King & Spalding (in cooperation with the Law Offices of Mohammed Al-Ammar) acted as counsel to Riyad Capital on the capital increase of Riyad REIT from SAR 500,000,000 (US$133 million) to SAR 1,633,000,000 (US$435 million). The capital increase was approved by the Saudi Arabian Capital Market Authority (CMA) in order for the REIT to acquire a portfolio of real estate assets in Saudi Arabia, which includes the Kempinski Burj Rafal, a five-star luxury hotel in Riyadh. Riyad Capital is a regulated Saudi Arabian asset manager and investment bank which acts as the manager of the REIT.

Riyad REIT was the first REIT approved by the CMA to list its units on the Saudi Arabian Stock Exchange and now is the first listed REIT in Saudi Arabia to receive CMA approval to conduct a capital increase.

King & Spalding previously advised Riyad Capital on the successful establishment and listing of the REIT on the Saudi Arabian Stock Exchange in 2016.

The King & Spalding team on the matter was led by partner James Stull and included partners Nabil Issa, senior associate Hamed Afzal and associate Sayf Shuqair.