Hogan Lovells Advises on ENOC Expansion
24 June 2012
DUBAI, 24 June 2012 - Hogan Lovells Advises on ENOC Expansion
International law firm Hogan Lovells has acted as counsel to Emirates NBD Bank PJSC, Noor Islamic Bank PJSC and Standard Chartered Bank as arrangers on a US$75,000,000 and AED91,825,000 Istisna - Ijara financing facility.
The proceeds will 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 Dubai International Airport.
Hogan Lovells' team was led by Dubai-based Global Head of Islamic Finance, Rahail Ali, assisted by senior associate Claire Matheson Kirton and associate Mark Brighouse. Speaking today Rahail Ali said:
"We were delighted to advise the banks on this Islamic financing for ENOC. The deal demonstrates Dubai's ability to capitalize on and develop its position as one of the world's preeminent aviation hubs and Hogan Lovells' ability to field a strong team of Islamic finance specialists to help close complex deals."
ENOC was advised by Pinsent Masons LLP.
Background to Hogan Lovells Islamic Finance Experience
Hogan Lovells' Islamic finance team has been at the forefront of cutting-edge developments in the Islamic finance market, having previously advised on the first Islamic reserve based financing, the first Sharia compliant tier 2 capital facility and a number of landmark sukuk including the first international musharaka, mudarabah, convertible and exchangeable sukuk offerings and the first sukuk "buy-back".