Almarai Sukuk’s $2 Billion Trust Certificate Programme

White & Case advised First Abu Dhabi Bank, HSBC, Gulf International Bank, J.P. Morgan and Standard Chartered Bank on the establishment by Almarai Sukuk Ltd. of a Reg S US$2 billion Trust Certificate Issuance Programme, and on the issuance of US$500 million Trust Certificates due 2024 thereunder.

The Trust Certificates are listed on Euronext Dublin, and the transaction represents the first foray into the international debt capital markets by Almarai.

The White & Case team which advised on the transaction was led by partner Debashis Dey (Picture) and association partner Zeyad AlSalloum (Riyadh), with support from counsel Xuan Jin (Dubai) and associates Sankalp Labroo (Dubai), Majed Alkuraydis and Sarah Altukhaifi (both Riyadh).

Involved fees earner: Majed Alkuraydis – White & Case; Zeyad AlSalloum – White & Case; Sarah Altukhaifi – White & Case; Debashis Dey – White & Case; Xuan Jin – White & Case; Sankalp Labroo – White & Case;

Law Firms: White & Case;

Clients: First Abu Dhabi Bank PJSC; Gulf International Bank (GIB); HSBC; JP Morgan; Standard Chartered Bank;

Author: Michael Patrini.