Deal Description: On February 15, 2022, Derayah Financial, a closed joint stock investment company registered in Riyadh, announced the creation of a new Digital Bank in Saudi Arabia.

The new Digital Bank, named D360, has received approval from the Saudi Central Bank (SAMA). D360 will be established with a capital of SAR 1.65 billion ($440 million) through a consortium of individual and corporate investors led by Dereyah Financial.

The Law office of Mohanned bin Saud Al Rasheed in association with Baker Botts LLP assisted Derayah Financial on its licensing and joint venture documents.

Baker Botts Lawyers/Offices Involved:

Associated Office in Riyadh: Shadi Haroon (Partner, Global Projects), Rakan Alyusuf (Associate, Corporate), Hanan E. Eesa (Associate, Corporate).

Dubai: Stephen Matthews (Senior Counsel, Global Projects), Shakir Mabrur (Associate, Corporate).

London: Neil Coulson (Partner, IP), David Ramm (Partner, Corporate).

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