Norton Rose advises managers on Dubai Electricity and Water Authority's $1bn sukuk issuance

The Managers comprised Abu Dhabi Islamic Bank PJSC, Citigroup Global Markets Limited, Dubai Islamic Bank PJSC, Emirates NBD Capital Limited, Standard Chartered Bank and The Royal Bank of Scotland plc as Joint Lead Managers and Commercial Bank International PJSC, Sharjah Islamic Bank (SIB) and Union National Bank as Co-Managers.

Mohammed Paracha, partner and Head of Islamic finance for the Middle East and Africa, commented "Norton Rose was pleased to act for the managers on this significant transaction for Dubai. The Islamic debt capital markets have become very buoyant in the Middle East over the past few months with clients expecting their advisers to navigate seamlessly through legal and Shariah issues and work with various scholars to ensure that the commercial objectives of all parties are met. Our work on this and other Sukuk transactions continue to demonstrate the confidence placed in the Norton Rose team to deliver a streamlined service catered to our clients local needs."

Alex Roussos, Of counsel, commented "This is a very important deal for the Norton Rose capital markets practice in the region and for DEWA and Dubai as a whole. The success of the deal is a solid indicator of the great confidence investors are showing in Dubai's future and in the fundamentals of its economy."

The Norton Rose Dubai team was led by partner Mohammed Paracha and capital markets Of Counsel Alex Roussos with support from associates Faris Al Amoudi and Katie Phillips. Capital markets partner Farmida Bi and associate Sara Faraj at Norton Rose in London provided advice to Deutsche Bank as Delegate.

Clifford Chance LLP advised DEWA and Travers Throp Alberga provided Cayman Island law advice and acted as corporate services provider to the special purpose vehicle established for the issuance.