King & Spalding Assisted Alkhabeer Capital In Launching Saudi Arabia’s Third Closed-Ended Fund

King & Spalding Assisted Alkhabeer Capital In Launching Saudi Arabia’s Third Closed-Ended Fund

King & Spalding LLP provided legal counsel to Alkhabeer Capital in the successful establishment of the Alkhabeer Diversified Income Traded Fund 2030, slated for listing on the Saudi Stock Exchange. The fund aims to raise SAR 300 million (US$ 80 million).

The fund adheres to Shari’ah principles and aims to deliver consistent income and capital growth to investors. It achieves this by investing in a diverse range of assets, including Sukuk, trade finance and leasing agreements, structured products, and Murabaha transactions.

The fund marks a significant milestone as only the third closed-ended fund to be established, listed, and traded on the Saudi Stock Exchange. King & Spalding has been instrumental in advising Alkhabeer Capital on previous successful ventures, including the establishment of the Alkhabeer Diversified Income Traded Fund and the Alkhabeer Growth and Income Traded Fund. These funds, which are the sole closed-ended investment traded funds listed on the Saudi Stock Exchange, underscore the firm’s track record of navigating complex regulatory landscapes.

Alkhabeer Capital serves as the fund manager for the aforementioned fund. Based in Jeddah, Saudi Arabia, Alkhabeer Capital specialises in managing Shari’ah-compliant investment products.

The King & Spalding team, comprising James Stull, Sayf Shuqair, Meshaal Alyahya, and Husam Alhmary, provided advisory services to Alkhabeer Capital on the establishment of the fund and investment structuring.

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