Stephenson Harwood advises on $2.5 billion development deal in Oman

International law firm Stephenson Harwood LLP has advised on a large scale real estate and tourism development project in Oman.

The Omagine project, which will cost approximately 2.5 billion US dollars to develop, was agreed with the Ministry of Tourism for the government of Oman and Omagine LLC. The project team from Stephenson Harwood’s Dubai office advised Omagine LLC, which will design, build, own and operate the mixed use ‘integrated tourism complex’ under a special royal decree which allows non-Omani citizens to buy and own real estate in Oman which is connected to a tourism development. The development agreement was signed on October 2, 2014.

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Dentons advises BTMU on landmark US$100 million commodity murabahah facility to ICD

Dentons has advised Bank of Tokyo-Mitsubishi UFJ (Malaysia) on an Islamic commodity murabahah facility of US$100 million to the Islamic Corporation for the Development of the Private Sector.

ICD is one of the most influential agencies in the Islamic finance markets and the facility is the first ever financing by BTMU with a multilateral international financial entity.

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Dentons advises Burgan Bank on US$500 million issuance

Dentons has advised Burgan Bank on the issuance of US$500 million Perpetual Tier 1 Capital Securities, which completed on 30 September 2014. The Capital Securities were listed on the Irish Stock Exchange and represented Kuwait’s first ever Basel III-compliant regulatory capital issuance.

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Linklaters advises on one of the largest IPOs in UAE

Linklaters has advised Emaar Malls Group (EMG), the leading owner and operator of shopping malls in Dubai, and its parent company, Emaar Properties, on EMG’s IPO, the second largest ever in the United Arab Emirates. The initial sale of shares were priced at the top of the proposed range amid huge demand from investors, making it the largest stock offer in a Gulf Arab economy since 2008.

Shares in the initial public offer were priced at 2.90 dirhams per share, giving an overall sale value of 5.8 billion dirhams ($1.58 billion). With a market value of 37.7 billion dirhams upon listing, it will become the third-largest stock on the Dubai Financial Market when it begins trading on Oct. 2.

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Linklaters advises Agricultural Bank of China on Dubai’s Landmark Renminbi deal

Linklaters advised the Managers in connection with the CNY 1 billion 3.50%. Notes due 2017 issued by Agricultural Bank of China Limited Dubai Branch, under Agricultural Bank of China Limited’s US$ 15 billion Medium Term Note Programme. Agricultural Bank of China is China’s third largest by assets. This transactions marks the first Reminbi offering in Dubai by a non-Dubai entity and the first Chinese fixed income bond on an Arab stock market.

One of the stated aims of the transaction was to contribute to the continuing global expansion of the Chinese currency.

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Dentons advises the Government of Sharjah on its inaugural Sukuk

Dentons has advised the Government of Sharjah, acting through Sharjah Finance Department, on the issuance of US$750 million Trust Certificates due 2024 which completed on 17 September 2014. The Certificates were listed on the Irish Stock Exchange and on the Nasdaq Dubai and represented the Government’s first ever Sukuk issuance.

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White & Case Advises on Innovative US$1.5 Billion Sukuk Issuance by the Republic of Indonesia

Global law firm White & Case LLP has advised the Joint Lead Managers on the issuance by the Republic of Indonesia of US$1.5 billion, 4.35 percent Sukuk due 2024.

“This transaction represents an important innovation in the way that sovereigns can issue Sukuk to fund public infrastructure development projects,” said UAE-based partner Shibeer Ahmed who, together with fellow Singapore-based partner, Kaya Proudian, led the White & Case team which advised on the issuance. “The reaction from the market demonstrates the strong investor interest in the Republic’s capital markets issuances.”

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Watson, Farley & Williams opens a new office in Dubai

Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has opened its 14th office, in Dubai, United Arab Emirates (UAE). The opening is in response to increasing demand from WFW clients in the firm’s key sectors for advice in relation to their business dealings in Dubai and the UAE, and also across the Middle East generally.

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King & Spalding Advises Kuveyt Turk on US$500 Million Senior Unsecured Notes

King & Spalding advised Kuveyt Turk Katilim Bankasi A.S. (Kuveyt Turk), one of the leading Turkish participation banks, on the issuance of US$500 million senior unsecured certificates due 2019. The certificates, which are listed on the Irish Stock Exchange, are issued through KT Kira Sertifikilari Varlik Kiralama A.S., the Turkish asset leasing company. The transaction was substantially oversubscribed.

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Dentons advises Emirates Steel Industries and Senaat on their US$1.3 billion refinancing

Dentons announced that it has advised Emirates Steel Industries (ESI) and Senaat on their recent US$1.3 billion refinancing. The transaction is one of the largest to have closed in the UAE this year and involves an innovative hybrid corporate/project financing structure which allowed ESI to obtain highly competitive terms. Both international and local banks participated in the financing, which contained conventional and Islamic tranches.

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