Goldman Sachs, Citi, ATLAS, and Apollo are being counseled by our law firm on a US$2.4 billion warehouse securitisation deal - the largest private credit funding in the Saudi Arabian consumer sector till now.
In a significant development for the Middle Eastern financial market, White & Case LLP has advised Goldman Sachs, Citi, ATLAS SP Partners, and Apollo on a warehouse securitisation of buy now, pay later receivables originated by Tamara Finance Company. This transaction marks the largest private credit transaction in Saudi Arabia for both ATLAS and Apollo.
The deal, which took place in 2025, involved the refinancing of Tamara's first of its kind Gasoline 1.0 buy now, pay later securitisation in Saudi Arabia, originally arranged by Goldman Sachs in 2023. The transaction is a milestone for Tamara, a fintech company based in the region, as it allows the company to increase its consumer product bandwidth.
The White & Case team that advised on the transaction was led by partner Debashis Dey (Dubai & London), partner Anthony Colegrave (London), local partner Nezar Al Abbas (Riyadh), and associates Salvia Matonyte, Eren Ayanlar, Felix Mueller, Ola Sanni (all Dubai), Yuning Zhou (Hong Kong) and Lara Taylor (London).
Debashis Dey, a partner at White & Case, led the Firm's deal team in supporting the successful refinancing. Debashis' expertise in Capital Markets, Financial Institutions, Islamic Finance, Financial Restructuring and Insolvency, Private Credit & Direct Lending, and Private Capital, proved invaluable in navigating the complexities of the transaction.
The transaction includes Murabaha financings, reflecting the regional commitment by Tamara and the associated financial institutions' commitment to ethical investment practices. This deal demonstrates signs of increasing sophistication in the structured credit market in the GCC.
The transaction is the largest limited recourse funding in Saudi Arabia for a fintech company in the consumer sector to date, with a commitment that can be scaled to US$ 2.4 billion. This deal continues to demonstrate White & Case's market leading expertise in executing highly complex structured finance transactions in the Middle East, including transactions involving Shariah compliant techniques.
White & Case's team members, such as Ola Sanni, an associate with expertise in Capital Markets, Lara Taylor, an associate with expertise in Capital Markets, Yuning Zhou, an associate based in Hong Kong SAR with expertise in Capital Markets and Mergers & Acquisitions, and Felix Mueller, an associate with expertise in Capital Markets and Islamic Finance, all played crucial roles in the successful execution of the transaction.
The deal underscores White & Case's broad service areas in Capital Markets, Financial Institutions, Middle East, Western Europe, Asia-Pacific, UAE, United Kingdom, Saudi Arabia, and Hong Kong SAR, and further cements the firm's position as a leading advisor in the region.
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