<p>Although the banking industry has had its challenges in recent years, Al Tamimi  maintains a thriving Banking &amp; Finance practice which has strengthened over  the past few years. We serve local, regional and international clients and  service a strong demand for the sophisticated services that we provide in tandem  with extensive local knowledge and experience.&nbsp; As such, our Banking &amp;  Finance practice has excellent market penetration and advises a majority of the  local and international banks and companies on their finance operations and  activities across the GCC. <br /><br />Our 30 lawyer Banking &amp; Finance practice  across our offices combines individuals with a true understanding of regional  practices and those who have extensive international experience. The practice is  truly full service, with our expertise ranging from regulation and licensing of  financial institutions, product development, transactional finance, funds, debt  capital markets, project finance and debt recovery. We also help banks be banks  with our day to day support on local law banking issues.<br /><br />The success of  our regional practice is reflected in our appointment on a number of the most  high profile transactions in the region.&nbsp;Below we provide a recent snapshot of  the deals our department has been working  on:<br /><strong><br /><br />UAE:<br /></strong></p>
<ul>
<li>Acted for GGICO on the successful AED3 billion restructuring of its  financial debts, which included a banking group of 27 lenders both conventional  and Islamic.</li>
<li>Acting for an Abu Dhabi hospital and medical group on a syndicated Islamic  facility for a AED 500 million dividend recapitalization, which included the  structuring and implementation of various onshore and offshore companies and  nominee arrangements to off security to the financiers.</li>
<li>Advising an Abu Dhabi bank on a AED 920 million Islamic facility (revolving  commodity Murabaha) provided to a group of four Abu Dhabi based companies to  finance the acquisition of maritime assets in the greater Middle East.&nbsp; The deal  involved our Dubai, Abu Dhabi and Jordan offices and required structuring of  security in favour of the bank in multiple jurisdictions in the Middle East  including in Egypt and Jordan.</li>
<li>Acting for an Abu Dhabi bank with respect to a AED 490 million &ndash; Islamic  facility (Ijara and Istisna) provided to re-finance a conventional facility and  to part fund the completion of a real estate project in Dhabi.</li>
<li>Acted for a Dubai bank on the AED705 million financing of a mall expansion  project in Dubai.</li>
</ul>
<p><strong>Jordan</strong></p>
<ul>
<li>Advising on the acquisition of a Renowned Credit Technology Services Company  including advising on financing and the security arrangements.&nbsp; The financing of  the deal was structured as a revolving credit facility; as well as the question  of validity of an upstream guarantee in Jordan.</li>
<li>Advising on the Restructuring of a Facilities Agreement involving the  drafting and reviewing a restructuring facilities agreement provided to a major  cement corporation, and advising on the best options to structure the same.&nbsp; It  was also important to ensure enforcement of the restructuring facility in  various jurisdictions, including Bahrain, Cayman Islands and Jordan.</li>
</ul>
<p><strong>Iraq</strong></p>
<ul>
<li>Advising in relation to the first merger of two Public Listed Banks in  Iraq.&nbsp; This involved comprehensive legal due diligence in relation to banks, as  well as structuring and implementation of the merger together with coordination  between numerous authorities, including the Iraqi Central Bank, the Iraqi  Securities Commission, the Iraqi Stock Exchange, and the Companies Control  Department.</li>
<li>Advising in respect of an Assignment of Guarantee issued by Iraqi Ministry  of Finance.</li>
<li>Advising on reviewing and advising on a facilities arrangement and other  documentation, including issuing a legal opinion regarding the capacity,  authority, due execution and enforceability to an entity incorporated in Iraq  which is entering into a loan agreement with the client.</li>
</ul>
<p><strong>KSA</strong></p>
<ul>
<li>Advising through our Dubai and Riyadh offices the lender on a SAR 120  million Murabaha Financing being provided by for the development of a housing  complex in Riyadh, including dealing with the new Escrow regulations in  KSA.</li>
<li>Advising a US based global corporation on cross border payments and  compliance with international money laundering and anti trust regulations.</li>
<li>Advising a US based multi national company on the purchase, assignment  agreements and enforceability procedures on loan documentation of a vessel which  will be flagged in Singapore but working in Saudi waters.&nbsp;&nbsp;</li>
<li>Advising a large Swiss based bank on credit facility arrangements, including  lending and security transactions, for Saudi domiciled persons and  entities.&nbsp;</li>
</ul>
<p><strong>Kuwait</strong></p>
<ul>
<li>Rasameel Structure Finance Company KSCC on a Shariah compliant consumer  retail program, the first of its kind in the region.&nbsp; This deal involves the  instalment for Credit Facilities, and acting as the Sub-Wakeel, in accordance  with the terms and conditions of the Master Sub-Wakala Agreement entered into  between the Company and the Wakeel.</li>
<li>National Bank of Kuwait as the arrangers on behalf of the creditors. This  involved a 3 tranche debt restructuring transaction involving a Kuwaiti Dinar  conventional tranche (4 Kuwait based banks), Islamic Financing tranche (2  regional Islamic banks) and Bondholder tranche.&nbsp; Al Tamimi &amp; Company  completed the entire structure and documentation.</li>
<li>Kuwait Finance House and AREF Investment Company on a Restructuring of Al  Wazzan Holding Group debt, whereby Al Wazzan was in default and posed risk to  the creditors.&nbsp; The deal consisted of multiple agreements including Murabaha and  Investment Agency Agreements with securitization and guarantees by Al Wazzan,  its sister companies and subsidiaries in order to finalize the deal.</li>
</ul>
<p><strong>Qatar</strong></p>
<ul>
<li>Qatar Energy City Holding Company on a QAR275 million term loan facility to  Energy City Development Company.&nbsp; Financing is secured by pledges over shares,  corporate guarantees and assignment of receivables and property rights in the  new city development of Lusail, Qatar.</li>
<li>Qatar Development Bank and International Finance Corporation on Structuring  the Legal Content of the SMEs Online toolkit with Qatar Development Bank and  International Finance Corporation. The Toolkit provides a platform for small and  medium sized businesses to set up and develop their business. The content  includes information on getting credit Qatar, Financing the operations and  projects, employing personnel, tax aspects, getting registered and so on.&nbsp;</li>
<li>Ahli United Bank on Amendment and Restatement of USD 47 Million term loan  facility to a Qatari group of companies.</li>
<li>Advising a bank with regards to LMA type facility documentation and related  security interest to a major construction company in Qatar.</li>
</ul>
<p><strong>Key Contacts:<br /></strong><br /><strong>Husam Hourani</strong> <br />Managing Partner <br />Head of Banking &amp; Finance <br /><a href="mailto:h.hourani@tamimi.com">h.hourani@tamimi.com</a></p>
<p><strong>Lynette Brown</strong> <br />Partner <br />UAE<br /><a href="mailto:l.brown@tamimi.com">l.brown@tamimi.com</a></p>
<p><strong>Jody Glenn Waugh</strong><br />Partner <br />UAE<br /><a href="mailto:J.waugh@tamimi.com">J.waugh@tamimi.com</a></p>
<p><strong>Khaled Saqqaf</strong><br />Partner<br />Head of Jordan &amp; Iraq  offices<br /><a href="mailto:k.saqqaf@tamimi.com">k.saqqaf@tamimi.com</a></p>
<p><strong>Glenn Lovell</strong><br />Partner <br />KSA<br /><a href="mailto:g.lovell@tamimi.com">g.lovell@tamimi.com</a></p>
<p><strong>Alex Saleh</strong> <br />Partner<br />Head of Kuwait office<br /><a href="mailto:Alex.saleh@tamimi.com">Alex.saleh@tamimi.com</a></p>
<p><strong>Sami Fakhoury</strong><br />Partner<br />Qatar<br /><a href="mailto:s.fakhoury@tamimi.com">s.fakhoury@tamimi.com</a></p>