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.