Linklaters

Working closely with colleagues in the UK, Europe, Asia, the United States and other global offices, the firm provides a closely integrated and multi-jurisdictional service. 

Linklaters has advised clients on transactions in the Middle East for over 30 years. The firm has extensive experience of advising a range of government organisations and privately-owned businesses, acting on transactions throughout the MENA region.

Linklaters is acknowledged as a market leader for corporate/M&A, Energy and Infrastructure, project finance, capital markets, banking, real estate, funds and Islamic finance transactions.

We have extensive experience of advising on market-shaping deals throughout the MENA region, allowing the firm to meet the demands of leading regional and global companies and financial institutions.

The offices have dedicated sector specialists in the energy, infrastructure, financial institutions and telecommunications sectors.

Linklaters advised the finance parties on the multi-sourced Jubail financing of a Saudi Aramco Total Refinery and Petrochemical Company’s Greenfield refineries project valued at US$40bn, the highest valued petrochemical project in the Middle East and, legally, one of the most complex multi-sourced financing deals ever undertaken in this region.

We advised on the US$12bn merger of Emirates International and National Bank of Dubai to become Emirates NBD, the largest domestic bank in the Middle East region.

Linklaters acted for Royal Bank of Scotland on the sale of their retail business to Abu Dhabi Commercial Bank, and Lloyds TSB Bank plc on the sale of its UAE business to HSBC; two of the most complex asset transfers undertaken in the UAE.

We advised Borse Dubai on its initial acquisition and financing at London Stock Exchange and NASDAQ, and subsequent US$2bn refinancing in 2008 and further refinancing in 2010 and 2011.

Linklaters acted on the multi-billion dollar restructure of Dubai Group, comprising a large number of entities holding stakes in financial institutions around the world. The diverse nature of its financings, the multiple borrowers, guarantors and security given made this the most complex of Dubai’s recent restructurings  

Capital Markets

Linklaters advised the Arrangers and Dealers on the update of IPIC GMTN Limited’s unlimited MTN programme guaranteed by International Petroleum Investment Company PJSC, and the Joint Lead Managers on the subsequent US$2.9bn multi-currency, multi-tranche issue thereunder.

We advised the Managers on the issue of US$1bn Additional Tier 1 Capital Certificates by ADIB Capital Invest 1 Ltd. The issuance was via a Cayman Islands entity with Abu Dhabi Islamic Bank PJSC as the Mudareb. The transaction represents the first international Shari’a-compliant Tier 1 perpetual sukuk transaction and Basel III deal in the Middle East.

Linklaters advised the Arrangers and Dealers on the update of and subsequent drawdown under QNB Finance Ltd's US$7.5bn Guaranteed MTN Programme. Issuance was via a Cayman Islands entity, guaranteed by Qatar National Bank S.A.Q.

We advised a group of banks on the US$1.8bn refinancing of AED 7.5bn sukuk issued by Jebel Ali Free Zone FZE in 2007, due 2012.

Corporate

Linklaters is currently acting for Bahrain Telecommunications Company B.S.C. on one of the most complex Middle East outbound foreign investment transactions for several years, namely its US$680m proposed acquisition of companies comprising the "Monaco & Islands" division of Cable & Wireless Communications Plc.

We advised Lloyds TSB Bank on the private sale of its onshore retail, commercial and corporate banking business in the UAE to HSBC Bank Middle East Limited.

Linklaters advised Kahrabel FZE (a GDF Suez group company) on its sale of part of its shareholding in Sohar Power Company SOAG (Sohar Power) (and a related project management company) to MENA Sohar 1 SPV (MENA) (an investment holding company of the MENA Infrastructure Fund, a specialist infrastructure private equity fund co-sponsored by Fajr Capital, HSBC and Waha Capital). Sohar Power is the largest power generation and water desalination plant in Oman and is listed on the Muscat Securities Market.

We advised National Petrochemical Industrial Company (Natpet), a subsidiary of Alujain Corporation in Saudi Arabia on their 50/50 joint venture with A. Schulman Europe International BV, a subsidiary of A. Schulman Inc. of the United States. The joint venture company will build a new plant for the manufacture and sale of polypropylene compounds at a site near to Natpet's existing polypropylene resin manufacturing facility in Yanbu, Saudi Arabia.

Banking

Linklaters advised the mandated lead arrangers on the US$1.8bn refinancing of an existing jumbo syndicated loan to Qatar National Bank

We advised the lender on a US$124 million secured Murabaha bridge facility for a Saudi listed company.

Linklaters advised Standard Chartered, DIFC Branch on the US$200m margin facility secured against Global Depositary Receipts issued by OCI Industries S.A.E.

We advised Viva Bahrain BSC on the BHD 116m refinancing of an existing syndicated Murabaha facility and bilateral Murabaha real estate finance facility.

Linklaters acted for Citibank, N.A., London, HSBC Bank Middle East Limited and Dubai Islamic Bank PJSC on the US$1.75bn senior unsecured syndicated credit facility (comprising a conventional term facility and two Islamic facilities (a Murabaha facility and an Ijara facility) for Dubai Duty Free.

We advised a group of banks on the US$1.8bn refinancing of AED 7.5bn sukuk issued by Jebel Ali Free Zone FZE in 2007, due 2012.

Projects

Linklaters advised the Mandated Lead Arrangers on the Islamic financing of the US$1.2bn project for the expansion and development of the airport in Madinah, Saudi Arabia, which is being undertaken by a consortium of sponsors comprising Saudi Oger, TAV Havalimanlari Holdings A.S. and Al Rajhi Holdings CSJC through a project finance SPV which each of the Sponsors held a one third of the share capital, a Saudi law limited liability company, Tibah Airports Development Company Limited. The Madinah Airport Expansion is the first full PPP (Public Private Partnership) project in the Kingdom of Saudi Arabia and is one of the largest infrastructure projects in the Middle East in 2012. The project involves an innovative Islamic structure which will be the first of its kind to be adopted in a project financing.

We advised a group of export credit agencies and lead arrangers on the US$1.4bn multi currency limited recourse project financing of the Jorf Lasfar IPP Expansion, involving the addition of 700MW of electrical generating capacity at the Sponsor's existing coal fired power complex in Morocco.

External recognition

“Linklaters has had a busy year, advising on some of the largest deals in the market and getting an impressive piece of the pie on complex regional M&A work. Clients go out of their way to praise the local expertise of the corporate team...”
Chambers 2012, Corporate/M&A: UAE

“Sources say: ‘Extremely responsive.’ ‘They are the most attuned to local legal developments’.”
Chambers Global, 2012, Banking and finance: UAE

“maintains a privileged position in the region, with the capability to act on the full range of equity and debt capital markets issues, including Shari’a-compliant products”
Chambers Global, 2012, Capital Markets, Middle East

‘They have highly experienced practitioners who are amongst the most active in the region. They are always responsive and seem to find creative but pragmatic solutions to the most complicated issues’.”
Chambers Global 2012, Corporate/commercial: UAE

“Linklaters maintains its reputation at the vanguard of capital markets work.”
Chambers Global 2012, Equity and debt capital markets

“Linklaters’ ‘high-calibre’ team is a frequent presence on the region’s more ground-breaking and high-value transactions.” 
Legal 500, 2011, Middle East

• Chambers Global 2012 - five top tier ranking: banking & finance, capital markets, corporate/M&A, projects & energy, restructuring & insolvency
• Chambers Middle East 2012 - six top tier rankings: corporate/M&A, banking and finance, capital markets, projects & energy, investment funds, Islamic finance
• IFLR 1000 UAE 2013 - three top tier rankings:  banking & project finance, capital markets, mergers and acquisitions,
• Legal 500 2012 – four top tier rankings: corporate/M&A, banking and finance, capital markets, projects  energy

UAE Deal of the Year
Islamic Finance News Awards 2012
Abu Dhabi Islamic Bank’s US$1bn perpetual sukuk

Mudarabah Deal of the Year
Islamic Finance News Awards 2012
Abu Dhabi Islamic Bank’s US$1bn perpetual sukuk

Syndicated Deal of the Year
Islamic Finance News Awards 2012
Jebel Ali Free Zone Sukuk and Syndicated Islamic
Refinancing

Middle East and Africa Infra Deal of the Year
Project Finance International Awards 2012
(Madinah Airport)

Emerging EMEA Loan of the Year
International Financing Review Awards 2012
(JAFZA’s Dh4.4bn Islamic loan)

Emerging Markets Islamic Bond of the Year
International Financing Review Awards 2012
(Abu Dhabi Islamic Bank’s US$1kn perpetual sukuk)

Middle East Deal of the Year
The Brief Middle East Law Awards 2012
(Port and Free Zone World Conventional & Islamic Financing)

Debt Market Deal of the Year
The Brief Middle East Law Awards 2012
(Port and Free Zone World Conventional & Islamic Financing)

Project Finance Deal of the Year
The Brief Middle East Law Awards 2012
(Jubail Refinery and Petrochemical Project)

Islamic Finance Deal of the Year
The Brief Middle East Law Awards 2012
(Jebel Ali Free Zone Sukuk and Syndicated Islamic Refinancing)