Dubai—Dentons advised Oman's Mohammed Al Barwani Holding on its inaugural issuance of a US$76 million Sukuk, which completed on 29 June 2016 and represents the first dual tranche (OMR and US dollar) Sukuk issuance in Oman, with the Muscat Clearing and Depository Company clearing and settling US dollar denominated securities for the first time. The transaction also represents the first Sukuk issued pursuant to the newly enacted Sukuk regulations in Oman, and the second corporate Sukuk in Oman to date.

The certificates were listed on the new Bonds and Sukuk Market of the Muscat Securities Market, as required by the amended Executive Regulations of the Capital Market Law for private placement with sophisticated investors in the GCC.

The National Bank of Oman acted as Issue Manager, with Standard Chartered Bank acting as Joint Placement Agent.

Dentons Banking and Finance Partner in Muscat, Sadaf Buchanan, commented, "The transaction marks a significant step forward in Capital Market issuances from Oman given the many "firsts" from an Oman law and practical perspective, including the dual currency tranches. It was a privilege for our team to work on a transaction that further helps to shape the DCM and Islamic financing landscape in Oman."

Dentons capital markets partner, Alex Roussos, also commented, "This was a particularly novel transaction which becomes even more significant if one considers that it was structured and executed during the enactment of the CMA's new Sukuk regulations. We hope it will encourage more corporate issuers in Oman to take advantage of the favourable regulatory environment and proceed to issue Sukuk, both locally and internationally".

The Dentons team was led by partners Alex Roussos and Sadaf Buchanan, with assistance from senior associate Beene Ndulo and associate Sana Siddiqui in Dubai and in Muscat by senior associate Justine Harding, associate Yasser Taqi and trainee Budoor Moosa. Partner Abdelrahman El Nafie led on the translation of the Arabic prospectus together with partner Nick Simpson on the incorporation of the issuing vehicle, with senior associate Darshi Sanganee, and associates Al Waleed Al Kiyumi and Abdelredha Al Lawati supporting.