White & Case and The Law Office of Megren M. Al-Shaalan advise Banque Saudi Fransi and Bank Albilad on innovative SAR1.8 billion Islamic financing

Global law firm White & Case LLP and The Law Office of Megren M. Al-Shaalan (LOMAS) have advised leading Saudi banks Banque Saudi Fransi and Bank Albilad on their SAR1.8 billion Islamic murabaha facility to a private fund structure managed by SNB Capital to finance land acquisition and development of a real estate project in Riyadh to be sold off-plan under WAFI Law, the regulations for the sale or lease of off-plan real estate.

White & Case partner Claire Matheson Kirton, who co-led the Firm's deal team, said: "We expect to see a greater volume of financing transactions structured under WAFI Law over the course of this year."

"The success of this transaction demonstrates the ability of our experienced financial regulatory and finance practices to guide financial institutions on Saudi regulatory matters and novel issues on first to market deals," said White & Case counsel Raheel Butt, who co-led the Firm's deal team.

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

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