Paul Hastings LLP announced on May 13 that it advised TruKKer, a digital freight network in the Middle East, on a cross-border trade receivables securitization facility valued at up to $300 million. Abu Dhabi Commercial Bank acted as the sole arranger and lender for this financing, which is supported by portfolios of trade receivables from TruKKer’s operations across various markets.
The transaction is described as a significant step in the structured finance market of the Middle East. It is one of the first multijurisdictional, asset-backed securitizations involving a technology platform with rapid growth in the region. The structure includes nonrecourse, Shariah-compliant Murabaha arrangements in both the United Arab Emirates and Saudi Arabia, alongside conventional financing methods in Turkey. This required coordination among different legal, regulatory, and commercial systems.
The Paul Hastings team was led by William Watson, co-chair of the firm’s Abu Dhabi office. Other team members included partner Jason Brooks; of counsel Kevin Taylor; and associates Haris Ahmed, Sam Manful, and Alexandra Wingrove.
According to Paul Hastings LLP’s announcement, its firm operates elite teams across 17 core practices and focuses on delivering intellectual capital and execution globally for leading investment banks, asset managers, and corporations.
This development may influence future cross-border financings involving technology platforms within emerging markets as financial institutions continue to seek innovative solutions.
