Islamic Finance News (IFN) has named two transactions on which White & Case advised among its IFN "Deals of the Year" for work performed in 2018. With one transaction winning two awards, White & Case was recognized three times in all.
The annual awards "celebrate the achievements of the global Islamic finance industry" and "honor the best in the Islamic financial industry and are one of the most prestigious awards highly recognized by the global Islamic financial markets," according to IFN.
The winning deals on which White & Case advised were:
Ijarah Deal of the Year: Financing of the construction of Nakheel's Nad Al Sheba buy-to-let villas
White & Case advised Abu Dhabi Islamic Bank and Samba Financial Group in relation to AED 1.5 billion financing provided to Nakheel for a residential property project in Dubai. The transaction is structured in three tranches. An AED 500 million bridge facility, which gets refinanced once certain conditions are met using the second tranche of AED 1 billion with an additional accordion facility to be subscribed for by additional lenders of AED 500 million.
Saudi Arabia Deal of the Year and Real Estate Deal of the Year: Saudi Real Estate Refinance Company's debut SAR11 billion sukuk program
White & Case advised the Saudi Real Estate Refinance Company (SRC) on the establishment of its inaugural domestic SAR 11 billion Sukuk Issuance Program and the issuance thereunder of SAR 750 million across four series. The four fixed-rate series of sukuk issued comprised a SAR 150,000,000 series due 2023, a SAR 50,000,000 series due 2025, a SAR 50,000,000 series due 2028 and a SAR 500,000,000 series due 2024. All of the sukuk were privately placed, with HSBC Saudi Arabia the sole arranger of the program and manager of the issuances.