SAUDI ARABIA – Law firms assist Saudi airport financing

CLIFFORD Chance and Al-Jadaan & Partners have advised BNP Paribas Investment Company KSA and GIB Capital LLC (GIB Capital) in their roles as joint lead managers and bookrunners on the issuance by SBG Sukuk Limited of its fourth short-term sukuk al-murabaha, guaranteed by Saudi Binladin Group Limited (SBG). The financing is part of an approximately SAR12 billion financing of one of the phases of construction and development of the King Abdulaziz International Airport. SBG’s fourth short-term SAR1 billion guaranteed sukuk has again attracted a high level of demand. The sukuk has a maturity of 364 days and pays a profit rate of 2.5 per cent per annum. 

The Clifford Chance Dubai-based team advised BNP Paribas Investment Company KSA and GIB Capital on the transaction. The team was led and co-ordinated by Capital Markets partner Stuart Ure with the support of Partner and Global Head of Islamic Finance Qudeer Latif and supported by senior associate Robin Balmer and associate Brian O’Leary. The Al-Jadaan team was led by Mohammed Al-Jadaan, supported by Ose Asemota and Mansoor Alhagbani. Baker & McKenzie Limited acted as legal adviser to Saudi Binladin Group Limited whilst Walkers acted as legal adviser to SBG Sukuk Limited.