News & Insights


March 22, 2023

King & Spalding Advises on Two of Islamic Finance News’ 2022 Deals of the Year

DUBAI, Mar. 22, 2023 — King & Spalding won two awards from Islamic Finance News (IFN) at the 2022 IFN Law Awards of the Year.

King & Spalding was named “Best Law Firm in Arbitration, Insolvency & Restructuring” for its work with Azmeel Contracting Company, one of the top five construction companies in Saudi Arabia , which entered financial restructuring proceedings under the new Saudi Arabian Bankruptcy Law in late 2019. Azmeel’s creditors approved the $2.05bn restructuring in February 2022, which represents the first time perpetual Sukuk has been used in connection with a restructuring under the law, and is likely to set a precedent for further restructurings in the Kingdom. The King & Spalding team was led by partners Nabil Issa, Michael Rainey and Zaid Hadir Al-Farisi and included senior counsel Mohammed Al Ammar, and counsel Asal Saghari and Jonathan Jordan.

The firm was also acknowledged for its role in the “Commodity Murabahah / Tawarruq Deal of the Year,” for advising on Riyad Capital establishing a fund which then acquired receivables originated by Al Yusr Financing & Leasing Company. The deal demonstrated a new avenue for capital market funding of the non-bank financing sector in Saudi Arabia. The King & Spalding team was led by partners Michael Rainey and Zaid Hadir Al-Farisi, and included James R. Stull, Asal Saghari and Sayf Shuqair.