Leading global law firm Baker McKenzie has acted as legal counsel to the facility agent and lenders in relation to a Saudi Riyal 10 billion (SAR 10,000,000,000) syndicated financing to Saudi Electricity Company (SEC), which was represented by Allen & Overy. The financing, which followed a Shari’ah-compliant commodity murabaha structure, was multisourced by a club of nine Saudi and regional banks comprising Al Rajhi Banking and Investment Corporation, Banque Saudi Fransi, The Saudi British Bank, The Saudi National Bank, Riyad Bank, Bank Albilad, Bank Al Jazira, Qatar National Bank and The Saudi Investment Bank along with HSBC Saudi Arabia as facility agent.

The facilities are intended to fulfill SEC’s general financing and other corporate purposes including capital expenditure.

The financing documents were signed on 14 February 2023 and financial closing was achieved on 15 February 2023.

Commenting on the deal, Fatima Alhasan, Banking and Finance Partner at Baker McKenzie in Bahrain, said: “We are pleased to announce the successful completion of this significant and sizeable government-related entity (GRE) financing deal for our banking clients. This transaction is a testament to our team’s expertise in Islamic finance and our commitment to providing innovative and customized solutions to meet our clients’ requirements. We look forward to continuing to serve as a trusted partner in the business growth and success of our banking clients in the Saudi market.”

The team at Baker McKenzie Bahrain was led by Fatima Alhasan, supported by Abdulrahman Almajthoob and Marwah Abdulmalik.