Kuwait, 15 February, 2015: ASAR - Al Ruwayeh & Partners (ASAR), Kuwait's leading and most prominent corporate law firm, and one of the region's top tier firms, acted as Kuwait legal counsel to Jazeera Airways Company KSCP and Al Sahaab Aircraft Leasing Company WLL in a landmark aircraft portfolio sale transaction of 15 Airbus A320 aircraft to Investec Bank Plc and Chow Tai Fook Enterprises Limited for $507 million.

The sale transaction, which will result in additional cash surplus of KD 24 million and will lift Jazeera Airways Group's cash balance to KD 82 million in 2015, is expected to receive regulatory approvals and all anticipated closing requirements during the second quarter of this year.

Commenting on the latest transaction, Mr. Ezekiel Tuma, Partner at ASAR, said: "We are delighted to have advised Jazeera Airways Group on a deal of this magnitude.  We strongly believe that Kuwait's private sector is well poised for substantial growth during this year. ASAR's role in the transaction underlines our demonstrated proficiency in advising on high value asset sales/purchases, our expertise in aviation law and our ability to get the deal done.  We look forward to continuing to assist our existing and new client's in achieving their goals and corporate objectives."

Mr. John Cunha, Partner at ASAR, also said: "This is a landmark deal for Kuwait and for the local aviation sector. We pride ourselves in providing an array of extensive legal expertise in the fields of aviation law and aircraft financing transactions.  Having represented Jazeera Airways Group in this deal is a testament to ASAR's leading reputation in the market and our specialist expertise in this area of the law."

With dedicated offices in Kuwait and Bahrain coupled with its associated offices and relationships, ASAR provides clients across an extensive range of industry sectors with comprehensive legal advice and support for their business activities in Kuwait, across the GCC and beyond.

The firm has been consistently rated as the leading corporate and commercial law firm in Kuwait by reputable legal guides such as the Chambers Global Guide, International Financial Law Review (IFLR) and the Legal 500. In October 2014 ASAR won the "IFLR National Law Firm of the Year Award" and the "Project Finance Deal of the Year Award". In addition, ASAR also won the prestigious "2014 Commercial Litigation Law Firm of the Year" and the "2014 Best Banking and Finance Legal Team -Kuwait" awards from Acquisition International Magazine in 2014. ASAR lawyers also received multiple awards under different categories in the Fourth Edition of "Best Lawyers" in Kuwait.

About ASAR - Al Ruwayeh & Partners (ASAR)
ASAR - Al Ruwayeh & Partners ("ASAR") is Kuwait's leading tier one corporate law firm, and one of the most prominent firms operating across the GCC. ASAR provides clients with comprehensive legal support for their business activities. Together with its office in Bahrain, the firm advises a broad array of local and international businesses in both the public and private sectors.

ASAR operates across an extensive list of practices that include banking and finance, capital markets, mergers and acquisitions, privatizations, corporate and commercial transactions, energy, real estate, restructuring, private equity, shipping, employment, environment, franchising, insurance, agencies and distributorships, construction, government projects, intellectual property, securities, taxation, commercial litigation and arbitration.

The firm has been consistently rated as the leading corporate and commercial law firm in Kuwait by legal guides such as the Chambers Global Guide, International Financial Law Review and the Legal 500.

© Press Release 2015