The transaction is the first of its kind for PIF and is part of its medium-term capital raising strategy. The Shariah-compliant financing forms part of PIF’s objective of diversifying its funding sources.

This syndicated facility also builds on PIF’s successful sukuk issuances over the past two years and reinforces its strong financial position.

Samer Eido, who led the A&O Shearman team advising the lenders, remarked: “We are thrilled to have played a role in supporting PIF’s inaugural Shariah-compliant syndicated facility. This achievement is a testament to the collaborative efforts of all parties involved and marks another significant milestone for Shariah-compliant financing in the region.”

The A&O Shearman team was led from Dubai by finance partner Samer Eido with support from counsel Afsha Karim, associate Seán Tobin, and trainee Assile Hasan.