Recognition for Norton Rose Fulbright at the IFLR Middle East Awards 2025

Global law firm Norton Rose Fulbright has been recognised at the IFLR Middle East Awards 2025, securing the Domestic Deal of the Year for its role advising Rawasi Al Bina Investment Company on a landmark Sukuk transaction in Saudi Arabia.

The award celebrates Norton Rose Fulbright’s work on the first-ever public offer of Sukuk approved by the Saudi Capital Market Authority (CMA) under the newly amended Rules on the Offer of Securities and Continuing Obligations (OSCO Rules). The transaction involved the establishment of a SAR 500 million Sukuk Issuance Programme, with the first series of SAR-denominated Sukuk offered publicly to investors in the Kingdom.

Rawasi Al Bina, a Saudi Exchange-listed company active in the telecommunications sector, achieved a significant regulatory milestone with this approval, marking a precedent-setting moment in the evolution of Saudi Arabia’s capital markets.

The Norton Rose Fulbright team was led by partner Hamed Afzal, supported by senior associates Yousef Al Amly, Faisal Aldhayaan, Michael Stevens, associate Amira Nassar and trainee solicitor Michael Wilson.

Hamed Afzal, commenting on the recognition, said:

“We are honoured to receive this award for a transaction that sets a new benchmark in the Saudi debt capital markets. This deal reflects the Kingdom’s commitment to deepening its financial infrastructure under Vision 2030, and we are proud to have supported Rawasi Al Bina in navigating this transformative regulatory landscape.”

Norton Rose Fulbright’s capital markets team in the Middle East cover the full range of equity and debt capital markets matters. This transaction comes off the back of the team being named Capital Markets Team of the Year by Islamic Finance News last year, among other high profile recognition.