White & Case on Almarai’s USD2B Trust Programme Update

Global legal firm White & Case has facilitated the successful update of Almarai’s substantial USD2 billion Trust Certificate Issuance Programme (the Programme), as well as overseeing the issuance of USD750 million Trust Certificates under the Programme. 

This significant achievement was made possible through White & Case’s expert advisory services, benefiting both the arrangers and dealers involved. Leading the transaction was White & Case partner Debashis Dey, who commended the collaboration between the legal team and the arrangers and dealers, underscoring the positive outcome of this endeavour. Dey also highlighted that the issuance of Ijara trust certificates marks Almarai’s triumphant re-entry into the sukuk market, showcasing the company’s strategic financial approach. 

In addition to the update of the Programme, White & Case also provided instrumental guidance to the arrangers and dealers during the issuance of USD750 million Trust Certificates due in 2033, enhancing the robustness of Almarai’s investment strategies. 

Key players in this process included Citigroup Global Markets Limited, Dubai Islamic Bank, and J.P. Morgan Securities plc, who took on roles as dealers. Meanwhile, HSBC Bank and Standard Chartered Bank acted as global coordinators, arrangers and dealers. 

The White & Case team that advised on the transaction was led by partner Debashis Dey (Dubai & London, pictured) and included local partner Xuan Jin (Hong Kong) and associates Marcin Zawadzki, Eren Ayanlar, Amir Mehdizadeh Iranpour (all Dubai) and Stephanie Zhao (Singapore).