Written by John on 11 August 2015.
♦ Breaking BigLaw News ♦ Bahrain
Clyde & Co is expanding its trade mark and patent filing capabilities in the Middle East, with the addition of a new direct filing office in Bahrain. Opened on 9 August 2015, this new office enables Clyde & Co to provide cost effective and high quality support on intellectual property matters in Bahrain, a key country in the region. Clyde & Co already provides comprehensive legal support in relation to intellectual property issues in 23 countries across the Middle East and North Africa. This offering is provided through a central ‘hub’ in Dubai, UAE, together with a long-standing network of Clyde & Co offices and corresponding agents throughout the region. Through its affiliated entity, Clyde IP Services, Clyde & Co has opened an office in the capital of Bahrain, Manama, just minutes from the Bahrain Trade Mark and Patent Offices. This provides Clyde & Co’s clients with access to an efficient and cost effective direct filing capability in Bahrain. This new office enables Clyde & Co to maintain direct control over all work undertaken in Bahrain, so as to maintain the high quality standards which are a hallmark of the Clyde & Co offering in the Middle East. Rob Deans, partner and Head of IP within Clyde & Co said: "Our planned expansion throughout the Middle East helps to demonstrate the steps the broader Clyde & Co business has been taking to build on its intellectual property offerings in other offices. This has seen us recently introduce the first dedicated IP litigator to the business in the UK, with the appointment of David Wilkinson as partner, as well as the introduction of an IP practice in Clyde & Co's associated firm in India – Clasis Law. The aim is for Clyde & Co to be seen as the preeminent IP firm around the world, as it already is for insurance, shipping and aviation matters." Clyde & Co’s intellectual property practice has, over the past 25 years, had an impressive track record in the Middle East. Its central office in Dubai has been consistently identified by independent researchers as the leading practice in the UAE, and has variously been described as having 'good local knowledge’, 'excellent response times' (Legal 500, 2015) and ‘commercial understanding’ (Chambers Global, 2015). By adding a direct capability through Clyde IP Services in Bahrain, Clyde & Co is looking to provide its clients with the same level of service throughout the region.
Written by John on 03 October 2013.
♦ Recent Deals ♦ Bahrain, Manama, Middle East
Baker & McKenzie acted for Almarai Company in respect of their inaugural hybrid sukuk issuance for an amount of SR 1.7 billion (US$ 453.2 million) which successfully closed on 30 September 2013. This was the first hybrid sukuk issuance to have originated from the Saudi market and the first hybrid sukuk to have been undertaken by a non-bank corporate in the Gulf region. Almarai is widely regarded as the largest integrated consumer food producer in the Middle East having established itself as one of the leading brands in the food and beverage sector in the Kingdom of Saudi Arabia and the GCC region. BNP Paribas Investment Company KSA, HSBC Saudi Arabia Limited, Saudi Fransi Capital Limited and Standard Chartered Capital Saudi Arabia were appointed by Almarai to act as joint lead managers and bookrunners for the hybrid sukuk issuance. The Baker & McKenzie team was led and coordinated by partner Bilal Kahlon who commented, "Having assisted Almarai on the establishment of the first domestic sukuk programme in the Kingdom of Saudi Arabia, we are pleased to have assisted Almarai on this landmark sukuk which will, once again, serve as a precedent for other issuers in Saudi Arabia as well as the broader Gulf region. Our work on yet another innovative sukuk transaction further highlights the strength and capabilities of our market leading capital markets and finance practices." Bilal Kahlon was supported by partner Dr. Nasser Al Faraj and associates Umera Ali and Nezar Al Abbas. Baker & McKenzie has one of the leading international practices in Islamic finance and this sukuk is one of many Baker & McKenzie has advised on.
Written by John on 24 April 2013.
♦ Recent Deals ♦ Bahrain, Manama, Middle East
Baker & McKenzie recently acted for the Saudi Binladin Group in relation to a SAR 1.3 billion (US$347 million) sukuk al-ijara issued by SBG Sukuk Limited as an exempt offering in the Kingdom of Saudi Arabia. The innovative sukuk structure benefits from security over prime real estate in Jeddah as well as a corporate guarantee from the Saudi Binladin Group. The Baker & McKenzie team was led by Partner Bilal Kahlon, who commented,“We are very pleased to have, once again, assisted the Saudi Binladin Group on their Sukuk issuance. The structure adopted for the issuance was particularly complex and innovative, setting a new standard for the Saudi debt capital market.” Bilal Kahlon was supported by Partner Dr. Nasser Al Faraj and Associate Nezar Al Abbas. Saudi Fransi Capital Limited, the Saudi affiliate of Crédit Agricole Corporate and Investment Bank, was appointed as lead manager in relation to the transaction and was represented by Clifford Chance and its Saudi associated firm Al-Jadaan and Partners. Walkers acted as legal adviser to SBG Sukuk Limited in relation to the laws of the British Virgin Islands.
Written by John on 17 September 2012.
♦ Recent Deals ♦ Bahrain, Middle East
Baker & McKenzie recently acted for the Saudi Binladin Group in relation to a SAR 1 billion (US$267 million) short term sukuk al murabaha issued by SBG Sukuk Limited as an exempt offering in the Kingdom of Saudi Arabia. The Baker & McKenzie team was led by Partner Bilal Kahlon, who commented: “Having assisted the Saudi Binladin Group on all of their previous sukuk transactions since 2008, we are very pleased, once again, to have assisted the Saudi Binladin Group on this important transaction. The strong response the offering received from the Saudi market is a testament to the strength of the Saudi Binladin Group.” Bilal Kahlon was supported by Partner Dr. Nasser Al Faraj and Associates Mohamed Hassan and Nezar Al Abbas. HSBC Saudi Arabia was appointed as sole Lead Manager in relation to the transaction and was represented by Clifford Chance. Walkers acted as legal adviser to SBG Sukuk Limited in relation to the laws of the British Virgin Islands.
Written by John on 02 July 2012.
♦ Recent Deals ♦ Abu Dhabi, Bahrain, Dubai, Middle East, UAE
International legal practice Norton Rose Group has advised the Islamic Development Bank (IsDB) on the update of its US$6.5 billion Sukuk programme. A team from Dubai and London advised on updating the Trust Certificate Issuance Programme and a first drawdown under the updated programme. This included an issuance of US$800 million 1.357 per cent Trust Certificates due in 2019. The Programme was arranged by HSBC Bank plc; the Joint Lead Managers were Barwa Bank P.Q.S.C., BNP Paribas, CIMB Bank (L) Limited, NCB Capital Company and Standard Chartered Bank. Al Hilal Bank PJSC was the Co-Lead Manager in respect of the Certificates. Partner and Head of Islamic Finance for the Middle East & Africa, Mohammed Paracha, commented: “The continued success of the Islamic Development Bank's Sukuk programme is evidence of the important role the bank plays within the Islamic Finance industry. The expansion of the Norton Rose Group network coupled with our strong Islamic Finance platform in banking and finance have proven especially attractive to clients such as the Islamic Development Bank as they increase their activities in markets such as Africa where we also have a significant presence.” Alex Roussos, of counsel, commented: “We are proud to have been part of this important deal for the Islamic Development Bank. The success of the IsDB's deal is testament to the continuing interest demonstrated by the investor community for highly rated Sukuk paper originating in the Middle East.” The Norton Rose Group team was led by partner Mohammed Paracha with capital markets of counsel Alex Roussos, assisted by associate Faris Al Amoudi in Dubai. Farmida Bi, partner and Head of Islamic finance for Europe in London provided additional support. SNR Denton UK LLP advised the Arranger and Joint Lead Managers and Ogier provided Jersey law advice and acted as corporate services provider to the special purpose vehicle established under the programme.