Legal Advisors Abdulaziz Alajlan & Partners in association with Baker & McKenzie Limited advises Euroclear Bank

Legal Advisors Abdulaziz Alajlan & Partners in association with Baker & McKenzie Limited has acted as legal counsel to Euroclear Bank, the Brussels based International Central Securities Depository (ICSD), on a landmark agreement signed with Saudi Arabia’s Securities Depository Center Company (Edaa) in relation to the launch of its direct linkage with Edaa.

The agreement signed on October 17, 2021 at the Future Investment Initiative (FII) 2021 conference in Riyadh will enable Euroclear Bank to open a direct account with Edaa, offering an additional channel through which international investors can access the local Saudi government and quasi-government sukuk and bond markets listed on the Saudi Stock Exchange (Tadawul). The direct link between Euroclear Bank and Edaa is anticipated to be activated in March 2022 and is expected to further expand the Saudi market’s growing international investor base.

Legal Advisors Abdulaziz Alajlan & Partners’ role involved advising Euroclear Bank on the Saudi financial market infrastructure and the terms of the linkage agreement.

The team at Legal Advisors Abdulaziz Alajlan & Partners in association with Baker & McKenzie Limited comprised Robert Eastwood, Nadine Nassar and Abdulrahman Alajlan.

Commenting on the transaction Robert Eastwood said, “We are delighted to have assisted Euroclear Bank, in the implementation of this important project. Euroclear Bank’s linkage with Edaa will further promote foreign direct investment into the Kingdom and represents yet another key milestone in the continuing evolution of Saudi Arabia’s financial markets in line with the Kingdom’s Vision 2030.”

“We have followed the development of Saudi’s financial market in structure and regulatory framework very keenly in recent years, and are very pleased to have been able to leverage our deep knowledge and experience on this significant transaction,” he concluded.

Further, Abdulrahman Alajlan stated, “The ability of both teams to sign this outstanding agreement is truly impressive and demonstrates that the Saudi market is always striving to create unique business opportunities for strategic growth. We are privileged to have advised Euroclear Bank on this deal which was successfully brought to fruition.”