Norton Rose Fulbright Advised Rawasi Al Bina On Sukuk Issuance
Global law firm Norton Rose Fulbright has successfully advised Rawasi Al Bina Investment Company on securing approval;
Norton Rose Fulbright Advised Rawasi Al Bina On Sukuk Issuance
Global law firm Norton Rose Fulbright has successfully advised Rawasi Al Bina Investment Company on securing approval from the Saudi Capital Market Authority (CMA) for the establishment of a SAR 500 million Sukuk Issuance Programme. This approval also includes the offering of Sukuk on a public offer basis to investors within the Kingdom of Saudi Arabia.
Rawasi Al Bina, a prominent company listed on the Saudi Exchange and active in the telecommunications sector, has achieved a milestone with this approval. It marks the first public offer of Sukuk approved under recent amendments to the CMA’s Rules on the Offer of Securities and Continuing Obligations (OSCO Rules). These changes aim to simplify and enhance the process for public offerings of debt instruments in the Kingdom, aligning with broader market reforms.
The Norton Rose Fulbright team was led by Partner Hamed Afzal, with contributions from Senior Associates Yousef Al Amly, Faisal Aldhayaan, and Michael Stevens, Associate Amira Nassar, and Trainee Solicitor Michael Wilson.
Hamed Afzal commented: “This precedent-setting transaction underscores the dynamic evolution of Saudi Arabia’s capital markets. We are proud to support our client in achieving this milestone, which aligns with the Kingdom’s Vision 2030 goals to deepen and advance the market for publicly offered debt instruments.”
This development highlights the growing opportunities within Saudi Arabia’s capital markets and the role of legal expertise in facilitating transformative transactions.