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February 2, 2017

King & Spalding Advises Swicorp on US$375 million Shari’ah-compliant Infrastructure Development Fund

RIYADH, February 2, 2017 — King & Spalding acted as counsel to Swicorp on the structuring and  formation of a SAR 1.4 billion (US$375 million), Shari’ah-compliant infrastructure development fund in Mecca, Saudi Arabia. King & Spalding also advised Swicorp on its joint venture with Bawabat Makkah Company, which is wholly owned by Al-Balad Al-Ameen Company (the urban development arm of Mecca Municipality), in relation to the management of the fund and the development of the project.

The fund will acquire a plot of land located in the western district of Mecca, with an area of 1,699,698 square meters, and develop the infrastructure for a mixed-use mega project. The project is intended to comprise residential, commercial and office space, in addition to parks and other public facilities. The objective of the fund is to provide its investors with medium-term capital appreciation on their investments. The fund is part of a larger program implemented by Al-Balad Al-Ameen to further develop the city.

The fund is regulated by the Saudi Arabian Capital Market Authority, which approved the public offering of the fund on Jan. 23, 2017. The fund was the first public real estate development fund to be approved by the Saudi Arabian Capital Market Authority in 2017.

The King & Spalding team on the matter was led by partners, Nabil Issa, James Stull and  Moustafa Said, and included Riyadh-based counsel Mohammad Al-Ammar and associates Sayf Shuqair, Faris Al-Louzi and Bader Al-Ammar.

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