Clifford Chance has advised Dubai Electricity and Water Authority (DEWA) on its sukuk issue worth $1 billion due 2018, with Norton Rose advising the managers.
Travers Throp Alberga provided Cayman Islands law advice and acted as corporate services provider to DEWA, which plans to use the proceeds to repay debts.
Norton Rose advised Abu Dhabi Islamic Bank PJSC, Citigroup Global Markets Ltd, Dubai Islamic Bank PJSC, Emirates NBD Capital Ltd, Standard Chartered Bank and The Royal Bank of Scotland plc (all joint lead managers), in addition to Commercial Bank International PJSC, Sharjah Islamic Bank (SIB) and Union National Bank (acting as co-managers). This is DEWA’s second sukuk issue since October 2010.
“The Islamic debt capital markets have become very buoyant in the Middle East over the past few months with clients expecting their advisers to navigate seamlessly through legal and shariah issues, and work with various scholars to ensure that the commercial objectives of all parties are met,” Mohammed Paracha, partner and head of Islamic finance for Norton Rose Middle East and Africa, said in a statement.
Led by Paracha, the Norton Rose Dubai team consisted of capital markets of counsel Alex Roussos, and associates Faris Al Amoudi and Katie Phillips.
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