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Clifford Chance and Abuhimed Alsheikh Alhagbani Law Firm (AS&H) in co-operation with Clifford Chance advise the lenders to Saudi Electricity Company on its record SAR15.2 billion murabaha facility

10 March 2019

Clifford Chance and Abuhimed Alsheikh Alhagbani Law Firm (AS&H) in co-operation with Clifford Chance advise the lenders to Saudi Electricity Company on its record SAR15.2 billion murabaha facility

Clifford Chance and Abuhimed Alsheikh Alhagbani Law Firm (AS&H) in co-operation with Clifford Chance advised the National Commercial Bank, Al-Rajhi Banking & Investment Corporation, the Saudi British Bank, Banque Saudi Fransi, Samba Financial Group and Arab National Bank as financiers to Saudi Electricity Company (SEC), the Gulf's largest utility provider and primary supplier to the Kingdom of Saudi Arabia, on their SAR15.2 billion (approx. US$4 billion) murabaha syndication facility agreement. The new seven-year facility marks a record value for SEC.

This new facility is set to enable SEC to meet various business objectives for the upcoming year, including capital expenditure.

The Clifford Chance team was led by Mohamed Hamra-Krouha with support from Yasser Al-Hussain, Ali Moiz Ansari and Reema Al-Hamoud from Abuhimed Alsheikh Alhagbani Law Firm (AS&H) in co-operation with Clifford Chance.