Addleshaw Goddard Advises Emirates NBD Capital KSA on Saudi Equity Fund
This Shari'ah-compliant fund will invest in Saudi-listed shares, expanding ethical investment opportunities in the Kingdom's growing equity market
In a notable development within Saudi Arabia’s investment landscape, Addleshaw Goddard, a prominent international law firm, has played a pivotal advisory role in the launch of a new equity fund by Emirates NBD Capital KSA. This newly introduced vehicle, titled the ENBDC Saudi Equity Freestyle Fund, received official approval from the Kingdom’s Capital Market Authority (CMA), enabling its formal entry into the market.
Structuring a Shari’ah-Compliant Investment Opportunity
The ENBDC Saudi Equity Freestyle Fund is structured as an open-ended investment platform that will focus on shares compliant with Islamic financial principles. The fund’s scope includes equities listed on both the Tadawul, Saudi Arabia’s principal stock exchange, and the parallel Nomu market, offering a broader exposure to local growth opportunities. This initiative marks a strategic extension of Emirates NBD Capital KSA’s investment offerings, reinforcing its ambitions within the Kingdom’s evolving capital markets.
Legal Team Leadership and Collaboration
Guiding the legal framework of this launch was a seasoned team from Addleshaw Goddard. The advisory was led by partners Jasem Alanizy and Amar Meher, whose leadership was complemented by the expertise of associates Abdullah Almudaifer and Majid Kyprianos. Their collective efforts ensured the fund’s compliance with regulatory and structural requirements set forth by the CMA.
Jasem Alanizy, Partner – Corporate Finance at Addleshaw Goddard, commented, “We are proud to have supported Emirates NBD Capital KSA on this significant offering, which underscores their strategic focus on Saudi Arabia’s dynamic equity market. Our role in ensuring the offering documents were clearly drafted and in compliance with the relevant regulations facilitated a swift approval process with the CMA, which reflects our commitment to delivering robust and market-specific legal expertise in the Kingdom.”
Amar Meher, Partner – Finance at Addleshaw Goddard, added, “This transaction is a testament to the growing opportunities within Saudi Arabia’s investment fund landscape. Helping our client bring this Shari’ah-compliant fund to market demonstrates our ability to successfully advise on innovative solutions in Saudi Arabia’s ever-expanding financial market.”
Meeting Ethical Investment Demands in a Growing Market
The establishment of the ENBDC Saudi Equity Freestyle Fund aligns closely with the increasing appetite for Shari’ah-compliant investment solutions in Saudi Arabia. By focusing on ethical, faith-based financial instruments, Emirates NBD Capital KSA is not only addressing the preferences of a growing investor base but also deepening its influence as a major participant in the Kingdom’s financial sector.
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