White & Case with two Saudi banks on a SAR1.8B Islamic murabaha

Global law firm White & Case and The Law Office of Megren M. Al-Shaalan (LOMAS), has provided legal counsel to Banque Saudi Fransi and Bank Albilad, two leading Saudi banks, on their SAR1.8 billion Islamic murabaha facility. The facility is dedicated to a private fund structure managed by SNB Capital and will be utilized to finance the acquisition and development of a real estate project in Riyadh. The project will adhere to the regulations outlined in WAFI Law, which governs the sale or lease of off-plan real estate. 

The White & Case and LOMAS team which advised on the transaction was led by partner Claire Matheson Kirton (Dubai, pictured left) and counsel Raheel Butt (Dubai, Riyadh, pictured right) and included associates Nezar Al-Abbas, Elaf Al-Wohaibi, Ghazi Kayal (all Riyadh), Sam Manful, Wassim El Mardini and Daniel Faber (all Dubai).