Saudi Electricity Company’s $44.78 Billion Shariah Compliant Financing

Baker & McKenzie has acted as legal counsel to the Ministry of Finance of The Kingdom of Saudi Arabia. Clifford Chance and Abuhimed Alsheikh Alhagbani Law Firm advised Saudi Electricity Company.

The Ministry of Finance of The Kingdom of Saudi Arabia signed a landmark agreement with Saudi Electricity Company (SEC) in relation to a SAR 167.92 billion (US$ 44.78 billion) perpetual subordinated instrument.

Saudi Electricity Company (SEC) generates and distributes electricity. The company operates throughout Saudi Arabia.

The Baker & McKenzie team was led by Ian Siddell (Picture), Nick Church and Delwar Hossain, supported by Robert Eastwood, Mohammed AlAmer and Marwa Abdulmalik.

The Clifford Chance team was led by Clifford Chance Partner and Global Head of Islamic Finance, Qudeer Latif. The team was co-led by AS&H Partner and Head of Banking and Finance, Yasser Al-Hussain, and in addition comprised Ahmed Choudhry (Counsel), Abdulkhaliq Elshayyal (Senior Associate) and Abdullah Alsugair (Associate).

Involved fees earner: Yasser Al-hussain – Abuhimed AlSheikh AlHagbani (AS&H); Abdullah Al-Sugair – Abuhimed AlSheikh AlHagbani (AS&H); Abdulkhaliq Elshayyal – Abuhimed AlSheikh AlHagbani (AS&H); Marwa Abdulmalik – Baker McKenzie; Mohammed Al Amer – Baker McKenzie; Nick Church – Baker McKenzie; Robert Eastwood – Baker McKenzie; Delwar Hossain – Baker McKenzie; Ian Siddell – Baker McKenzie; Ahmed Choudhry – Clifford Chance; Qudeer Latif – Clifford Chance;

Law Firms: Abuhimed AlSheikh AlHagbani (AS&H); Baker McKenzie; Clifford Chance;

Clients: Ministry of Finance of The Kingdom of Saudi Arabia; Saudi Electricity Company;

Print Friendly, PDF & Email

Author: Michael Patrini.