Leading global law firm Dentons said it had played an advisory role for Saudi bank Al Rajhi on a SAR1.9 billion ($506 million) murabaha facility agreement with Jabal Omar Development Company for a its flagship multi-use real estate mega-development project in the kingdom. 

 

The two-year facility, which is backed by a Ministry of Finance guarantee, is aimed at helping the Saudi developer Jabal Omar  accelerate the completion of the phases of under-construction assets. 

 

The Dentons team was led by Banking and Finance partner Umera Ali, with support from senior associate Tony Nicholson and consultant Mahnoor Latif.

 

On the key role, Ali, said: "We are delighted to have supported Al Rajhi Bank on this facility and, through doing so, contributing to the further development of the kingdom's vision for the tourism sector."

 

"This deal further highlights the strength of Dentons' finance practice in the Kingdom of Saudi Arabia and we look forward to many similarly successful transactions in the kingdom this year," she added.-TradeArabia News Service