White & Case Advises Saudi Real Estate Refinance Company on Establishment of Inaugural Sukuk Issuance Programme

Global law firm White & Case LLP has advised the Saudi Real Estate Refinance Company (SRC) on the establishment of its inaugural domestic SAR 11 billion Sukuk Issuance Programme, and the issuance thereunder of SAR 750 million across four Series.

"Advising on this important transaction reinforces the strength of our practice and presence in Saudi Arabia and the Middle East, and our significant Islamic finance capabilities," said White & Case partner Debashis Dey, who co-led the Firm's deal team.

Association partner Zeyad AlSalloum, who co-led the deal team, said: "SRC is a unique issuer in the Middle East, being the only government sponsored mortgage aggregator and real estate finance liquidity provider established and currently operating in the region. SRC's mission statement is to help inject liquidity into the Saudi home finance market and it is a central tool in the government's policy drive to increase home ownership among Saudi citizens."

The transaction has been recognized by Islamic Finance News as 'Real Estate Deal of the Year' and 'Saudi Arabia Deal of the Year'.

The four fixed rate Series of Sukuk issued comprised a SAR 150,000,000 Series due 2023, a SAR 50,000,000 Series due 2025, a SAR 50,000,000 Series due 2028 and a SAR 500,000,000 Series due 2024. All of the Sukuk were privately placed, with HSBC Saudi Arabia the sole Arranger of the Programme and Manager of the issuances.

White & Case, together with its associated firm in Riyadh, The Law Firm of AlSalloum and AlToaimi, advised on the transaction with a team led by partner Debashis Dey (Dubai & London) and association partner Zeyad AlSalloum (Riyadh), with support from counsel Xuan Jin (Dubai) and associate Majed Alkuraydis (Riyadh).

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