Significant financing for the Kingdom of Saudi Arabia’s real estate sector with the proceeds to fund Riyadh’s largest mall.

The Law Office of Salman M. Al-Sudairi in association with Latham & Watkins represented Uyoun Al-Raed Commercial Company Limited on a SAR1.97 billion murabaha financing. Uyoun Al-Raed Commercial Company Limited is a member of Fawaz Al Hokair Group, which is one of the largest conglomerates and leading real estate developer in the Kingdom of Saudi Arabia and the Middle East. The proceeds of the financings will be used to fund the construction of the largest mall in Riyadh, the Mall of Arabia.

Muhanad Awad, the CEO of FAS Capital, which is the financial and investment arm of Fawaz Al Hokair Group, commented: “It was a pleasure working alongside the banks and the various advisors on this financing. This financing allows us to construct another landmark mall in the Kingdom of Saudi Arabia and further demonstrates our pioneering role in this area.”

Salman Al-Sudairi, who led the Latham & Watkins team, commented: “This is a very significant financing in the real estate sector in the Kingdom of Saudi Arabia, and a testament to the continuing growth and sophistication of real estate sector in the region. This is a standout deal for the complexity of the financing structure and its scale, and will pave the way for continued innovation in this area.”

The Latham team comprised partner Salman Al-Sudairi, counsel Amar Meher and associate Megren Al-Shaalan.