International law firm Latham & Watkins has advised Saudi Arabia-based Riyad Bank on a 500 million riyal ($137 million) Islamic financing for the Sahara Petrochemicals Company.

The three-year standby revolving facilities was structured on a murabaha-tawarruq basic, and will support Sahara Petrochemicals’ working capital requirements. It will also fund the company’s existing and future projects.

The Latham & Watkins team was led by partners Salman Al-Sudairi in Riyadh and Craig Nethercott, who splits his time between Dubai and Riyadh. Associates Harj Rai in Riyadh and Basil Al-Jafari in Dubai also provided support in the deal.

Shaheen Pasha is Middle East Regional Editor at ALB. Follow us on Twitter: @ALB_Magazine.

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