Haykala - IMAP Saudi Arabia acted as the lead arranger for the issuance of $2 billion in perpetual sukuk for Azmeel Contracting Company (“Azmeel”). Azmeel, a leading construction contractor in Saudi Arabia and the GCC, boasts a wide portfolio of mega-projects and has worked with high-profile clients such as Aramco, SABIC, and others.

The perpetual sukuk, a quasi-equity instrument, enabled Azmeel to settle its financial obligations over an extended period through a cash sweep mechanism, in favor of its creditors. The structure was linked to a cross-default mechanism associated with the company’s other debt instruments, with covenants typical of such transactions. As part of the arrangement, company-owned assets were pledged in favor of creditors through a security agent.

Haykala leveraged its expertise in structuring complex sukuk offerings and its strong relationships with financial institutions to successfully execute this transaction, ensuring Azmeel's financial stability and positioning it for continued growth in the region.