ISLAMIC FINANCE DEAL OF THE YEAR: Jebel Ali Free Zone Islamic Financing Facility And Sukuk
|Mandated lead arrangers and joint bookrunners||Abu Dhabi Islamic Bank, Citi, Dubai Islamic Bank, Emirates NBD, National Bank of Abu Dhabi, Samba Financial Group and Standard Chartered|
|Mandated lead arranger||Mashreq Bank|
|Joint lead managers and bookrunners||Abu Dhabi Islamic Bank, Citi, Standard Chartered, Dubai Islamic Bank, Emirates NBD, National Bank of Abu Dhabi|
|Joint lead manager||Samba Financial Group|
ISLAMIC FINANCE DEAL OF THE YEAR
Jebel Ali Free Zone Islamic financing facility and sukuk
Last year was a good year in terms of deals in the Islamic capital markets space, with a number of major sovereign sukuk issuances and project finance deals. One deal that stood out was the $1.2 billion syndicated Islamic financing facility and $650 million sukuk for the Jebel Ali Free Zone in Dubai, which is one of the largest free zones in the world and plays an integral role in the local economy. Law firm Linklaters described it as the first fully Islamic-structured, fully secured “pari-passu” ranking bank facility and sukuk in the Middle East. The sukuk was also Jebel Ali’s first public offering since 2007 and the largest nonsovereign sukuk to come out of Dubai in recent years. The financing facility and sukuk involved an enviable roster of mandated lead arrangers and joint bookrunners, including Mashreq Bank, Abu Dhabi Islamic Bank, Citi, Dubai Islamic Bank, Emirates NBD, National Bank of Abu Dhabi, Samba Financial and Standard Chartered Bank. The major refinancing deal also signified increasing investor confidence in the Dubai credit story since the global financial crisis.