Norton Rose Fulbright Advised Raya Financing Company On CMA Approval For Additional Tier 1 Sukuk Issuance Programme
Norton Rose Fulbright advised Raya Financing Company on CMA approval for Additional Tier 1 Sukuk issuance programme
The global law firm, Norton Rose Fulbright advised Raya Financing Company, a Saudi Arabian financial institution, on securing approval from the Saudi Capital Market Authority (CMA) to establish an Additional Tier 1 (AT1) perpetual Sukuk issuance programme, along with the offering of Sukuk under the programme on a public offer basis to investors in the Kingdom of Saudi Arabia.
This transaction marks a significant milestone for Saudi Arabia’s capital markets, as it represents the first-ever AT1 Sukuk issued by a non-banking financial institution (NBFI) in Saudi Arabia on a public offer basis.
The Norton Rose Fulbright team was led by Hamed Afzal (Partner), with support from Yousef Al Amly (Senior Associate), Ganna Vlasenko (Senior Associate), Hania Meshref (Associate), and trainee solicitors Mia Blundell and Joseph McQuillan. The firm advised on the regulatory approval process and the establishment of the Sukuk programme.
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