Treasury & Financial Regulations

• Saudi Central Bank on drafting and development of the recently issued KSA Netting Regulation and the classification of the Kingdom as a positive netting jurisdiction by ISDA.*
• Saudi Central Bank and the Banking Treasury Group on the recent SAIBOR reforms and its contractual treatment.*
• Saudi Central Bank and the Banking Treasury Group on the IBOR migration legal and Shariah structuring solutions and drafting applicable contractual treatment.*
• Saudi Central Bank on the structuring and drafting the Master (Double Wa’ad) Repo Agreement, including the implementation of the product with KSA banks and advising on various Shariah, legal and regulatory issues. The agreement is based on GMRA and based on a Shariah compliant structure in compliance with relevant KSA laws.*
• Capital Market Authority on drafting and development of the recently issued KSA Netting Regulation and the classification of the Kingdom as a positive netting jurisdiction.*
• International Swaps And Derivatives Association (ISDA) on the drafting their market standard legal opinions covering the Saudi jurisdiction.*
• International Securities Lending Association (ISLA) and International Capital Market Association (ICMA) on the drafting their market standard legal opinions covering the Saudi jurisdiction.*
• One of the largest Kuwaiti banks on drafting and implementing its Conventional treasury products, including ISDA-based documentation and related hedging structures, followed by the development and implementation of their Shariah-compliant equivalents, including Islamic hedging (Tahawwut).*
• One of the largest investment banks in KSA on the structuring, drafting, and implementation of its Shariah-compliant products, including the conversion of all conventional products into Shariah-compliant alternatives.*
• One of the major Islamic investment banks on a structured Shariah compliant investment product to enable alternative investments.*
• One of the major Islamic investment banks as sole legal counsel, on multiple FI lending transactions with local and GCC banks.*
• One of the largest international banks on multiple high-net-wealth margin lending and refinancing transactions

Structured Finance and Islamic Finance

• SAMA and the Saudi Arabian Government on drafting and negotiating a U.S.$5 billion loan to a major Arab state.*
• Deutsche Bank Geneva in relation to multiple high-net-wealth margin lending and refinancing transactions.*
• Advance Energy System (ADES) and ADES International Holding in relation to a Shariah compliant secured SAR 500 million Musharaka/Ijara facilities arranged by Alinma Bank for the acquisition of oil rigs by ADES in KSA. Lenders included EBRD, Bank of America, Islamic Corporation for the Development of the Private Sector and Alinma Bank.*
• IFC In relation to a US$25 million equity investment in data center operator Zenium to support the development, construction, and operation of a 12,000-square-meter facility in Istanbul, expanding access to information technology infrastructure for businesses in Turkey.*
• The Cultural Development Fund (CDF, KSA) in drafting and negotiation of a first of its kind and groundbreaking cultural financing program in Saudi Arabia with several banks to facilitate financing for eligible entities in the cultural sector.*
• The Saudi Real Estate Refinancing Corporation (SRC) on its establishment, structuring its asset acquisition program and developing related financing products for the development of the Saudi housing market.*
• The financiers (Tourism Development Fund (TDF, KSA) and Riyad Bank) in a SAR 644 million financing deal for Dana Bay Tourism Company.*
• The Tourism Development Fund (TDF, KSA) in a groundbreaking stabilization guarantee for project finance to develop a new downtown in the Asser region*
• TDF (KSA) in finalizing its financing and security agreements with Ajdan Real Estate Company for the construction of five-star hotels as part of the Ajdan Waterfront project.*
• Abu Dhabi Islamic Bank in connection with syndicated dual tranche ijara facilities totaling AED 887 million made available to Manazel Real Estate PJSC. The provision of such facilities evidences Islamic banks’ support to real estate developers in Abu Dhabi, which has significant contribution to the growth and development of the Emirate of Abu Dhabi.*
• A major international bank on multiple high-net-wealth margin lending and refinancing transactions based on listed securities in the KSA.*
• The UAE Government through Khalifa Fund on the drafting and negotiation of multi-billion loans to other foreign states to finance major projects in such countries.*
• The National Energy Services Company (Tarshid) on a secured multi million Shariah compliant facility made available to it by Gulf International Bank (GIB) to finance the company’s energy related products.*
• Saudi National Bank on a SAR300 million Shariah-compliant facility in connection with real estate investments by a conglomerate based in Jeddah, KSA.*
• Real Estate Development Fund (KSA) on establishing the Saudi Mortgage Guarantee Services Company (Damanat) and drafting and structuring all of its Shariah compliant guarantee and treasury products and related agreements. Damanat has been incorporated as part of the Real Estate Development Fund's strategic plan to improve financing and housing solutions, develop the mortgage market in partnership with banks and financing institutions.*
• Emirati Gargash family in relation to Islamic and conventional syndicated facilities made available by Mashreqbank PSC for the acquisition of Gargash Enterprises. Gargash Enterprises is one of the largest independent distributors for Mercedes Benz passenger cars and commercial vehicles in the world.*
• Saudi National Bank on a SAR1.2 billion Shariah-compliant facility in connection with a confidential acquisition financing.*
• United Arab Shipping Company Limited (UASC) and its major shareholders on the banking and financial restructuring contractual matters relating to UASC’s merger with Hapag-Lloyd AG. The merger creates one of the world's biggest liner shipping companies.*
• Etihad Airways PJSC (Etihad) on a USD300 million syndicated Islamic facility made available by major regional banks.*
• Al Ghurair Investments on its AED 1.2 billion syndicated real estate development financing for a Dubai based real estate development.*
• A major international bank on one of the largest Shariah-compliant financial restructuring in the KSA.*
• Real Estate Development Fund on the funding partnership agreement, the first of its kind, with the Saudi Real Estate Refinance Company (SRC) to sell a real estate financing portfolio owned by REDF to SRC with a total value of SAR 10 billion.*
• A major PIF owned entity on the drafting and negotiating its Shariah compliant SAR 1billion Islamic facilities agreement with a major KSA bank.*
• Major Finance Company (Finance Contracts Sale) on the sale of financing contracts (full title transfer) and agency arrangement to a leading bank in KSA.*
• Tourism Development Fund on a syndicated deal with a local bank in relation to extending financing supporting the development, construction and operation of an entertainment park project inclusive of a hotel, mall and movie theatre in line with the goals to be achieved in the tourism sector as per Vision 2030.*
• Tourism Development Fund on structuring and drafting a Shariah compliant financing framework agreement with Arab National Bank (ANB) to support financing tourism projects by SMEs in the Kingdom.*
• Tanmiah Food Company on a EUR 48.2 million Murabaha Facility made available by Coöperatieve Rabobank U.A. The Islamic finance transaction was backed with an export credit insurance by Atradius. Our advice included structuring the deal from conventional to an Islamic finance structure. This is the first Islamic finance deal for Coöperatieve Rabobank U.A. and the first ECA-backed Murabaha of this nature for Atradius.*
• A major PIF owned entity on the drafting and negotiating its Shariah compliant multi-billion Murabaha investment agreement with a major KSA bank.*
• Qiddiya Investment Company (QIC) on a $700 million Islamic Murabaha financing facility guaranteed by UK Export Finance to finance the construction of the Six Flags Qiddiya City theme park in the outskirts of Riyadh. This is one of the UKEF’s largest Murabaha financing to date and its first in the region, demonstrating UKEF’s ability to unlock new sources of commercial finance to make transformative projects around the globe possible.*

Debt Capital Markets

• Bank AlJazira on its Additional Tier 1 Capital Sukuk Programme and the issuance of Saudi Riyal denominated perpetual Additional Tier 1 Capital Sukuk worth SAR 2 billion thereunder offered by way of private placement in the Saudi market.*
• Bank AlJazira on its SAR 2 billion Tier 2 Sukuk issuance due 2031.*
• Bank AlJazira on its second issuance of up to SAR 1,000,000,000 Sukuk under its Additional Tier 1 Capital Sukuk Programme.*
• Al Khair Capital as arranger in respect of the SAR 500,000,000 Sukuk Issuance Programme for Rawasi Al Bina Investment Company – the first ever issuance under the new Rules on The Offer of Securities and Continuing Obligations.*
• Al Khair Capital as arranger in respect of the SAR 500,000,000 Sukuk Issuance Programme for Aqaseem Factory for Chemicals and Plastics Company – the second ever issuance under the new Rules on The Offer of Securities and Continuing Obligations.*
• Majid Al Futtaim on the update of its U.S.$1 billion Trust Certificate (Sukuk) Issuance Programme, both listed on the Dubai Financial Services Authority and admitted to trading on NASDAQ Dubai and listed as well on the Irish Official List.*
• Islamic Development Bank on the update of its U.S.$6.5 billion Trust Certificate (Sukuk) Issuance Programme and its issuance thereunder. *
• EQUATE group on its US$4 billion GMTN Programme and US$2.25 billion notes offering.*
• Murabaha Marina Financing Company on the update of its SAR 400,000,000 Sukuk Issuance Programme and its second issuance thereunder of SAR 80,000,000 Fixed Rate Amortising Sukuk.*
• Dubai Electricity and Water Authority (DEWA) on its sukuk issue worth $1 billion.*
• EQUATE Group on the largest-ever corporate sukuk issued out of Kuwait (EQUATE Petrochemical Company K.S.C.C. and the Kuwait Olefins Company K.S.C.C. on the establishment of EQUATE Sukuk SPC Limited‘s US$2 billion Trust Certificate Issuance Programme).*
• Türkiye Finans on its US$500 Million Sukuk Issuance.*

Derivatives and Repos

• Bank Aljazira on the establishment of an offshore SPV to enter into Shariah compliant derivatives and other financial transactions and advising on the Shariah-compliant derivatives transactions with multiple international counterparties. The deals undertaken by an offshore SPV owned by the KSA banks*
• A major KSA Islamic bank on its Shariah-compliant PRS derivatives transaction based on ISDA Tahawwut structure with certain international counterparties. The documents included the CSD and the guarantee agreement for the SPV entity.*
• A major KSA Islamic bank on its Shariah compliant FX Wa’ad transaction based on ISDA Tahawwut structure with certain international counterparties.*
• Major KSA Islamic Banks on their Shariah compliant repo products and structuring features.*
• A major international bank on derivatives and repo transactions in Saudi Arabia.*
• One of the largest international banks on Saudi law matters relating to derivatives and collateral.*
• A major international bank on close-out netting under a Global Master Securities Lending Agreement (GMSLA) in Saudi Arabia, including issuance of a close-out netting opinion.*
• One of the largest UAE banks on its entry into a Master Collateralised Murabaha and related security and account pledge arrangements for up to USD 5,000,000,000.*
• A major Islamic bank on its entry into a double wa’ad repo agreement with a few major international banks.

*Prior to joining Baker Botts