Norton Rose Fulbright advises on landmark approval of Sukuk public offering in KSA

Norton Rose Fulbright has advised Rawasi Al Bina Investment Company (Rawasi Al Bina) on the approval it has received by the Saudi Capital Market Authority (CMA) to establish a SAR500 million Sukuk Issuance Programme and the offering of Sukuk under the programme on a “public offer” basis to investors in the Kingdom.

Rawasi Al Bina is a leading Saudi Exchange listed company which is active in the telecommunications sector in the Kingdom. The approval represents the first ever public offer of Sukuk approved by the CMA under landmark changes to the Rules on the Offer of Securities and Continuing Obligations (OSCO Rules), which came into effect recently and seek to significantly streamline public offerings of debt instruments in the Kingdom.

The Norton Rose Fulbright team advising on the transaction was led by partner Hamed Afzal and included senior associates Yousef Al Amly, Faisal Aldhayaan and Michael Stevens, associate Amira Nassar and trainee solicitor Michael Wilson.

Afzal said, “We were delighted to be able to assist our client with this precedent-setting transaction, which marks the first public offer of Sukuk to be approved following the recent changes to the OSCO Rules by the CMA, allowing for the more streamlined issuance of publicly offered debt instruments. The transaction highlights the continued growth of capital markets in the Kingdom and we are delighted to be at the forefront of efforts to deepen and evolve the market further in the context of Vision 2030.”

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