Firm recognised with four Islamic Finance News Deal of the Year Awards

Global law firm Norton Rose Fulbright has been recognised with four accolades in this year’s Islamic Finance News (IFN) Deals of the Year Awards.

The IFN Deals of the Year Awards were established in 2006 and recognise those who have participated in the industry’s most ground breaking transactions each year. Winners are determined via an independent panel of experts from non-competing organisations judging based on a variety of criteria including deal significance, complexity, time-to-market and challenges overcome amongst others.

Norton Rose Fulbright was recognised for its contribution to the following award-winning deals:

• UAE-based hypermarket chain and retail operator, Lulu International Holdings, raised AED10bn via a syndicated financing to refinance debt. The facility is secured against revenue of the Group. The Norton Rose Fulbright team advised Lulu International Holdings and was led by Partners Nicholas Robinson and Mohammed Paracha in Dubai. This deal was named both IFN Corporate Finance Deal of the Year 2023 and IFN Syndicated Finance Deal of the Year 2023.
• Azmeel Construction Company, one of Saudi Arabia’s largest construction firms, issued a circa. SAR5.88bn perpetual Sukuk as part of a broader SAR7.73bn ($2.06bn) financial restructuring. The deal represents the first time an innovative perpetual Sukuk issuance has been used in the context of a financial restructuring approved pursuant to the new Saudi bankruptcy law, and could pave the way for other distressed companies in the Kingdom of Saudi Arabia to use innovative debt capital markets instruments in restructuring proceedings. A multi-disciplinary  Norton Rose Fulbright team advised on various aspects of the transaction, with a team led by Dubai-based Partner Hamed Afzal advising the arranger, Haykala Management Company LLC., and a team led by Dubai and Riyadh based partner Robin Balmer advising Apex Financial Services Spain, S.L.U. in respect of its various agency roles on the Sukuk and the broader financial restructuring. This deal was named both IFN Perpetual Sukuk Deal of the Year 2023 and IFN Saudi Arabia Deal of the Year 2023.

Commenting on the awards, Dubai-based Islamic finance Partner and Head of Middle East, Mohammed Paracha said:

“We are delighted to be recognised with four IFN Deals of the Year for our work across the Islamic finance sector over the past year. Our work in this area has included a number of industry firsts, such as advising on the first ever perpetual sukuk in Saudi Arabia used in the context of a restructuring, which is indicative of the breadth and depth of our Islamic finance practice and dedicated regional teams.”

Norton Rose Fulbright’s global Islamic finance lawyers have long-standing experience in delivering pioneering legal advice to Islamic financial institutions, conventional banks and corporates. They also have deep experience of helping the firm’s clients navigate rapidly evolving international policy and regulation.