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Saudi Retailer Signs off on $1.2bn of Financial Deals

24 Jun 2013

According to Reuters, Arabian Centers Company Limited (ACCL) and Saudi FAS signed deals worth SR2.7bn and SR1.9bn respectively. The two units of Saudi Arabia’s Fawaz Alhokair Group will together account for SR4.6bn ($1.2 bn) of sharia-compliant financing facilities.

According to a statement by Muhanad Awad, chief executive of FAS capital, the transactions, which took almost a year to complete, represent complex structures that have never been used in Saudi before.

The deal was achieved with the help of Alinma Bank, Gulf International Bank, National Commercial Bank, Samba Financial Group, and Saudi Hollandi Bank. Alinma Bank served as the sole financier and King & Spalding as legal council. The funding will go towards real estate development.

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