K&A acted as legal counsel to The Saudi National Bank in connection with the USD 324.8 million Shariah-compliant financing of The National Shipping Company of Saudi Arabia (Bahri) for the acquisition of a fleet of four Very Large Crude Carriers (VLCCs).

The transaction was notable for its sophisticated structuring, combining a Shariah-compliant Murabaha facility with a comprehensive security package, including vessel mortgages and other security. It also incorporated ESG-aligned covenants tied to IMO environmental regulations and a tailored drawdown and repayment profile. K&A advised on all aspects of the financing and security documentation, ensuring compliance with both Islamic finance principles and international maritime standards, and facilitating a seamless negotiation and execution of the documents.

The transaction was led by Partner Karim Wali and supported by Counsel Paul Matrosov, and associates Nourah Bin Salamah and Saud Alrabieah. 

This strategic transaction strengthens regional maritime capabilities and global energy logistics, advancing Saudi Arabia’s economic and infrastructure ambitions. Structured to comply with both Shariah principles and international maritime-finance standards, the deal showcases K&A’s market-leading expertise in complex, asset-backed Islamic finance. It further confirms the firm’s reputation as a trusted adviser on high-value Islamic-finance, acquisition, and maritime transactions.