GIB lead manages Sukuk sale for Almana Group

Almana Group has a "BBB+" rating with a "Stable" outlook from Capital Intelligence (CI).

The proceeds of the Sukuk will go towards financing the Group's expansion plans.

The Sharia-compliant Sukuk were structured by GIB's Capital Markets team in line with the current guidelines of the Accounting and Auditing Organisation for Islamic Financial Institutions.

GIB has also helped in obtaining a rating from CI for the Almana Group, which is one of the first few companies in Qatar to seek such a rating.

It was also the first time for a Qatari company to raise a financing in UAE dirhams, paving the way for corporations in the region to tap on regional, cross border opportunities and liquidity to finance their projects and expansion programs.

The Sukuk is set to mature in 2013 and pays a profit distribution of 2.5% over the three-month United Arab Emirates interbank offer rate and will be listed on the Dubai International Financial Exchange (DIFX).

Commenting on the successful sale of the Sukuk, Dr. Khaled M. Al-Fayez, GIB's Chief Executive Officer, said: "We are pleased to help Almana Group fulfill its financial needs through the issue and sale of Islamic bonds. GIB has always been at the forefront of providing tailored financial solutions to clients as part of its efforts to support economic development in the region".

GIB is a leading merchant bank in the Middle East with its principal focus on the Gulf Cooperation Council (GCC) states.

With a proven track record spanning more than 30 years, GIB provides client-led, innovative financial products and services to a wide customer base in the region, including investment banking, capital markets debt securities, private equity, asset management, project and structured finance and Islamic banking.