The offer of the first tranche under the programme, in the total value of SAR 1 billion (approximately US$266 million), has been completed and was fully subscribed by investors.

This transaction marks the first public Sukuk issuance by a Saudi private healthcare services provider. It also marks the second largest public Sukuk issuance under the Rules on the Offer of Securities and Continuing Obligations.

The AS&H Clifford Chance team was led by Head of Banking & Finance Yasser Al-Hussain and Counsel Ahmed Choudhry. They were supported by Associates Ibrahim Al-Mansour, Yara Abushanan, Abdullah Alshebaiky and Noura Alassaf.

Head of Banking & Finance Yasser Al-Hussain commented,"We are delighted to advise in connection with this landmark Sukuk issuance transaction, the success of the issuance is a testament to the tremendous work of the Saudi German Health team, Al Rajhi Capital team and the staleholders on the transaction and to the attractiveness of the debt capital market in the Kingdom".

Consistently ranked Band 1 in legal directories, AS&H Clifford Chance has worked on most of Saudi Arabia's first-of-a-kind deals and are known for our pioneering approach. This includes advising Al Rajhi Capital Company on the establishment of SAR 10 billion Additional Tier 1 (AT1) Sukuk issuance programme and the subsequent public issuance of SAR 10 billion AT1 Sukuk by Al Rajhi Banking and Investment Corporation as the first public issuance under the Rules on the Offer of Securities and Continuing Obligations, Saudi Electricity Company (SEC) on the conversion of its financial government liabilities into a SAR 167.92 billion (approx. US$45 billion) Shari'a compliant subordinated financial equity-like instrument with a redemption option, considered the world's largest Shari’a compliant transaction ever to be executed and on the dual series international issuance of US$2.2 Billion trust certificates. Additionally, the team has advised on the first Saudi Medium-Term Programme and US Exim's first Saudi project financing just to name a few. AS&H Clifford Chance was named Saudi Arabian Law Firm of the Year at the IFLR1000 Awards in 2022.