International law firm Baker & McKenzie has advised the lead arrangers on the Al Kifah Group’s 600 million riyals (160 million) Islamic financing aimed at strengthening the family-owned firm’s balance sheet, and facilitating its growth plans.
The Gulf International Bank (GIB), the National Commercial Bank, the Samba Financial Group and Banque Saudi Fransi acted as lead arrangers on the financing, while GIB Capital, the investment arm of GIB, was the financial adviser to the building and construction materials producer on the murabaha facility.
The Baker & McKenzie team was led by partner Bilal Kahlon, who was assisted by Bahrain-based associates Mohamed Hassan and Omar Al Ansari.
“We are very pleased to have assisted the mandated lead arrangers on this important financing to the Al Kifah Group. The financing was arranged on a sharia-compliant basis, and involved a particularly innovative structure," Kahlon said in a statement.
The Al Kifah Group is one of the largest family-owned companies in the eastern province of the Kingdom of Saudi Arabia, with diverse investments in the industrial and commercial sectors. ALB
Shaheen Pasha is Middle East Regional Editor at ALB. Follow her on Twitter: @ALB_TheBrief.
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