practice which excels in complex IPOs. The firm recently acted as issuer’s counsel to Americana Restaurants on the first ever concurrent offering and dual listing on the Saudi Stock Exchange and Abu Dhabi Securities Exchange. The firm has a strong client list of investors and underwriters in Saudi Arabia, including the Public Investment Fund, SNB Capital, and Saudi Tadawul Group. Mansoor Alhagbani leads the practice. Alhagbani leads the firm’s most significant IPO matters and is well experienced in ECM, DCM, as well as public M&A transactions. Additionally, Omar Rashid supports the practice with their extensive experience in advising on ECM transactions.

Practice head(s):

Mansoor Alhagbani


Other key lawyers:

Omar Rashid


Key clients

Saudi Tadawul Group


International Company for Power and Water Projects (ACWA Power)


SNB Capital (formerly NCB Capital)


The Saudi British Bank


HSBC


Riyad Capital


Public Investment Fund


Saudi Investment Bank


Americana Restaurants


Power and Water Utility Company for Jubail and Yanbu (Marafiq)


Work highlights


  • Advised Al Rajhi Capital Company, in its capacity as the Sole Arranger, Dealer and Lead Manager, in relation to Al Rajhi Bank SAR10bn additional Tier 1 Sukuk issuance programme (public offering).
  • Advised the Saudi Electricity Company on the establishment of a $3bn programme and the issuance of Sukuk thereunder.
  • Advised Americana Restaurants on its initial public offering (IPO) and first ever dual listing on the Abu Dhabi Securities Exchange (ADX) and the Saudi Stock Exchange (Tadawul).

Khoshaim & Associates

Khoshaim & Associates has a strong public M&A practice on top of its ECM and DCM offerings, often advising on large transitions for domestic and international companies. The firm is also a market lead in local counsel work, having recently advised Luberef, a subsidiary of Saudi Aramco, as issuance counsel for their IPO and listing on the Saudi Exchange. Having been a member of the advisory committee to the Capital Markets Authority, Zeyad Khoshaim is well experienced with the capital markets regulator; he leads the capital markets practice and advises the firm’s key clients, including Saudi Aramco and other government entities. In January 2023, Amro Bakhaider left the practice.

Practice head(s):

Zeyad Khoshaim


Testimonials

‘The team is diverse and have a culture of providing quality and commercially oriented legal advice to clients.’

‘The team is consistently timely in their feedback and provide deep thoughts on the matters handled.’

‘Zeyad Khoshaim is exceptionally talented and have put together an impressive team that focuses on client engagement with practical and thorough legal support. Zeyad and his team go above and beyond to ensure clients’ satisfaction with their legal support. ’

 

Key clients

Saudi Aramco Base Oil Company – Luberef


Saudi Aramco


Goldman Sachs International


SNB Capital


Saudi Industrial Investment Group (SIIG)


Rabigh Refining & Petrochemical Company (Petro Rabigh)


Saudi Real Estate Company (Al-Akaria)


Al Rajhi Bank


Al Rajhi Capital


HSBC


Work highlights


  • Acting as issuer’s counsel to Luberef on its SAR 4.95 billion IPO and Listing on the Saudi Exchange.
  • Acted as counsel in the KSA to the financial advisors, bookrunners, underwriters and lead manager on the USD 6.01bn dual and concurrent initial public offering (IPO) and listing of Americana Restaurants PLC on the main market of the Saudi Exchange in the Kingdom of Saudi Arabia and Abu Dhabi Securities Exchange in the United Arab Emirates.
  • Advising the Taiba Investment Company in relation to act as legal counsel to the company in connection to potential M&A transaction with Dur Hospitality company.

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

Led by corporate and capital markets expert Nabil Issa, King & Spalding in Affiliation With the Law Office of Mohammad Al-Ammar has extensive expertise in capital markets work both on a conventional and Islamic basis. The group is particularly knowledgeable in transactions and structures regulated by the Saudi Arabian Capital Market Authority as well as work relating to listed Real Estate Investment Trusts, and is praised by clients for its ‘deep and extensive knowledge of regional fund management regulation and applicable fund structures’. James Stull, who advises on a wide variety of public and listed funds and whose knowledge of matters relating to financial services and funds structuring is described as ‘unmatched’, is also a key contact.

Practice head(s):

Nabil A. Issa


Other key lawyers:

James Stull


Testimonials

‘Deep and extensive knowledge of regional fund management regulation and applicable fund structures.’

‘Exceptional knowledge, excellent turnaround time and follow up.

‘James Stull has a depth of knowledge and experience in funds structuring and financial services that is unmatched.’

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 Workspace Solutions LLC


Azmeel Contracting Company Limited


Al Wasatah Al Maliah (Wasatah Capital)


Work highlights


  • Acted as restructuring counsel for Azmeel Contracting Company Limited in relation to a transaction representing the first time Perpetual Sukuk have been used in connection with a restructuring under the Law, and which is likely to set a precedent for further restructurings in the Kingdom.
  • Representing US company NMG in relation to the acquisition of a stake in a joint venture with Gulf Medical in Jeddah to operate a design and construction company focused on the healthcare sector, involving an innovative sukuk structure to maximize tax efficiency and meet local ownership rules.
  • Assisted ADS Investment Solutions Limited in the establishment of ADS Smart Funds OEIC ICC Ltd, the first incorporated cell company in the ADGM regulated as a fund.

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

The capital markets practice at Law Office of Salman M. Al-Sudairi in association with Latham & Watkins LLP is well-regarded by peers for handling some of the most complex IPOs on the market. Notably, the firm advised SNB Capital, HSBC Saudi Arabia, Morgan Stanley Saudi Arabia, and Citigroup as the underwriters of Luberef, the leading base oils producer in Saudi Arabia, for its IPO on the Saudi Exchange. The practice is headed by Salman Al-Sudairi, who leads the firm’s IPO matters while also advising on general capital markets transactions. Meanwhile, associate Najla Al-Gadi supports the practice on matters concerning IPOs and other securities offerings.

Practice head(s):

Salman Al-Sudairi


Other key lawyers:

Najla Al-Gadi


Key clients

SNB Capital Company


Morgan Stanley


Citigroup


HSBC Saudi Arabia


Alamar Foods


Al-Saif Galleries for Development & Investment Company


Riyad Capital


Elm Company


Al-Dawaa Medical Services Company


Jahez International Co. for Information Systems Technology


GIB Capital


Goldman Sachs


J.P. Morgan Saudi Arabia


Rothschild & Co


Saudi Fransi Capital


Work highlights


  • Advised HSBC Saudi Arabia, Citigroup Saudi Arabia, Morgan Stanley Saudi Arabia and SNB Capital Company as the underwriters on the SAR4.95 billion IPO of the Saudi Aramco Base Oil Company – Luberef, a Saudi Aramco subsidiary and one of the largest base oil producers in the world.
  • Advised Alamar Food Company on its SAR1.22 billion IPO on the main market of the Saudi Exchange, which involved the first full private equity exit by way of an IPO in the Kingdom by funds managed by the Carlyle Group.
  • Advised Al-Saif Galleries for Development and Investment Company, operating in the home appliances and kitchenware retail sector in the Kingdom of Saudi Arabia, on its SAR1.2 billion IPO.

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

AlDhabaan & Partners in association with Eversheds Sutherland (International) LLP provides a range of capital markets services. The firm is well experienced in setting up real estate private investment funds, giving advice for offerings on the Saudi Parallel Market, and providing advice concerning rights issue offerings. Thamer AlQasem heads the capital markets team andspecializes on the structuring of investment deals and developing financial products. Meanwhile, Ibrahim AlSultan heads the corporate services practice - he is experienced in the liquidation of private companies.

Practice head(s):

Thamer AlQasem; Ibrahim AlSultan


Key clients

AlJazira Capital


One Investment Company


Tihama Advertising and Public Relations Co.


Arabia Insurance Cooperative Company


Yaqeen Capital


Alinma investment Company


Tourism Development Fund


Alinma Makkah Real Estate Fund


AlJawharah Real Estate Fund


Simmons & Simmons Middle East LLP

Praised by clients as a ‘market leader‘ in capital markets, Simmons & Simmons Middle East LLP advises financial institutions and corporates on a broad range of capital markets work across a wide variety of sectors. The ‘exemplaryLee Irvine leads the team and assists a diverse group of clients on the full range of Islamic debt capital markets structures (such as sukuk) and international debt offerings, equity offerings and liability management exercises.

Practice head(s):

Lee Irvine


Testimonials

‘Simmons & Simmons is the market leader in this field.’

‘They are always professional and personable. Lee Irvine is exemplary.’

Key clients

Riyad Capital


Arabian Drilling Company


Standard Chartered Bank


Work highlights


  • Acted as transaction counsel and advised Riyad Capital, as Arranger, Payment Administrator, Registrar, Sukukholders’ Agent and Dealer and the other Dealers in connection with the update of Rawabi Holding Company’s SAR 5 billion sukuk programme and all issuances thereunder.

SuhailPartners LLP

SuhailPartners LLP, established in 2021, has a strong focus on working for clients which are involved in Vision 2030. Due to this focus, many of the firm’s clients are in the real estate industry, however, the firm is well-connected with a number of government-related bodies. The firm’s capital markets practice has a strong focus on the Saudi Arabian Parallel Market – Nomu. The firm frequently assists companies for IPO listings on Nomu and provides assistance for clients to elevate from Nomu to the Main Market. Fahad AlDehais Al Malki heads the practice - a former member and chairman of the Capital Markets Authority, he is well experienced in ECM transactions.

Practice head(s):

Fahad AlDehais AlMalki


Key clients

Umm Al-Qura Cement Company


Wajbat Osraty LLC (Siwar)


Canadian Medical Centre Company


National Risk Council


Ministry of Human Resources and Social Development


SNB Capital


Yaqeen Capital


Aldukheil Financial Group


Nayifat Finance Company


Saudi Royal Court


Zakat Tax and Customs Authority


Awqaf Investment company


Bechtel Global Corporation


Majid Al-Futtaim Properties Company


Raytheon Company


Sumou Real Estate Company


Enayah Cooperative insurance company


Riyadh Cement Company


Watani Steel Company


Abdul Lateef Jameel Company


Derayah Financial Services


Work highlights


  • Advised Sumou Real Estate Company on the promotion from parallel Market (Nomu) to the Main Market.
  • Advised Saudi Enaya Cooperative Insurance Co on their rights issue in the main market.
  • Advised Riyadh Cement on the promotion from parallel Market (Nomu) to the Main Market.

Hourani & Partners

Hourani & Partners is a boutique regional firm which provides capital markets services for corporate and M&A matters. Some of the firm’s services include, conducting restructuring and due diligence on offerings of shares on the parallel market – Nomu. Hayel Hourani heads the practice; he is well experienced in acquisition finance, securities, and shareholder matters in both private and public equity and debt markets.

Practice head(s):

Hayel Hourani


Key clients

Saudi Enaya Cooperative Insurance Company


Hamad Bin Saedan Company


Sultan Delight Burger Company Limited


Riyadh Steel Company


Emirates NBD Capital KSA


Rabigh Refining and Petrochemical Company


National Company for Glass Industries (ZOUJAJ)


Wataniya Insurance Company


Al Sagr Cooperative Insurance Company


Salamah Cooperative Insurance Company


Law Firm of Hassan Mahassni

Law Firm of Hassan Mahassni offers a range of capital markets services, including reviewing securities agreements, setting up capital markets licensing, and applying to the Capital Market Authority for licensing of foreign investment funds. Faisal Linjawy leads the practice and acted as lead partner for the firm in the Jamjoom Pharma IPO. Additionally, Husam El-Khatib, legal advisor, provides advice for general capital markets licensing and applications.

Practice head(s):

Faisal A. Linjawy; Husam El-Khatib


Testimonials

‘The Law Firm of Hassan Mahassni is experienced as Saudi legal counsel on cross border transactions, as well as for providing regulatory legal advice on relevant matters for our international clients with an interest in Saudi Arabia. Their lawyers are reliable, knowledgeable and experienced. ’

‘Hussam Khatib is very experienced in CMA regulatory matters. He has provided excellent advice on a range of matters, including marketing of foreign securities, funds and fund management matters. He is very responsive and has a deep understanding of not only laws and regulations, but also how such rules are applied in practice by relevant authorities. ’

 

Work highlights