Clifford Chance has just bagged the first real property-backed Sukuk (Islamic bonds) in Saudi Arabia, days after the firm’s Dubai and Abu Dhabi offices advised on the first Sharia-compliant securitisation of instalment sales receivables.

The two deals involved the firm’s offices in Europe and Asia, and signal the firm’s strategy in joining hands across the globe for a firmer offering in the Middle East market. Its long-term alliance with Saudi law firm Al-Jadaan & Partners is also notable in helping the firm to make headway into the Saudi circle.

In the Sukuk deal, a combined team across the Dubai and London offices of Clifford Chance and Al-Jadaan & Partners advised HSBC in Saudi Arabia on the issuance of over US$266m (SR1bn) Sukuk, using a financial structure that has a profitable right over 13 floors of the Al-Safa Tower of the Abraj Al-Bait Complex in Makkah. The Sukuk certificates are issued by Purple Island Corp., a special purpose vehicle incorporated in the British Virgin Islands affiliated with the Saudi Bin Ladin Group.

The team from Clifford Chance included Andrew Coats, Qudeer Latif, Will Winterton, Bilal Ahmad and Neeta Thakur. The Al-Jadaan & Partners team comprised Mohammed Al-Jadaan and Sherroy Ong. Baker & McKenzie’s Bahrain office acted for the Saudi Bin Ladin Group.

Just last week, the firm handled the world’s largest and first ever asset-backed securitisation out of Abu Dhabi. The transaction is also the world’s largest Sharia-compliant securitisation to date, and involved Clifford Chance’s Dubai, Abu Dhabi, London and Hong Kong offices.