10 February 2015
Kuwait - The Kuwait office of Al Tamimi& Company, the largest law firm in the Middle East, announced today that it acted as the Kuwait legal counsel for Goshawk Aviation Limited, a joint venture between Investec Bank Plc from the UK, and Chow Tai Fook Enterprises Limited from Hong Kong, in an agreement to acquire the fleet of 15 Airbus A320s for US$507 million (KWD149 million) from Jazeera Airways Group, through its wholly-owned subsidiary Sahaab Aircraft Leasing Company W.L.L.  The transaction is subject to customary closing conditions and regulatory approvals and is likely to be completed during the second quarter of this year.

The transaction is the largest asset acquisition in Kuwait in 2015. Al Tamimi& Company's Kuwait office is representing the Investec Joint Venture in all Kuwait aspects of the acquisition including this initial stage, regulatory approvals and all anticipated closing requirements. 

Commenting on the acquisition, Al Tamimi& Company's Head of Office and Partner, Alex Saleh, stated, "The success of the transaction demonstrates Al Tamimi&Co's strong capabilities in providing counsel, guidance, and support to global, regional and local companies doing business in the Kuwait and the region".

Partner Philip Kotsis, who led the Al Tamimi& Company teamon the deal, also stated, "This transaction demonstrates the confidence that global investment banks have in Al Tamimi& Co and is one of several aviation transactions we have been involved in during the past year".

Recently, Al Tamimi& Company has served as counsel on other landmark deals in Kuwait, including the US$1.4 billion Az-Zour IWPP project, other aircraft deals, and some of the country's largest oil and gas contracting matters.

Investec is an international specialist banking and asset management group with an annual turnover of over £2 billion British Pounds. The firm provides a range of financial products and services to a client base in three principal markets: the United Kingdom, South Africa and Australia. Investec is listed on the London Stock Exchange and the Johannesburg Stock Exchange. Investec is a FTSE 250 company.

William Coleman of FreshFields Bruckhaus Deringer LLP, the international legal counsel for the joint venture purchaser stated, "We were delighted to have been involved in this transaction in one of the Middle East's most dynamic sectors, a transaction that gives our client immediate exposure to regional and other airlines outside of their portfolio and one that really plays to the strengths of our regional asset finance practice."

Al Tamimi& Company's Kuwait office is led by Partner & Head of Office, Alex Saleh, and operates through its joint venture with Kuwaiti lawyer Yaqoub Yousef Al Munayae.  Al Tamimi&Company was established in 1989 and is the largest law firm in the Middle East. The firm has 14 offices in eight countries including Kuwait, the United Arab Emirates, Qatar, Saudi Arabia, Iraq, Jordan, Oman, and Bahrain.

-Ends-

Reporters may contact:
Fawaz Al-Sirri
fawaz@bensirri.com
+965 66622448

© Press Release 2015