STAT is proud to announce the appointment of our Partner, Yazeed Altoaimi, to the Board of Directors of the Saudi Bar Association, following a decision by His Excellency the Minister of Justice.

This distinguished appointment is a testament to Yazeed’s exceptional expertise and significant contributions to the legal profession. It reflects his unwavering commitment to advancing the law practice in the Kingdom of Saudi Arabia, a commitment that is deeply embedded in STAT’s own “culture of excellence.”

As a key member of our leadership team, Yazeed has been instrumental in shaping our firm’s market-leading position. His appointment to the Saudi Bar Association’s Board of Directors further solidifies STAT’s role as a “Saudi law powerhouse” dedicated to setting new standards for legal counsel in the region.

We extend our warmest congratulations to Yazeed on this remarkable appointment. His leadership will undoubtedly contribute to the continued development of the legal landscape in Saudi Arabia, and we are honored to support him in this important endeavor.

STAT is pleased to announce its ongoing contribution to the development of Saudi Arabia’s financial markets through its involvement in drafting the Capital Market Authority’s (CMA) new Close-out Netting and Related Collateral Arrangements Regulation. This regulation represents a critical enhancement of the Kingdom’s capital markets infrastructure, aligning with Vision 2030 and modernizing the legal framework for complex financial transactions.

Building on our prior work with the Saudi Central Bank – SAMA in drafting SAMA’s Close-out Netting and Related Collateral Arrangements Regulation, STAT has provided significant legal insight and support in relation to the CMA’s initiative. The CMA’s regulation reinforces legal certainty for derivatives, repo and securities lending transactions, ensuring Saudi Arabia’s framework aligns with international best practices and fostering market confidence.

This initiative was spearheaded by Partners Zeyad Y. AlSalloum and Faris Al Amoudi.
Partner Faris Al Amoudi commented: “The CMA’s Netting Regulation is an important step in solidifying Saudi Arabia’s legal infrastructure for sophisticated financial transactions. When combined with the earlier SAMA regulation, these reforms create a robust framework that fosters market confidence and international participation. Our ongoing work on industry legal opinions further supports this vision, enabling market participants to operate in Saudi Arabia with the clarity and security they expect in global markets.”
Commenting on the publication, Partner Zeyad Y. AlSalloum noted: “The CMA’s Netting Regulation is a crucial complement to SAMA’s earlier framework, creating a robust legal framework for financial markets in Saudi Arabia. Together, these initiatives enhance legal certainty and risk management, supporting Vision 2030’s ambition of positioning the Kingdom as a leading global financial hub. We’re proud to contribute to these regulatory milestones and to support the global market through our forthcoming industry opinions.”

STAT remains committed to contributing to Saudi Arabia’s financial sector transformation, providing legal expertise that supports both regulatory progress and the Kingdom’s broader economic goals.

We are delighted to announce that Ruba Alharthi has rejoined STAT as Counsel. Ruba is a distinguished legal professional, qualified in both Saudi Arabia and New York. Her career has been marked by her advisory roles on some of the most complex and high-profile project development and finance transactions both during her previous tenure at STAT and with international law firms.

Her expertise spans a broad range of sectors, including petrochemicals, infrastructure, real estate, and energy. Ruba has led sophisticated mandates involving public-private partnerships, large-scale industrial projects, debt financing, and complex joint ventures and corporate restructurings. With fluency in English, Arabic and French, Ruba is uniquely positioned to navigate the intricate demands of cross-border transactions, offering strategic counsel that is both commercially astute and precisely tailored.

Ruba’s return to STAT reinforces our commitment to excellence and our dedication to providing clients with unparalleled legal insight and guidance, as is the hallmark of our firm’s approach, built upon a foundation of high capability and a team of top-tier lawyers.

STAT proudly announces the publication of the Close-out Netting and related Collateral Arrangements Regulation, a landmark development for Saudi Arabia’s financial markets, publicly highlighted at the Capital Markets Forum 2025 in Riyadh.

STAT played a key role in assisting the Saudi Central Bank – SAMA with drafting this regulation, leveraging its expertise in financial regulation and market infrastructure. The regulation enhances legal certainty, mitigates counterparty risk, and fosters market confidence in derivatives, repo, and securities lending transactions. By aligning with international standards, it strengthens Saudi Arabia’s financial ecosystem and supports Vision 2030 by promoting a modern, resilient, and globally integrated capital market.

This initiative was led by Partners Zeyad Y. AlSalloum and Faris Al Amoudi, with oversight from Senior Counsel Richard Blackburn and Associate Reem Alomran, alongside the STAT financial regulatory team.

Zeyad Y. AlSalloum, Partner at STAT, commented on the significance of the regulation: “This regulation is a defining step in Saudi Arabia’s financial sector. By providing a legal framework for close-out netting and collateral arrangements, it strengthens core concepts of key financial transactions and increases market efficiency. This clarity will enhance confidence among participants and attract international investment, reinforcing Saudi Arabia’s role as a global financial hub. STAT is proud to have shaped this framework, which will support growth for years to come.”

At the Capital Markets Forum, the regulation was a focal point of the panel discussion “The Developing Legal & Regulatory Landscape,” where Faris Al Amoudi, Partner at STAT, joined leaders to discuss its impact on banks, asset managers, and global investors. He emphasised: “The Close-out Netting and Related Collateral Arrangements Regulation represents a foundational step for Saudi Arabia’s financial markets. By providing participants with greater legal certainty and risk management tools, these reforms enable growth and increased international participation. STAT is proud to have contributed to this critical initiative, which paves the way for a more advanced and competitive financial sector.”

Through assisting Saudi Central Bank – SAMA with key initiatives like the Netting Regulation and the Master Agreement for the Sale and Purchase of Securities, STAT drives resilience, innovation, and alignment with global standards, reinforcing Saudi Arabia’s position as a leading financial hub.

STAT is pleased to announce its role advising the Tourism Development Fund صندوق التنمية السياحي (TDF) and Riyad Bank in a Shariah-compliant financing agreement with Dana Bay Tourism Company. This agreement aims to develop a mixed-use beach resort in the Eastern Province, featuring luxurious villas managed by IHG under the InterContinental brand.

The project includes Dana Beach Walk, with retail stores, restaurants, and entertainment venues. Additionally, Discovery Island will be developed to add an artistic dimension, containing a museum, various art galleries and artisanal workshops. The development aligns with Saudi Arabia’s Vision 2030 by enhancing the Kingdom’s tourism infrastructure and offering world-class hospitality experiences.

The team advising on the transaction was led by Partner Faris Al Amoudi and Senior Counsel Richard Blackburn, supported by Senior Associate Omar Alsughaiyer, Associate Naif Alharbi, and Trainee Associates Abdullah Alrabiah, Sultan Albadi, and Zaina M. Khashan.

This achievement reflects STAT’s expertise in advising on complex Islamic financing and high-profile tourism development projects, contributing to the growth of quality investments in Saudi Arabia’s tourism sector.
STAT has a strong track record as sole legal advisor to government funds on projects supporting Saudi Arabia’s economic transformation goals, including (i) Representing the Real Estate Development Fund (REDF) in a Shariah-compliant real estate financing program for KSA finance companies, structuring short- and medium-term facilities to expand private sector contributions to real estate financing, encourage mortgage innovation, and align with Vision 2030 housing objectives. (ii) Representing REDF in setting up Shariah-compliant financing structures to support Saudi citizens in financing homes. (iii) Representing TDF in structuring and drafting a Shariah-compliant financing framework with a major KSA bank to support SME tourism projects. (iv) Representing the Cultural Development Fund in drafting and negotiating a groundbreaking cultural financing program with Alinma Bank, Alrajhi Bank, Arab National Bank, Bank AlJazira, and BSF. This program, based on Shariah-compliant structures, supports cultural enterprises in Saudi Arabia’s 16 cultural sub-sectors with flexible financing packages while minimizing risks for enterprises and banking partners.

This significant achievement further solidifies STAT’s position as a leading firm in structured and Islamic finance assisting major government entities in achieving their KSA Vision 2030 objectives.

STAT advised Bank AlJazira | بنك الجزيرة (BAJ) on its second issuance of up to SAR 1,000,000,000 Sukuk, under its Saudi Riyal-denominated perpetual Additional Tier 1 Capital Sukuk Programme. The issuance was offered by way of private placement in the Saudi market. The issuance furthers Bank AlJazira’s commitment to strengthening its capital base and achieving its long-term strategic objectives. Bank AlJazira appointed AlJazira Capital الجزيرة كابيتال, Al Rajhi Capital and HSBC Saudi Arabia as Joint Lead Managers for the issuance, with HSBC Saudi Arabia also acting as Sukukholders’ Agent and Payment Administrator.

The successful completion of this transaction underscores STAT’s expertise in advising on complex Islamic financing and debt capital market transactions in the Saudi market. The STAT Law Firm team advising on the transaction was led by partners Zeyad Y. AlSalloum and Faris Al Amoudi, with Senior Counsel Richard Blackburn supported by Associate Liaan AlFayadh.

STAT’s team members have extensive experience in landmark debt capital markets transactions for Saudi issuers, including advising: (i) Saudi Aramco on the establishment of its first SAR 37.5 billion Sukuk Issuance Programme and its debut SAR 11.25 billion Sukuk issuance thereunder, (ii) Saudi Real Estate Refinance Company on the establishment of its Sukuk Issuance Programme and its debut issuances of SAR 150 million Sukuk due 2023, SAR 50 million Sukuk due 2025, and SAR 50 million Sukuk due 2028, (iii) the Arrangers and Dealers on the establishment of the Global Sukuk Programme of the Kingdom of Saudi Arabia (acting through the Ministry of Finance) and the issuances thereunder; (iv) Bank AlJazira on the issuance of its Tier 2 Sukuk worth SAR 2 billion and (v) Bank AlJazira on the issuance of its Additional Tier 1 Sukuk worth SAR 2 billion.

This transaction reinforces STAT’s expertise in Saudi debt capital markets and its ability to support complex issuances.

STAT is pleased to announce its role in advising Al Khair Capital Saudi Arabia Company | AlKhair Capital الخير كابيتال as Sole Arranger, Dealer, and Financial Advisor in connection with the SAR 500,000,000 Sukuk Issuance Programme for Aqaseem Factory Co. For Chemical and Plastic Industry. This landmark programme has now received approval from the Capital Market Authority (CMA) and is the second ever public Sukuk programme to be approved under the new version of the Rules on the Offer of Securities and Continuing Obligations.

This stems from STAT’s representation of Al Khair Capital Saudi Arabia Company as Sole Arranger, Dealer, and Financial Advisor in connection with the SAR 500,000,000 Sukuk Issuance Programme for Rawasi Al Bina Investment Company which was the first ever public Sukuk programme to be approved under the new version of the Rules on the Offer of Securities and Continuing Obligations.

This achievement reflects STAT’s expertise in advising on complex and high-profile Islamic financing and debt capital market transactions. The team advising on the transaction was led by Partners Faris Al Amoudi and Zeyad Y. AlSalloum, with Senior Counsel Richard Blackburn and key support by Associates Omar Alsughaiyer and Liaan AlFayadh as assisted by Associate Naif Alharbi and Trainee Associates Sultan Albadi, Abdullah Alrabiah and Zaina M. Khashan.

STAT’s team members have extensive experience in landmark debt capital markets transactions for Saudi issuers and arrangers, including advising: (i) Saudi Aramco on the establishment of its first SAR 37.5 billion Sukuk Issuance Programme and its debut SAR 11.25 billion Sukuk issuance thereunder, (ii) Saudi Real Estate Refinance Company on the establishment of its Sukuk Issuance Programme and its debut issuances of SAR 150 million Sukuk due 2023, SAR 50 million Sukuk due 2025, and SAR 50 million Sukuk due 2028, (iii) the Arrangers and Dealers on the establishment of the Global Sukuk Programme of the Kingdom of Saudi Arabia (acting through the Ministry of Finance) and the issuances thereunder, (iv) Bank AlJazira on the issuance of its Tier 2 Sukuk worth SAR 2 billion, (v) Bank AlJazira on the issuance of its Additional Tier 1 Sukuk worth SAR 2 billion and (vi) Al Khair Capital Saudi Arabia Company as Arranger on the SAR 500,000,000 Sukuk Issuance Programme for Rawasi Al Bina Investment Company.

STAT is pleased to announce that it has advised The Saudi National Bank – SNB and the Saudi Banking Treasury Group (BTG), represented by the treasurers of all licensed banks in the Kingdom of Saudi Arabia with oversight from the Saudi Central Bank (SAMA), on the Shariah compliant structuring solutions relating to IBOR migration. The engagement involved the development of legal and Shariah-compliant structuring solutions under Saudi law and drafting the applicable contractual treatment required for migration. The IBOR migration project reflects the Kingdom of Saudi Arabia’s proactive approach to benchmark reform, preparing the financial sector for the transition under the SAIBOR regulatory reforms.

This advisory stems from earlier engagements, where STAT advised SAMA and BTG on recent SAIBOR reforms, including their contractual treatment and implementation.

The STAT team advising on the transaction was led by partners Faris Al Amoudi and Zeyad Y. AlSalloum, alongside senior counsel Richard Blackburn, with additional support from associate Omar Alsughaiyer.

STAT continues to demonstrate expertise in supporting key financial institutions and regulatory bodies on complex, high-profile Islamic financing transactions and regulatory reform initiatives.

STAT is pleased to announce its role in advising Al Khair Capital Saudi Arabia Company as Sole Arranger, Dealer, and Financial Advisor in connection with the SAR 500,000,000 Sukuk Issuance Programme for Rawasi Al Bina Investment Company. This landmark programme has now received approval from the Capital Market Authority (CMA) and is among the first public Sukuk programmes to be approved under the new version of the Rules on the Offer of Securities and Continuing Obligations.

This achievement reflects STAT’s expertise in advising on complex and high-profile debt capital market and Islamic financing transactions. The team advising on the transaction was led by partners Faris Al Amoudi and Zeyad Y. AlSalloum, with lead Associates Liaan AlFayadh and Omar Alsughaiyer, as assisted by Associate Naif Alharbi and Trainee Associate Sultan Albadi.

STAT’s team members have extensive experience in landmark debt capital markets transactions for Saudi issuers and arrangers, including advising: (i) Saudi Aramco on the establishment of its first SAR 37.5 billion Sukuk Issuance Programme and its debut SAR 11.25 billion Sukuk issuance thereunder, (ii) Saudi Real Estate Refinance Company on the establishment of its Sukuk Issuance Programme and its debut issuances of SAR 150 million Sukuk due 2023, SAR 50 million Sukuk due 2025, and SAR 50 million Sukuk due 2028, (iii) the Arrangers and Dealers on the establishment of the Global Sukuk Programme of the Kingdom of Saudi Arabia (acting through the Ministry of Finance) and the issuances thereunder; (iv) Bank AlJazira on the issuance of its Tier 2 Sukuk worth SAR 2 billion and (v) Bank AlJazira on the issuance of its Additional Tier 1 Sukuk worth SAR 2 billion.