Norton Rose Fulbright advises on ECA-backed Islamic financing

Global law firm Norton Rose Fulbright has advised Coöperatieve Rabobank U.A. on a EUR 48.2 million Murabaha Facility Agreement to fund the expansion of Tanmiah Food Company’s production capacity in Saudi Arabia. The Islamic finance transaction was backed with an export credit insurance by Atradius.

The cross-border team prepared and negotiated the Murabaha facility and advised Coöperatieve Rabobank U.A. on the structuring of this Islamic finance transaction. It is the first Islamic finance deal for Coöperatieve Rabobank U.A. and the first ECA-backed Murabaha of this nature for Atradius.

The team was led by partner Omar Salah. The Amsterdam team included senior associate Gino Bell, associate Rik van der Laan and solicitor Anthony Pallett. The Middle East team included partner Robin Balmer, associate Hesa Alsaad and trainee lawyer Eyad Alhaddad.

Tanmiah Food Company is one of the Middle East’s leading providers of fresh and processed poultry, and other processed meat products, as well as animal feed and health products. It is a publicly listed company on the Saudi stock market. Tanmiah’s business model includes production, further processing, and distribution with products sold in Saudi Arabia, the UAE, Bahrain, Oman, Jordan, and Kuwait. Tanmiah distributes its products through a network of wholesalers, retailers, and food service outlets, as well as online direct to consumers. Sustainability is a core principle at Tanmiah, with initiatives including planting a million trees by the end of 2025, using wastewater from its facilities, and turning waste products into fertilizer.