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Norton Rose Group advises Emaar Properties on an AED 3.6 billion (approximately US$1 billion equivalent) Shariah-compliant financing

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.

The financing, provided by a club of conventional and Islamic banks, comprised both an Islamic tranche structured on a diminishing musharaka basis and a conventional tranche. The facility is to be used primarily for the refinancing of existing facilities. Dubai Islamic Bank PJSC, National Bank of Abu Dhabi PJSC and Standard Chartered Bank were the Mandated Lead Arrangers.

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.

-Ends-

Norton Rose (Middle East) LLP is part of Norton Rose Group, a leading international legal practice offering a full business law service to many of the world's pre-eminent financial institutions and corporations from offices in Europe, Asia Pacific, Canada, Africa and the Middle East.

The Group's lawyers share industry knowledge and sector expertise across borders to support clients anywhere in the world. The Group is strong in financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and pharmaceuticals and life sciences.

We have more than 2900 lawyers operating from offices in Abu Dhabi, Almaty, Amsterdam, Athens, Bahrain, Bangkok, Beijing, Bogotá, Brisbane, Brussels, Calgary, Canberra, Cape Town, Caracas, Casablanca, Dubai, Durban, Frankfurt, Hamburg, Hong Kong, Johannesburg, London, Melbourne, Milan, Montréal, Moscow, Munich, Ottawa, Paris, Perth, Piraeus, Prague, Québec, Rome, Shanghai, Singapore, Sydney, Tokyo, Toronto and Warsaw; and from associate offices in Dar es Salaam, Ho Chi Minh City and Jakarta.

Norton Rose Group comprises Norton Rose LLP, Norton Rose Australia, Norton Rose Canada LLP, Norton Rose South Africa (incorporated as Deneys Reitz Inc), and their respective affiliates.

Amelia Snare | Marketing and Communications Manager - Middle East
Norton Rose (Middle East) LLP
4th Floor, Gate Precinct Building 3,
Dubai International Financial Centre
P O Box 103747,
Dubai,
United Arab Emirates
Tel +971 (0)4 369 6300
Fax +971 (0)4 369 6350
amelia.snare@nortonrose.com

For further information please contact:
Amelia Snare, Marketing and Communications Manager, Middle East
amelia.snare@nortonrose.com
+971 (0)4 369 6300

© Press Release 2012