Clifford Chance has advised Saudi Arabia’s Abdullah Al Othaim Real Estate Investment and Development Company (OREIDCO) on its maiden sukuk worth 1 billion Saudi riyals (approximately $265.6 million), with Latham & Watkins advising the joint lead managers and bookrunners.

An orphan SPV company that OREIDCO set up in the Cayman Islands for the sole purpose of launching the sukuk is the sukuk issuer. Offered on a private placement basis to investors based in Saudi Arabia, the sukuk’s payment obligations were secured against one of OREIDCO’s shopping malls under an innovative security structure. GIB Capital, Saudi Fransi Capital (SFC) and NCB Capital Company were the lead managers and bookrunners for the transaction. SFC also acted in separate capacities as the payment administrator and sukukholders' agent.

The Clifford Chance team advising OREIDCO was led by Dubai partner Stuart Ure.

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