Legal Advisors Abdulaziz Alajlan & Partners in association with Baker & McKenzie Limited advises the Ministry of Finance of The Kingdom of Saudi Arabia in relation to a SAR 167.92 billion Shariah compliant financing to Saudi Electricity Company

Legal Advisors Abdulaziz Alajlan & Partners in association with Baker & McKenzie Limited advises the Ministry of Finance of The Kingdom of Saudi Arabia in relation to a SAR 167.92 billion Shariah compliant financing to Saudi Electricity Company

Legal Advisors Abdulaziz Alajlan & Partners in association with Baker & McKenzie Limited advises the Ministry of Finance of The Kingdom of Saudi Arabia in relation to a SAR 167.92 billion Shariah compliant financing to Saudi Electricity Company Riyadh, Kingdom of Saudi Arabia, 17 November 2020 - Legal Advisors Abdulaziz Alajlan & Partners in association with Baker & McKenzie Limited has acted as legal counsel to the Ministry of Finance of The Kingdom of Saudi Arabia on a landmark agreement signed with Saudi Electricity Company (SEC) in relation to a SAR 167.92 billion (US$ 44.78 billion) perpetual subordinated instrument. This transaction, which involves creating a mudaraba based subordinated perpetual financial "equity-like“ instrument, is the world's largest ever Islamic finance transaction.Commenting on the deal, Ian Siddell, the head of Gulf banking & finance practice of Baker McKenzie said, "We are absolutely privileged to have successfully assisted the Ministry of Finance of The Kingdom of Saudi Arabia in this exceptional transaction which demonstrates our strength in dealing with complex transactions and exemplifies the ongoing confidence clients have in our deep understanding, knowledge and expertise in Islamic finance practice.“ The team at Legal Advisors Abdulaziz Alajlan & Partners in association with Baker & McKenzie Limited was