Norton Rose Group advises Emaar Properties on Dhs3.6bn Shariah-compliant financing
- United Arab Emirates: Tuesday, January 03 - 2012 at 12:38
- PRESS RELEASE
International legal practice Norton Rose (Middle East) LLP has advised Emaar Properties PJSC in relation to a Shariah compliant financing secured over The Dubai Mall, the world's largest shopping and entertainment destination.
Mohammed Paracha, Head of Islamic finance for the Middle East and Africa at Norton Rose Group commented: "We were delighted to be acting for Emaar again in such an important facility as this. The use of a Sherkut-ul-Milk diminishing musharakah arrangement in such a complex financing yet again demonstrates the wide acceptance of Islamic Finance within the financial markets."
Matthew Escritt, Of counsel, also commented: "This is a very significant deal for the real estate market in the UAE and confirms, in spite of prevailing market conditions, that there is still ample liquidity available for the right borrower with the right asset."
The Norton Rose (Middle East) LLP team was led by Mohammed Paracha, partner and Head of Islamic Finance for the Middle East & Africa. Matthew Escritt (Of counsel) was responsible for day to day advice on the banking aspects and was assisted by Martin Botik (associate). Partner Nick Clayson led on the real estate aspects of the transaction and was assisted by Hannah Thomas (associate).
Norton Rose (Middle East) LLP has over 30 years experience advising on all areas of Islamic finance transactions. We continue to be at the forefront of ground breaking deals and are consistently named as leaders in Islamic finance. Norton Rose (Middle East) LLP frequently acts for large financial institutions and high profile corporates in the real estate sector in the Middle East; this being the latest in a string of high profile instructions.
Allen & Overy LLP advised the Mandated Lead Arrangers.
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