White & Case, A&O to act on Islamic mall financing

White & Case and Allen & Overy (A&O) have scooped lead roles on the Islamic financing of a Saudi Arabian retail development.

White & Case’s Saudi partner Mohammed Al-Sheikh and London partner Chris Langdon led the team advising Arabian Centres on its £1.1bn financing of the construction of a Saudi retail mall.

Langdon said: “This transaction demonstrates the growth and depth of Islamic finance in the region. This is a significant transaction which sets the stage for further growth of Arabian Centres in the future.”

Arabian Centres is the largest owner and operator of shopping malls in Saudi Arabia. The deal is part of the group’s expansion plans, which include opening 12 malls over the next five years.

A&O’s Saudi-based partner Julian Johansen advised lending banks Samba Financial Group, National Commercial Bank, Al Rajhi Bank and Saudi Investment Bank.