Hogan Lovells Advises on Ijara Financing Facility for UAE Shopping Centre
27 March 2014
Dubai, 27 March 2014. Hogan Lovells recently advised Dubai Islamic Bank PJSC, on an AED740 million (US$201 million) ijara facility for Al Nadha Real Estate Trading Co LLC.
The funds will be used by Al Nadha to refinance their existing Islamic facility used for the construction and expansion of the Sahara Centre, a major shopping centre in Sharjah, UAE.
Hogan Lovells' team was led by Rustum Shah, partner, Dubai and supported by Claire Matheson Kirton, of counsel, Dubai.
Commenting on the transaction, Rustum Shah said:
"We are delighted to have advised on this successful financing. Hogan Lovells is well known for its expertise in Islamic finance and this transaction demonstrates our strength in the GCC market."
Rehan Shaikh, Head of Dubai Private Sector at Dubai Islamic Bank commented:
"Hogan Lovells expertise in Islamic finance has yet again been amply demonstrated with the successful closure of this transaction. The challenges surrounding this transaction due to an extremely tight time frame were efficiently and professionally managed by them. We look forward to working with Hogan Lovells on future transactions.
Akram Ammar, Managing Director, Sahara City (Al Nahda) commented:
"We thank Hogan Lovells for the speed & documentation turnaround time on this transaction."
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