White & Case and The Law Office of Megren M. Al-Shaalan advise SRC on programme limit increase and issuance of SAR 3 billion guaranteed sukuk
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Global law firm White & Case LLP and the Law Office of Megren M. Al-Shaalan have advised Saudi Real Estate Refinance Company (SRC) on the increase of its issuance of SAR 3.5 billion sukuk guaranteed by the Kingdom of Saudi Arabia under its SAR 20 billion domestic sukuk programme.
The sukuk has a tenor of ten years and was offered as a private placement to Saudi institutional and qualified investors. The drawdown marks the issuance of the sixth series under SRC's domestic programme and follows the SAR 3 billion guaranteed sukuk issuance and programme limit increase from SAR 10 billion to SAR 20 billion in September 2022. Alinma Investment Company, Aljazira Capital, Al Rajhi Capital Company, HSBC Saudi Arabia and Riyad Capital acted as joint lead managers.
SRC is wholly-owned by the Public Investment Fund of the Kingdom of Saudi Arabia and was established with the objectives of supporting the national agenda of increasing home ownership amongst Saudi citizens and promoting the development of the Saudi housing finance market.
The White & Case team that advised on the transaction was led by partner Debashis Dey (Dubai & London) and included associates Eren Ayanlar, Ghislaino Kamdo and Amir Iranpour Mehdizadeh (all Dubai). The Law Office of Megren M. Al-Shaalan team in Riyadh was led by partner Mahmoud Abdel-Baky and included associate Nezar Al Abbas.
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