International law firm Hogan Lovells has advised the banks involved in arranging the Islamic financing for the Emirates National Oil Company (ENOC) for the construction of two jet fuel storage terminals in Dubai.

The firm acted as counsel to the Emirates NBD, the Noor Islamic Bank, and the Standard Chartered Bank. The three banks served as arrangers on a dual tranche, $75 million and 91.8 million dirhams ($25 million) Islamic finance facility. The proceeds are expected to be used for the construction of a jet fuel storage terminal at Jebel Ali Free Zone, and the construction of a 60 kilometre pipeline from the jet fuel storage terminal to the Dubai International Airport.

Hogan Lovells' team was led by the Dubai-based global head of Islamic finance, Rahail Ali, and was assisted by senior associate Claire Matheson Kirton and associate Mark Brighouse.

“The deal demonstrates Dubai's ability to capitalise on, and develop its position as one of the world's pre-eminent aviation hubs, and Hogan Lovells' ability to field a strong team of Islamic finance specialists to help close complex deals,” said Ali.

Dubai’s state-owned refiner and fuel marketer ENOC was advised on the financing by Pinsent Masons. ALB

Shaheen Pasha is Middle East Regional Editor at ALB. Follow her on Twitter: @ALB_TheBrief.

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