King & Spalding Advises on IPO of the Alkhabeer Growth and Income Traded Fund

King & Spalding (in cooperation with the Law Office of Mohammed AlAmmar) acted as counsel to Alkhabeer Capital on the successful initial public offering of the Alkhabeer Growth and Income Traded Fund and listing on the Saudi Stock Exchange. The offering raised 1.08 billion Saudi Arabian Riyals (USD 288 million).

The Fund operates on a Shari’ah-compliant basis and seeks to provide regular income and capital appreciation to its investors by investing in a diversified portfolio of regional and global equities, including listed securities, public and private equity funds and public offerings and private placements of corporate securities.

The Fund is only the second closed ended fund to be established in Saudi Arabia and listed and traded on the Saudi Stock Exchange. Last year, King & Spalding advised Alkhabeer Capital to establish the Alkhabeer Diversified Income Traded Fund, which was the first closed ended fund listed on the Saudi Stock Exchange.

Alkhabeer Capital acts as fund manager of the Fund. Alkhabeer Capital is an asset manager based in Jeddah, Saudi Arabia specialising in Shari’ah compliant investment products.

The King & Spalding team advising Alkhabeer Capital on the fund establishment, investment structuring and IPO work included James Stull, Mohammed AlAmmar, Sayf Shuqair and Osama Zaid.