La Liga’s Levante announce shirt sponsorship deal with Saudi Arabia firm Jawwy

Levante have announced a shirt sponsorship deal with Saudi Arabian firm Jawwy until the end of the season. (Photo: LevanteUD.com)
Updated 21 February 2018
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La Liga’s Levante announce shirt sponsorship deal with Saudi Arabia firm Jawwy

VALENCIA: La Liga side Levante have announced a sponsorship deal with Saudi Arabian mobile and telecommunications operator Jawwy.
Under the terms of the deal, the Saudi firm will serve as a shirt sponsor of the Spanish team until the end of the current 2017/18 season. The financial terms of the deal were not disclosed.
The news comes after Levante signed Saudi Arabian player Fahad Al-Muwallad on loan from Saudi Professional League side Al-Ittihad.
Several Saudi Arabia internationals have joined La Liga clubs as part of a strategic partnership between the league and the General Sports Authority of Saudi Arabia (GSA), which was agreed in October to give World Cup-bound Saudi players game time and experience in Europe ahead of the tournament.


The agreement also includes branding opportunities, an academy partnership and a talent ID scouting initiative for young soccer players in the Asian country.
Levante are currently fourth from bottom in the La Liga table, after winning just three of their 24 games so far this season.
Al-Muwallad is also yet to make an appearance for the Valencia-based side.


Maalem Financing raises $26m in debut sukuk

Updated 17 October 2018
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Maalem Financing raises $26m in debut sukuk

  • The sukuk from Maalem, a shariah-compliant commercial and consumer financing firm, is a small but novel deal
  • The three-year unsubordinated deal was sold through a private placement and Maalem could tap the market again

LONDON: Saudi Arabia’s Maalem Financing has raised SR100 million ($26.6 million) from a debut sale of Islamic bonds, or sukuk, as the firm seeks to develop a crowdfunding product and expand its operations, a senior executive said on Tuesday.
The sukuk from Maalem, a shariah-compliant commercial and consumer financing firm, is a small but novel deal in a market that is dominated by issuance from sovereign institutions and Islamic banks.
The three-year unsubordinated deal was sold through a private placement and Maalem could tap the market again as early as January next year, said John Sandwick, a member of Maalem’s board of directors.
“The program is for SR500 million and with 3.6 times oversubscription, there seems to be a lot of demand,” he said.
Additional sales of sukuk aimed to raise between SR100 million and SR200 million, depending on market conditions, he said, adding that Maalem may consider a dollar-denominated sukuk issuance at a later stage.
The debut transaction used a structure known as murabaha, a cost-plus-profit arrangement commonly used in Saudi Arabia. The firm hoped to use an asset-backed structure for future deals, Sandwick said.
Established in 2009, Maalem received regulatory approval to operate as a non-real estate finance company in 2016 and increased its capital in 2017 to SR150 million.
The company plans to open several regional offices by the end of 2018 and is awaiting regulatory approval for a crowdfunding license, Sandwick said.
Crowdfunding enables startup firms to collect small sums of money from many individuals as an alternative to bank loans.
Albilad Capital, the investment banking unit of Bank Albilad, served as sole lead manager and arranger of the sukuk.