19 May 2015
Kuwait - Al Tamimi & Company acted as sole legal counsel for the Commercial Bank of Kuwait KSCP (CBK) and other participating banks in a syndicated loan financing for Mohammed Abdulmohsin Al-Kharafi & Sons W.L.L. with respect to a major contract with the Amiri Diwan valued at Three Hundred Sixty Five Million (KD 365,000,000) Kuwaiti Dinar for the design, development, construction, medical equipment, furnishings and operational maintenance of the New Jahra Hospital in Kuwait.
The deal, led by CBK, included both First Gulf Bank PJSC (FGB) and Al Ahli Bank of Kuwait KSCP (ABK) as mandated lead arrangers. This complex transaction consisted of a number of credit and cash facilities.
The closing took place at the Sheraton Kuwait and was attended by some of the most senior executives of the banks and companies involved. The GM of Corporate Credit Division of CBK, Sahar Al Rumaih, thanked everyone involved for their hard work and for coming together to bring this very significant deal to a close.
The Al Tamimi team was led by Head of Office and Partner, Alex Saleh, as well as Partner Philip Kotsis, Senior Associate Omar Handoush and Associate Abdullah Ibn Masud.
Alex Saleh, commenting on the syndicated loan deal, said: "It is always a challenge to close on a project finance transaction of this size and magnitude in such a short period of time, given that the Kuwait legal system poses its own unique aspects that have to be addressed. Not withstanding, given the positive spirits of all the parties involved, we were able to overcome the challenges and close in a relatively short time period, reflecting the goodwill of everyone. Hopefully this transaction can serve as a blue print for the many other project finance deals that are in the pipeline here in Kuwait."
Philip Kostsis, commenting on Al Tamimi & Company's relationship with CBK, stated: "We have been fortunate to work with and represent CBK on a number of high profiled transactions throughout the years. Al Tamimi & Company appreciates the confidence and trust CBK's management once again had in our firm to handle such a large complex transaction."
Al Tamimi & Company's Kuwait office is headed 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 16 offices in 9 countries including Kuwait, the United Arab Emirates, Egypt, Qatar, Saudi Arabia, Iraq, Jordan, Oman, Bahrain.
For further information, please visit: www.tamimi.com