We are proud to announce that STAT has been recognised as Equity Capital Markets Legal Adviser of the Year at the GBM Awards Saudi Arabia 2026.

The award reflects our longstanding commitment to excellence in Saudi Arabia’s equity capital markets and the privilege of advising issuers, shareholders and financial institutions on many of the Kingdom’s most significant transactions.

Robert Vydra, Head of Equity Capital Markets at STAT, commented: “This recognition is first and foremost a reflection of the trust our clients place in us and the outstanding commitment of our ECM Team. We are deeply grateful to our clients for their confidence, to the investment banks for their recommendations and collaboration, and to the Capital Market Authority, Saudi Exchange and the wider regulatory community for their leadership and support in advancing the Kingdom’s capital markets. We are privileged to work alongside issuers, shareholders and investment banks on many of Saudi Arabia’s most significant equity capital markets transactions, and we remain committed to delivering the highest standard of legal advice as the Kingdom’s capital markets continue to evolve.”

We thank GBM Awards Saudi Arabia for this recognition and congratulate all fellow award recipients.

STAT remains focused on providing technically rigorous, commercially informed and execution-driven advice, and on supporting the next generation of landmark transactions in Saudi Arabia’s equity capital markets.

STAT acted as Saudi legal counsel to ISDA on the ISDA Notices Hub legal opinion for Saudi Arabia, addressing the delivery of critical notices under certain master agreements through the ISDA Notices Hub under Saudi law.

The ISDA Notices Hub, powered by S&P Global Market Intelligence, lets market participants deliver and receive termination-related notices under certain master agreements with speed, certainty and security. Saudi Arabia joins the growing list of jurisdictions covered by opinions on the ISDA Notices Hub.

This builds on STAT’s work authoring ISDA’s Saudi close-out netting opinions under the SAMA and CMA frameworks and advising the CMA on its Close-out Netting and Related Collateral Arrangements Regulation.

The mandate was led by Partner Zeyad Y. AlSalloum, with Senior Counsel Richard Blackburn.

“We are proud to have supported ISDA in bringing this piece of global market infrastructure to Saudi Arabia, giving market participants the legal certainty they need.”  – Zeyad Y. AlSalloum

STAT is pleased to announce that it acted as legal counsel to the substantial shareholders of United Mining Industries Company (UMI) in connection with the sale of their entire shareholding to Knauf International GmbH.

The transaction involved the sale of ordinary shares representing 63.2% of UMI’s issued share capital, for an aggregate consideration of approximately SAR 504 million.

STAT advised the selling shareholders across all aspects of the transaction, including deal structuring, negotiation, transaction documentation, regulatory compliance, and completion mechanics.

The STAT team was led by Mishari Al Abbad, Managing Partner, supported by Associates Momina Iftikhar, Tara Alsaad, and Wafa Alenezi.

Mishari Al Abbad commented: “Saudi Arabia is increasingly attracting serious, long-term international capital, and this transaction is a good example of that. We were pleased to advise our clients on a smooth and well-executed exit, and look forward to continuing to support transactions that reflect the Kingdom’s position as one of the most dynamic economies in the world today.”

Robert Vydra, Partner and Head of Equity Capital Markets at STAT, led the firm’s legal team advising Saleh Abdulaziz Al Rashed & Sons Company on its SAR 251.1 million initial public offering on the Main Market of Saudi Exchange.

STAT acted as legal adviser to the issuer. The company’s shares commenced trading on 11 March 2026.

The IPO comprised 5.58 million existing shares at SAR 45 per share, representing 30 per cent. of the company’s share capital.

The offering was a sale by existing shareholders; the company did not receive the offering proceeds.

The company’s activities include construction materials and mining solutions, together with spare parts, crushers and heavy machinery.

Its business connects operating assets and production activities with the equipment and services used in the construction and industrial supply chain.

Saudi capital-markets experience in mining and construction materials

In addition to his work on Al Rashed & Sons’ IPO, Robert Vydra advised Saudi Arabian Mining Company (Ma’aden) on its approximately SAR 3 billion capital increase through debt conversion. His earlier issuer-side IPO experience also includes TALCO, in aluminium manufacturing, and Marketing Home Group, in building products retail and distribution.

These mandates complement his work for Al Rashed across mining and the manufacturing and distribution of construction-related products.

For a business combining construction materials, mining solutions and equipment, IPO preparation needs to explain both how those activities fit together and where their operating requirements differ.

The business description, legal due diligence and prospectus disclosure should connect each activity with its operating assets, permits and material commercial arrangements, rather than leave investors with a disconnected list of subsidiaries and assets.

About the lead partner

Robert Vydra is Partner and Head of Equity Capital Markets at STAT in Riyadh.

He has advised on Saudi capital markets since 2007, with a practice covering issuer-side IPOs, prospectus disclosure, transaction structuring and continuing obligations.

Preparing an industrial or construction-materials business for an IPO?

To discuss IPO readiness, legal due diligence, group structure or prospectus disclosure for an industrial or mining-related issuer, contact Robert Vydra.
rvydra@statlawksa.com | +966 55 001 5326

Robert Vydra, Partner and Head of Equity Capital Markets at STAT, led the firm’s legal team advising Cherry Trading Company on its SAR 252 million initial public offering on the Main Market of Saudi Exchange. STAT acted as legal adviser to the issuer.

The company’s shares commenced trading on 1 December 2025.
The IPO comprised 9 million existing shares at SAR 28 per share, representing 30 per cent. of the company’s share capital. The offering was a sale of existing shares, rather than an issue of new equity by the company.

Cherry Trading Company provides long-term vehicle leasing and short-term rental services and sells used vehicles from its own fleet.

These activities link the company’s service revenue to the acquisition, deployment and disposal of vehicles.

Saudi IPO experience in vehicle rental and leasing

In addition to his work on Cherry Trading’s IPO, Robert Vydra previously led STAT’s issuer-side teams on Theeb Rent a Car Company’s SAR 516 million IPO and Lumi Rental Company’s SAR 1.089 billion IPO, both on the Main Market. Lumi’s offering involved a demerger from listed parent Seera Group.

His broader automotive-sector experience also includes advising Saudi Automotive Services Company (SASCO) on its acquisition of Zaiti Petroleum Services Company, a petrol-station business.

For a fleet-based issuer, leasing, rental and used-vehicle sales need to be explained as connected parts of the operating model. Investors should be able to distinguish changes in fleet size, utilisation, customer mix and financing arrangements from underlying operating growth. That requires a coherent business description supported by relevant contractual and risk disclosure.

About the lead partner

Robert Vydra is Partner and Head of Equity Capital Markets at STAT in Riyadh.

He has advised on Saudi capital markets since 2007, with a practice covering issuer-side IPOs, prospectus disclosure, transaction structuring and continuing obligations.

Considering a Saudi IPO for a mobility business?

For advice on IPO readiness, transaction documentation or disclosure for a vehicle leasing, rental or other fleet-based business, contact Robert Vydra.
rvydra@statlawksa.com | +966 55 001 5326

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.

Robert Vydra, Partner and Head of Equity Capital Markets at STAT, led the firm’s legal team advising Marketing Home Group for Trading Company on its SAR 408 million initial public offering on the Main Market of Saudi Exchange. STAT acted as legal adviser to the issuer. The company’s shares commenced trading on 2 September 2025.

The offering comprised 4.8 million existing shares at SAR 85 per share, representing 30 per cent. of the company’s share capital. The shares were sold by existing shareholders; the IPO value was not new capital received by the issuer.

Marketing Home Group for Trading Company operates a building-products retail and distribution business through multiple brands, including Build Station. Its business brings together product sourcing, brand portfolios and different routes to customers in the construction and home-improvement market.

Saudi IPO experience in building-products retail and distribution

In addition to his work on Marketing Home Group’s IPO, Robert Vydra advised L’azurde Company for Jewelry on its SAR 477 million IPO and GIB Financial Services and Falcom Financial Services on Abdullah Al-Othaim Markets Company’s SAR 270 million IPO before co-founding STAT.

His broader consumer-sector experience includes advising Leejam Sports Company, a fitness-centre operator, on its SAR 817 million IPO and leading STAT’s issuer-side team on Armah Sports Company’s approximately SAR 138 million Nomu IPO. These mandates span retail, consumer products and consumer services.

For a multi-brand distributor, investors need to understand how brands, product categories, sales channels and customer relationships work together. Procurement, inventory and commercial arrangements can be central to the business.

The group structure and material-contract disclosure should reflect a retail and distribution model, rather than that of a manufacturer.

About the lead partner

Robert Vydra is Partner and Head of Equity Capital Markets at STAT in Riyadh.

He has advised on Saudi capital markets since 2007, with a practice covering issuer-side IPOs, prospectus disclosure, transaction structuring and continuing obligations.

Considering an IPO for a multi-brand retailer or distributor?

To discuss IPO readiness, group structure, commercial arrangements or prospectus disclosure, contact Robert Vydra.
rvydra@statlawksa.com | +966 55 001 5326

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.

Robert Vydra, Partner and Head of Equity Capital Markets at STAT, led the firm’s legal team advising United Carton Industries Company on its SAR 600 million initial public offering on the Main Market of Saudi Exchange. STAT acted as legal adviser to the issuer. The company’s shares commenced trading on 27 May 2025.

The IPO comprised 12 million existing shares at SAR 50 per share, representing 30 per cent. of the company’s share capital.

United Carton Industries Company (UCIC) manufactures corrugated packaging products. Its business sits within the supply chains of customers across different end-markets, connecting manufacturing capability with the packaging requirements of other operating companies.

Saudi IPO experience in packaging and industrial manufacturing

In addition to his work on United Carton Industries’ IPO, Robert Vydra advised Riyad Capital, as underwriter, on Middle East Paper Company’s SAR 851 million IPO before co-founding STAT.

His earlier industrial issuer-side experience also includes TALCO’s SAR 516 million IPO in aluminium manufacturing.
For a packaging manufacturer, investors need to understand how production capacity, raw-material procurement, customer demand and operating facilities interact. IPO preparation should connect those characteristics with material contracts, operating permissions, property arrangements and governance. A diverse customer base does not remove the need to explain significant commercial dependencies.

About the lead partner

Robert Vydra is Partner and Head of Equity Capital Markets at STAT in Riyadh. He has advised on Saudi capital markets since 2007, with a practice covering issuer-side IPOs, prospectus disclosure, transaction structuring and continuing obligations.

Preparing a manufacturer for a Saudi Main Market IPO?

For advice on IPO readiness, legal due diligence or manufacturing and supply-chain disclosure, contact Robert Vydra.
rvydra@statlawksa.com | +966 55 001 5326

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.

Robert Vydra, Partner and Head of Equity Capital Markets at STAT, led the firm’s legal team advising Arabian Company for Agricultural and Industrial Investment (Entaj) on its SAR 450 million initial public offering on the Main Market of Saudi Exchange. STAT acted as legal adviser to the issuer. The company’s shares commenced trading on 17 March 2025.

The offering comprised 9 million existing shares at SAR 50 per share, representing 30 per cent. of the company’s share capital.

The offering value was the consideration for shares sold by existing shareholders, rather than fresh capital received by the issuer.

Arabian Company for Agricultural and Industrial Investment, known as Entaj, operates in poultry production. Its integrated operating model connects production, processing and distribution, placing different parts of the food supply chain within the same issuer.

Saudi IPO experience in food and agriculture

In addition to his work on Entaj’s IPO, Robert Vydra previously led STAT’s issuer-side teams on Tanmiah Food Company’s SAR 402 million IPO and Naqi Water Company’s SAR 414 million IPO. Before co-founding STAT, he also advised Hail Agriculture Development Company (HADCO), a Saudi-listed poultry business, on its acquisition by Almarai.

For an integrated food producer, a useful prospectus explains how production assets, supply arrangements, processing, distribution and customer relationships work together.

Those activities need to be reflected consistently in the business description, material-contract disclosure and risk factors, so investors can assess the operating business and its growth plans.

About the lead partner

Robert Vydra is Partner and Head of Equity Capital Markets at STAT in Riyadh. He has advised on Saudi capital markets since 2007, with a practice covering issuer-side IPOs, prospectus disclosure, transaction structuring and continuing obligations.

Considering a Saudi IPO for a food or agricultural business?

To discuss IPO readiness, corporate structure or prospectus disclosure for an integrated producer, contact Robert Vydra.
rvydra@statlawksa.com | +966 55 001 5326

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.