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Asal is an English-qualified banking and investment finance counsel based in our Dubai office. With over 15 years’ experience leading on advanced international financing transactions, Asal represents clients on complex conventional and Shari'ah-compliant financings.

Asal acts for borrowers and lenders on a wide range of cross-border banking and finance transactions, with a focus on cross-border investments, having previously practiced in London and Frankfurt. She specialises in European outbound Islamic finance transactions, advising on critical client investments in corporate and real estate assets across the UAE, Saudi Arabia and the wider EMEA region. Her portfolio includes corporate financings, traditional and alternative Shari'ah-compliant financings and debt restructurings.

Asal is ranked by The Legal 500 EMEA as a "key lawyer" in Islamic finance and is part of the King & Spalding practice that repeatedly receives respected market accolades. Recent examples include the 2022 IFN Awards Insolvency and Restructuring Firm of the Year, the Real Estate Team of the Year Award at the Middle East Legal Awards 2022, Project Finance International’s 2020 Middle East & Africa Solar Deal of the Year, and the IFN Commodity Deal of the Year 2022.

Asal is a prominent thought leader, speaking at industry events and contributing thought leadership pieces on critical legal issues as well as diversity and inclusion in the profession. She has been a member of various King & Spalding global task forces on issues such as Covid-19, Libor and ESG.

Prior to joining King & Spalding, Asal practiced as a lawyer in the London office of a “Magic Circle” law firm.

Full Bio

Credentials

Law Studies, BPP Law School

LL.B. with Honours, University of Bristol, UK

LL.B., University of Leuven

England and Wales

UK Law Society

Shortlisted as the Banking, Finance & Restructuring Lawyer of the Year


LexisNexis Women in Law Awards, 2023

Shortlisted as Woman Lawyer of the Year


ALB Middle East Law Awards, 2021

Ranked as “key lawyer” for UAE Banking and Finance: Corporate Finance (including Islamic Lending)


Legal 500 EMEA, 2020 - 2022

Ranked as Next Generation lawyer for UAE Banking and Finance


Legal 500 EMEA, 2017 - 2019

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Recognition

Shortlisted as the Banking, Finance & Restructuring Lawyer of the Year


LexisNexis Women in Law Awards, 2023

Shortlisted as Woman Lawyer of the Year


ALB Middle East Law Awards, 2021

Ranked as “key lawyer” for UAE Banking and Finance: Corporate Finance (including Islamic Lending)


Legal 500 EMEA, 2020 - 2022

Ranked as Next Generation lawyer for UAE Banking and Finance


Legal 500 EMEA, 2017 - 2019

Matters

1. Outbound: Real Estate Investment and General Banking & Finance

Advised a Saudi Arabian family office in connection with the buy-out of a 50% interest in a European packaging business from its joint venture partner, including advising on the acquisition financing.

Advised Qatar First Bank in connection with the refinancing of its portfolio of properties leased to Marks & Spencer. The transaction was refinanced on a Shari’ah-compliant basis.

Advised a prominent Saudi client in relation to the provision of a Shari’ah-compliant facility to fund the acquisition of land for development in Vauxhall Cross, London and the subsequent re-structuring of that facility.

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Matters

1. Outbound: Real Estate Investment and General Banking & Finance

Advised a Saudi Arabian family office in connection with the buy-out of a 50% interest in a European packaging business from its joint venture partner, including advising on the acquisition financing.

Advised Qatar First Bank in connection with the refinancing of its portfolio of properties leased to Marks & Spencer. The transaction was refinanced on a Shari’ah-compliant basis.

Advised a prominent Saudi client in relation to the provision of a Shari’ah-compliant facility to fund the acquisition of land for development in Vauxhall Cross, London and the subsequent re-structuring of that facility.

Advised KFH Capital Investment Company in the formation of two Shari’ah-compliant UK real estate funds. Following the formation of the funds, King & Spalding advised KFH Capital Investment Company in connection with five property acquisitions: two retail parts (one in England and the other in Scotland (multi-tenanted)), a distribution warehouse (single tenanted), three retail warehouses units (each leased to a prominent UK DIY retailer) and, a logistics warehouse in the UK (single tenanted). All five transactions were structured and financed on a Shari’ah-compliant basis.

Advised KFH Capital Investment Company in connection with it successful exit from a number of its UK investments, including a distribution warehouse in Peterborough leased to Amazon.

Advising a Kuwaiti asset manager in connection with the establishment of a private credit fund in Guernsey. The fund will be providing Shari’ah compliant financing to owners of UK real estate.

Advised the administrative agent in connection with the DIFC law aspect of its US$1.08 billion acquisition financing facility.

Advised the administrative agent in connection with the English law aspects of its US$800 million financing facility to a global supplier of core technology solutions in the medical sector.

Advised MUFG Bank, Ltd. in connection with a US$150,000,000 financing for PT Bukit Makmur Mandiri Utama (Buma), together with amendments to an existing US$100,000,000 facility. MUFG is the world’s 5th largest bank by assets, and the largest bank in the world by assets outside China.

Advised a Cayman Islands investment vehicle managed by Dimah Capital Investment Company in connection with the acquisition of a retail park in the UK with 16 tenants and two multi tenanted commercial properties in the UK. All transactions were structured and financed on a Shari’ah-compliant basis.

Advised Mohammed Alsubeaei & Sons Investment Company in relation to the provision by it of a £130 million Shari’ah-compliant mezzanine development facility to fund the mixed use development "South Bank Tower" in London (formerly King's Reach Tower). the mezzanine financing was part of a £400 million development facility involving senior Shari'ah-complaint financiers including ABC International Bank.

Implemented alternative Shari'ah investment structures enabling Middle East investors and limited partners invest in alternative products in Europe and the US. Advised clients, including Tharwat for Financial ServicesAmerican LandmarkFlagship Healthcare PropertiesPacific General HoldingsRiyad CapitalGlobal Gate Capital and Mohamed & Abdullah I. Al Subeaei Investment (MASIC).

2. GCC: Real Estate Investment, General Banking & Finance and Private Credit

Advising a Dubai based real estate developer in connection with the financing of over AED 2 billion of real estate developments.

Advised the manager of a Venture Capital Debt Fund established in the ADGM in connection with its direct lending programme.

Advised Shorooq Partners Ltd, as the manager of the Nahda Fund I L.P., closed a Shari’ah compliant financing agreement with Retailo Technologies Holding Limited.

Advised Arcapita Investment Partners Limited in connection with the structuring of its acquisition of certain logistics warehouses in Dubai Investment Parks and Dubai South Logistics.

Advised The Western Union Company in its investment in stc Pay, valuing stc Pay at US$1.3 billion, thus creating the first Unicorn in Saudi Arabia, the third Unicorn in the Middle East and the first Fintech Unicorn in the Middle East.

Advised Dalma Energy LLC on the financing aspects of the merger of its business operations in Oman, Saudi Arabia, the Netherlands with the business operations of KCA Deutag. The combined enterprise value of the KCAD Group (the enlarged group) was over US$2.6 billion, making it one of the largest drilling contractors in the Middle East to date.

Advised Dalma Energy LLC on its acquisition of oil drilling rigs in Oman, the UAE and Saudi Arabia as well as its refinancing of a US$450 million acquisition facility.

Advised Arcapita Investment Partners Limited in connection with the AED 333 million Ijara financing for the purchase of three residential towers in Saadiyat Island, Abu Dhabi from Mubadala Pramerica. Subsequently advised Arcapita Investment Partners Limited on its contribution of interest in those properties to Residential Real Estate Investment Trust (REIT), forming part of one of the largest REIT contribution transactions in the Middle East.

Advised NBK Capital in connection with the AED 336 million sale and lease back transaction of a school in Dubai and the subsequent refinancing of that property with an AED 173 million Shari’ah-compliant facility secured against the school and the revenues under the lease.

Advised Investcorp on its acquisition financing of a stake in Bindawood Group, which owns one of the largest chains of grocery stores and related business in Saudi Arabia.

3. Restructuring

Advising Azmeel Construction Company, a top five Saudi Arabian construction company, in connection with its successful USD 2 billion Financial Restructuring Proceedings under the Saudi Arabian bankruptcy law. The restructuring plan has been approved and the plan is in the process of being implemented. The transaction won the 2022 IFN Awards Insolvency and Restructuring Firm of the Year.

Advising a large Saudi construction company in connection with its Financial Restructuring Proceedings under the Saudi Arabian bankruptcy law.

Advising a Saudi Arabian steel manufacturing plant in connection with the restructuring of its commercial bank debt.

Matters

1. Outbound: Real Estate Investment and General Banking & Finance

Advised a Saudi Arabian family office in connection with the buy-out of a 50% interest in a European packaging business from its joint venture partner, including advising on the acquisition financing.

Advised Qatar First Bank in connection with the refinancing of its portfolio of properties leased to Marks & Spencer. The transaction was refinanced on a Shari’ah-compliant basis.

Advised a prominent Saudi client in relation to the provision of a Shari’ah-compliant facility to fund the acquisition of land for development in Vauxhall Cross, London and the subsequent re-structuring of that facility.

See more
Icon close

Close

Matters

1. Outbound: Real Estate Investment and General Banking & Finance

Advised a Saudi Arabian family office in connection with the buy-out of a 50% interest in a European packaging business from its joint venture partner, including advising on the acquisition financing.

Advised Qatar First Bank in connection with the refinancing of its portfolio of properties leased to Marks & Spencer. The transaction was refinanced on a Shari’ah-compliant basis.

Advised a prominent Saudi client in relation to the provision of a Shari’ah-compliant facility to fund the acquisition of land for development in Vauxhall Cross, London and the subsequent re-structuring of that facility.

Advised KFH Capital Investment Company in the formation of two Shari’ah-compliant UK real estate funds. Following the formation of the funds, King & Spalding advised KFH Capital Investment Company in connection with five property acquisitions: two retail parts (one in England and the other in Scotland (multi-tenanted)), a distribution warehouse (single tenanted), three retail warehouses units (each leased to a prominent UK DIY retailer) and, a logistics warehouse in the UK (single tenanted). All five transactions were structured and financed on a Shari’ah-compliant basis.

Advised KFH Capital Investment Company in connection with it successful exit from a number of its UK investments, including a distribution warehouse in Peterborough leased to Amazon.

Advising a Kuwaiti asset manager in connection with the establishment of a private credit fund in Guernsey. The fund will be providing Shari’ah compliant financing to owners of UK real estate.

Advised the administrative agent in connection with the DIFC law aspect of its US$1.08 billion acquisition financing facility.

Advised the administrative agent in connection with the English law aspects of its US$800 million financing facility to a global supplier of core technology solutions in the medical sector.

Advised MUFG Bank, Ltd. in connection with a US$150,000,000 financing for PT Bukit Makmur Mandiri Utama (Buma), together with amendments to an existing US$100,000,000 facility. MUFG is the world’s 5th largest bank by assets, and the largest bank in the world by assets outside China.

Advised a Cayman Islands investment vehicle managed by Dimah Capital Investment Company in connection with the acquisition of a retail park in the UK with 16 tenants and two multi tenanted commercial properties in the UK. All transactions were structured and financed on a Shari’ah-compliant basis.

Advised Mohammed Alsubeaei & Sons Investment Company in relation to the provision by it of a £130 million Shari’ah-compliant mezzanine development facility to fund the mixed use development "South Bank Tower" in London (formerly King's Reach Tower). the mezzanine financing was part of a £400 million development facility involving senior Shari'ah-complaint financiers including ABC International Bank.

Implemented alternative Shari'ah investment structures enabling Middle East investors and limited partners invest in alternative products in Europe and the US. Advised clients, including Tharwat for Financial ServicesAmerican LandmarkFlagship Healthcare PropertiesPacific General HoldingsRiyad CapitalGlobal Gate Capital and Mohamed & Abdullah I. Al Subeaei Investment (MASIC).

2. GCC: Real Estate Investment, General Banking & Finance and Private Credit

Advising a Dubai based real estate developer in connection with the financing of over AED 2 billion of real estate developments.

Advised the manager of a Venture Capital Debt Fund established in the ADGM in connection with its direct lending programme.

Advised Shorooq Partners Ltd, as the manager of the Nahda Fund I L.P., closed a Shari’ah compliant financing agreement with Retailo Technologies Holding Limited.

Advised Arcapita Investment Partners Limited in connection with the structuring of its acquisition of certain logistics warehouses in Dubai Investment Parks and Dubai South Logistics.

Advised The Western Union Company in its investment in stc Pay, valuing stc Pay at US$1.3 billion, thus creating the first Unicorn in Saudi Arabia, the third Unicorn in the Middle East and the first Fintech Unicorn in the Middle East.

Advised Dalma Energy LLC on the financing aspects of the merger of its business operations in Oman, Saudi Arabia, the Netherlands with the business operations of KCA Deutag. The combined enterprise value of the KCAD Group (the enlarged group) was over US$2.6 billion, making it one of the largest drilling contractors in the Middle East to date.

Advised Dalma Energy LLC on its acquisition of oil drilling rigs in Oman, the UAE and Saudi Arabia as well as its refinancing of a US$450 million acquisition facility.

Advised Arcapita Investment Partners Limited in connection with the AED 333 million Ijara financing for the purchase of three residential towers in Saadiyat Island, Abu Dhabi from Mubadala Pramerica. Subsequently advised Arcapita Investment Partners Limited on its contribution of interest in those properties to Residential Real Estate Investment Trust (REIT), forming part of one of the largest REIT contribution transactions in the Middle East.

Advised NBK Capital in connection with the AED 336 million sale and lease back transaction of a school in Dubai and the subsequent refinancing of that property with an AED 173 million Shari’ah-compliant facility secured against the school and the revenues under the lease.

Advised Investcorp on its acquisition financing of a stake in Bindawood Group, which owns one of the largest chains of grocery stores and related business in Saudi Arabia.

3. Restructuring

Advising Azmeel Construction Company, a top five Saudi Arabian construction company, in connection with its successful USD 2 billion Financial Restructuring Proceedings under the Saudi Arabian bankruptcy law. The restructuring plan has been approved and the plan is in the process of being implemented. The transaction won the 2022 IFN Awards Insolvency and Restructuring Firm of the Year.

Advising a large Saudi construction company in connection with its Financial Restructuring Proceedings under the Saudi Arabian bankruptcy law.

Advising a Saudi Arabian steel manufacturing plant in connection with the restructuring of its commercial bank debt.

Credentials

Law Studies, BPP Law School

LL.B. with Honours, University of Bristol, UK

LL.B., University of Leuven

England and Wales

UK Law Society

Shortlisted as the Banking, Finance & Restructuring Lawyer of the Year


LexisNexis Women in Law Awards, 2023

Shortlisted as Woman Lawyer of the Year


ALB Middle East Law Awards, 2021

Ranked as “key lawyer” for UAE Banking and Finance: Corporate Finance (including Islamic Lending)


Legal 500 EMEA, 2020 - 2022

Ranked as Next Generation lawyer for UAE Banking and Finance


Legal 500 EMEA, 2017 - 2019

Icon close

Close

Recognition

Shortlisted as the Banking, Finance & Restructuring Lawyer of the Year


LexisNexis Women in Law Awards, 2023

Shortlisted as Woman Lawyer of the Year


ALB Middle East Law Awards, 2021

Ranked as “key lawyer” for UAE Banking and Finance: Corporate Finance (including Islamic Lending)


Legal 500 EMEA, 2020 - 2022

Ranked as Next Generation lawyer for UAE Banking and Finance


Legal 500 EMEA, 2017 - 2019