1. Outbound: Real Estate Investment and General Banking & Finance
Advised a prominent Saudi client in relation to the provision of a Shari’ah-compliant facility to fund the acquisition of land for development in Vauxhall Cross, London and the subsequent re-structuring of that facility.
Advised KFH Capital Investment Company in the formation of two Shari’ah-compliant UK real estate funds. Following the formation of the funds, King & Spalding advised KFH Capital Investment Company in connection with five property acquisitions: two retail parks (one in England and the other in Scotland (multi-tenanted)), a distribution warehouse (single tenanted), three retail warehouses units (each leased to a prominent UK DIY retailer) and, a logistics warehouse in the UK (single tenanted). All five transactions were structured and financed on a Shari’ah-compliant basis. Subsequently advised on restructuring/refinancing of a number of those facilities.
Advised KFH Capital Investment Company in connection with it successful exit from a number of its UK investments, including a distribution warehouse in Peterborough.
Advised a Kuwaiti asset manager in connection with the establishment of three private credit funds in Guernsey. The funds are providing Shari’ah compliant financing to owners of UK real estate.
Advised a Saudi Arabian family office in connection with the buy-out of a 50% interest in a European packaging business from its joint venture partner, including advising on the acquisition financing.
Advised Qatar First Bank in connection with the refinancing of its portfolio of properties leased to Marks & Spencer. The transaction was refinanced on a Shari’ah-compliant basis.
Advised the administrative agent in connection with the DIFC law aspect of its US$1.08 billion acquisition financing facility.
Advised the administrative agent in connection with the English law aspects of its US$800 million financing facility to a global supplier of core technology solutions in the medical sector.
Advised MUFG Bank, Ltd. in connection with a US$150 million, financing for PT Bukit Makmur Mandiri Utama (Buma), together with amendments to an existing US$100 million facility. MUFG is the world’s 5th largest bank by assets, and the largest bank in the world by assets outside China.
Advised a Cayman Islands investment vehicle managed by Dimah Capital Investment Company in connection with the acquisition of a retail park in the UK with 16 tenants and two multi tenanted commercial properties in the UK. All transactions were structured and financed on a Shari’ah-compliant basis.
Advised Mohammed Alsubeaei & Sons Investment Company in relation to the provision by it of a £130 million Shari’ah-compliant mezzanine development facility to fund the mixed use development "South Bank Tower" in London (formerly King's Reach Tower). the mezzanine financing was part of a £400 million development facility involving senior Shari'ah-complaint financiers including ABC International Bank.
Implemented alternative Shari'ah investment structures enabling Middle East investors and limited partners invest in alternative products in Europe and the US. Advised clients, including Tharwat for Financial Services, American Landmark, Flagship Healthcare Properties, Pacific General Holdings, Riyad Capital, Global Gate Capital and Mohamed & Abdullah I. Al Subeaei Investment (MASIC).
2. GCC: Real Estate Investment, General Banking & Finance and Private Credit
Advised Vision Investment Company in connection with four landmark multi-billion SAR Shari’ah compliant structured murabaha financing transactions.
Advised Nomura Singapore Limited, as lead arranger and lender, together with TOR Asia Credit Opportunity Master Fund III LP, as co-lender, in connection with the development financing of an ultra-luxury residential development and beach resort in Dubai. The transaction was structured as a $100m mezzanine private credit facility which was primarily intended to finance the equity recapitalization of the borrower’s affiliates.
Advised a Cerberus in connection with a USD loan made to a UAE property developer secured against receivables from completed projects.
Advised Shorooq Partners Ltd, as manager of Nahda Fund II L.P., closed a Shari’ah compliant financing agreement with Abhi Limited.
Advising a Dubai based real estate developer in connection with the financing of over AED 2 billion of real estate developments.
Advised the manager of a Venture Capital Debt Fund established in the ADGM in connection with its direct lending programme.
Advised Shorooq Partners Ltd, as the manager of Nahda Fund I L.P., closed a Shari’ah compliant financing agreement with Retailo Technologies Holding Limited.
Advised Shorooq Partners Ltd, as the manager of Nadha Fund I L.P., closed a Shari'ah-compliant financing agreement with Nakhla for Information Technology Systems LLC (Tamara).
Advised Arcapita Investment Partners Limited in connection with the structuring of its acquisition of certain logistics warehouses in Dubai Investment Parks and Dubai South Logistics.
Advised The Western Union Company in its investment in stc Pay, valuing stc Pay at US$1.3 billion, thus creating the first Unicorn in Saudi Arabia, the third Unicorn in the Middle East and the first Fintech Unicorn in the Middle East.
Advised Dalma Energy LLC on the financing aspects of the merger of its business operations in Oman, Saudi Arabia, the Netherlands with the business operations of KCA Deutag. The combined enterprise value of the KCAD Group (the enlarged group) was over US$2.6 billion, making it one of the largest drilling contractors in the Middle East to date.
Advised Dalma Energy LLC on its acquisition of oil drilling rigs in Oman, the UAE and Saudi Arabia as well as its refinancing of a US$450 million acquisition facility.
Advised Arcapita Investment Partners Limited in connection with the AED 333 million Ijara financing for the purchase of three residential towers in Saadiyat Island, Abu Dhabi from Mubadala Pramerica. Subsequently advised Arcapita Investment Partners Limited on its contribution of interest in those properties to Residential Real Estate Investment Trust (REIT), forming part of one of the largest REIT contribution transactions in the Middle East.
Advised NBK Capital in connection with the AED 336 million sale and lease back transaction of a school in Dubai and the subsequent refinancing of that property with an AED 173 million Shari’ah-compliant facility secured against the school and the revenues under the lease.
Advised Investcorp on its acquisition financing of a stake in Bindawood Group, which owns one of the largest chains of grocery stores and related business in Saudi Arabia.
Advising Azmeel Construction Company, a top five Saudi Arabian construction company, in connection with its successful USD 2 billion Financial Restructuring Proceedings under the Saudi Arabian bankruptcy law. The restructuring plan has been approved and the plan is in the process of being implemented. The transaction won the 2022 IFN Awards Insolvency and Restructuring Firm of the Year.
Advising Arkad Engineering & Construction Company Limited in connection with its successful SAR 3 billion Financial Restructuring Proceedings under the Saudi bankruptcy law. The restructuring plan has been approved, and the plan is in the process of being implemented. The transaction won the Saudi Arabia Awards 2025 Restructuring Deal of the Year (Arkad Engineering & Construction Company Limited SAR 2.86bn perpetual sukuk).
Advising a Saudi Arabian steel manufacturing plant in connection with the restructuring of its commercial bank debt.
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