Dentons has advised on a US$550 million conventional and Islamic multi-tranche facility to Dubai-based oilfield services firm Topaz Energy and Marine, completed on 30 April 2015. The facility was arranged over three tranches lasting between five and seven years and will be used principally to refinance existing debt and fund its expansion plans.

Dentons advised the Joint Lead Arrangers Standard Chartered Bank and HSBC, who acted together with Gulf International Bank, Emirates NBD, Noor Bank and First Gulf Bank as the arrangers on the deal.

Simmons & Simmons has advised Vodafone Qatar on the successful refinancing of US$330m of conventional external borrowings with a Shariah compliant 'Wakala' investment agreement.

The transaction has a tenure of 5 years and will be used for working capital and capital expenditure. The refinancing is unique, being Vodafone Group's first Shariah compliant intercompany financing. Vodafone Qatar has also reported that, effective from 01 January 2015, it commenced the implementation of Shariah rules and practices in all of its operations.

Takween Advanced Industries (Takween) has announced that the company has signed a SAR1.3 Billion Murabaha financing facility arranged by a syndicate of banks including Arab Bank, Samba Financial Group and Bank AlBilad. Takween’s purpose of the financing is to fund the SAR910 million purchase price and loans of Savola Packaging Company, a leading packaging company in Saudi Arabia and major producer of PET packaging products, and its subsidiaries, to pay the fees and costs of the facilities, and to finance the working capital of Takween.

Dentons’ office in Baku recently advised the Islamic Corporation for the Development of the Private Sector (ICD) on a financing agreement with Muganbank, a major local bank in Azerbaijan, on Commodity Murabaha and Wakala transactions, extending its market-leading experience in Islamic finance.

The ICD line of financing will be used to finance small and medium-sized enterprises (SMEs) in Azerbaijan operating in manufacturing, trade, industrial, agricultural and other sectors.

Dubai—Dentons has advised a consortium of banks led by Islamic bank Al Hilal Bank, based in Abu Dhabi, on a US$200 million Shariah-compliant syndicated facility. The financing was made available to Islamic bank Ajman Bank, to support its banking activities. 

The dual tranche facility comprised Murabaha and Wakala structures for which the participants were regional Islamic banks, Al Hilal Bank, Emirates Islamic Bank, Sharjah Islamic Bank and Qatar Islamic Bank.

Watson, Farley & Williams Asia Practice LLP (“WFWAP”) in Singapore is pleased to announce that it advised Brunei Gas Carriers Sdn Bhd (“BGC”) on the delivery of the liquid natural gas (“LNG”) carrier m.v. “Amani”. The “Amani” was delivered to BGC on 13 November 2014 and will be employed under a long-term charter to Brunei LNG Sdn Bhd.

Clifford Chance has advised Abu Dhabi Islamic Bank, Dubai Islamic Bank and Commercial Bank of Dubai on a US$425 million Islamic financing and leasing (ijara) to Emirates for two aircraft, including Emirates' 50th Airbus A380, marking a significant milestone for the airline.

Abu Dhabi Islamic Bank acted as security trustee, security agent, investment manager and investor while Dubai Islamic Bank and Commercial Bank of Dubai acted as investors. The 50th A380 was delivered on 9 July 2014.

Clifford Chance and Matouk Bassiouny have together advised Abu Dhabi Islamic Bank, Banque Audi, Banque Misr, as Senior Mandated Lead Arrangers, and the Islamic Corporation for the Development of the Private Sector (ICD), as Mezzanine Mandated Lead Arranger on and Islamic Shari’a compliant financial package of around EGP1.8 billion extended to Al Sharkeya Sugar Manufacturing S.A.E (ASSM) for the construction of a sugar production facility in Al Sharkeya Governorate, Egypt.

Dubai—Dentons has advised Ajman Bank on US$155 million Islamic financing facilities made available by a syndicate of banks. The facilities comprise of a dual commodity murabaha and wakala arrangement with a two year lifespan. Noor Bank acted as the arranger and bookrunner for the deal, and along with Emirates Islamic Bank, First Gulf Bank, United Arab Bank and Warba Bank which participated in the facilities.
 

Allen & Overy has advised Deutsche Bank, Crédit Agricole Corporate and Investment Bank and Société Générale as mandated lead arrangers on two murabaha facilities for Mobily, the Saudi Arabian telecommunications firm.

The two facilities were backed separately by Finnvera, the Finnish Export Credit Agency (USD280 million) and the Swedish Exports Credit Guarantee Board, EKN (USD281m), with FEC and SEK respectively providing the funding.