LAWFUEL – Middle East Law + Business News – The Dubai and London offic…

LAWFUEL – Middle East Law + Business News – The Dubai and London offices of Clifford Chance LLP have advised Dubai World and Nakheel PJSC (Nakheel) on a US$ 3,520,000,000 sukuk-al-ijara issue, the largest sukuk issue in the world to date.

Nakheel is a subsidiary of Dubai World and is responsible for well-known developments in Dubai such as The Palm, Jumeirah, and The World. The issuer of the sukuk, Nakheel Development Limited, is a special purpose vehicle incorporated as an offshore company at Jebel Ali Free Zone in Dubai. The proceeds of the sukuk will be used towards financing Nakheel’s real estate development projects in Dubai. The sukuk certificates will be listed on Dubai International Financial Exchange.

The Nakheel sukuk issue, which is slightly larger than the US$3,500,000,000 issue by Dubai’s PCFC that closed in January 2006, incorporates an option for certificate holders to subscribe for shares in any future public offering of shares by Nakheel or any of its subsidiaries within the next 4 years.

Robin Abraham, partner, who led the team in Dubai commented “We were delighted to work with Dubai World and Nakheel on what is a landmark transaction for many reasons, not just because of its size.”

Simon Sinclair, partner, who led the team in London, commented ” We are extremely pleased to have been be able to use our cross border capital markets and shari’a expertise to work on another ground breaking Islamic compliant equity-linked transaction.”

Islamic finance specialist, Qudeer Latif, also based in Dubai, noted “This transaction completes a fantastic year for Clifford Chance’s Islamic finance practice. We have closed more than US$17,000,000,000 of Islamic finance transactions in 2006, across a range of product areas, including capital markets, project finance and asset finance. We are currently working on a number of significant financings that should come to the market in 2007.”

Barclays Capital and Dubai Islamic Bank PJSC were lead managers on the Nakheel sukuk.

Partner Robin Abraham led the Clifford Chance Dubai team with senior associate Qudeer Latif and associate Shani Long. The Clifford Chance London team was led by Partner Simon Sinclair, assisted by associates Kate Vyvyan and Alex Roussos.

For further information about this release contact Simon Sinclair in London on +44 20 7006 1000, or Robin Abraham or Qudeer Latif in Dubai on +971 4 362 0444.

The Dubai and London offices of Clifford Chance LLP have advised Dubai World and Nakheel PJSC (Nakheel) on a US$ 3,520,000,000 sukuk-al-ijara issue, the largest sukuk issue in the world to date.

Nakheel is a subsidiary of Dubai World and is responsible for well-known developments in Dubai such as The Palm, Jumeirah, and The World. The issuer of the sukuk, Nakheel Development Limited, is a special purpose vehicle incorporated as an offshore company at Jebel Ali Free Zone in Dubai. The proceeds of the sukuk will be used towards financing Nakheel’s real estate development projects in Dubai. The sukuk certificates will be listed on Dubai International Financial Exchange.

The Nakheel sukuk issue, which is slightly larger than the US$3,500,000,000 issue by Dubai’s PCFC that closed in January 2006, incorporates an option for certificate holders to subscribe for shares in any future public offering of shares by Nakheel or any of its subsidiaries within the next 4 years.

Robin Abraham, partner, who led the team in Dubai commented “We were delighted to work with Dubai World and Nakheel on what is a landmark transaction for many reasons, not just because of its size.”

Simon Sinclair, partner, who led the team in London, commented ” We are extremely pleased to have been be able to use our cross border capital markets and shari’a expertise to work on another ground breaking Islamic compliant equity-linked transaction.”

Islamic finance specialist, Qudeer Latif, also based in Dubai, noted “This transaction completes a fantastic year for Clifford Chance’s Islamic finance practice. We have closed more than US$17,000,000,000 of Islamic finance transactions in 2006, across a range of product areas, including capital markets, project finance and asset finance. We are currently working on a number of significant financings that should come to the market in 2007.”

Barclays Capital and Dubai Islamic Bank PJSC were lead managers on the Nakheel sukuk.

Partner Robin Abraham led the Clifford Chance Dubai team with senior associate Qudeer Latif and associate Shani Long. The Clifford Chance London team was led by Partner Simon Sinclair, assisted by associates Kate Vyvyan and Alex Roussos.

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