The Dubai office of Clifford Chance LLP and the Riyadh office of Al-Jadaan & Partners Law Firm have advised HSBC Saudi Arabia Limited on the issue by SBG Sukuk Limited of a SAR 700,000,000 sukuk-al-murabaha to local investors in the Kingdom of Saudi Arabia. The transaction represents the first commercial paper in Saudi Arabia and the first sukuk where investors may share the benefit of an assignment of contract proceeds.

The Clifford Chance team was led by partner Debashis Dey (Head of Capital Markets Middle East) supported by Qudeer Latif (Head of Islamic Finance) in Dubai who were supported by counsel Paul McViety, senior associate Alex Roussos and associate Peter Wielgosz in Dubai. The Al-Jadaan & Partners team was led by partners Mohammed Al-Jadaan and Mohamed Hamra-Krouha (Clifford Chance Partner on secondment to Al-Jadaan & Partners), who were supported by legal advisor Dr Fahad Abuhimed, all in Riyadh.