Walkers Dubai - Sukuk/Islamic Finance Experience

Deal 1
Acted as Cayman Islands counsel to KSA Sukuk Limited in the first international issuance of sukuk for the Kingdom of Saudi Arabia. This US$9 billion Sukuk is also the largest Sukuk issued in the international capital markets to date.

Deal 2
Acted as Cayman Islands counsel to Saudi British Bank in connection with the US$2 billion debt sukuk issuance. The sukuk is listed on the London Stock Exchange. Walkers Fiduciary Limited provided directorship / share trustee services to the Cayman SPVs.

Deal 3
Acted as Cayman Islands counsel to Islamic Corporation for the Development of the Private Sector on the establishment of a dual London and Nasdaq Dubai listed Regulation S compliant Sukuk Issuance Programme. The Programme, while backed by the credit of ICD as obligor, was established with Hilal Services Ltd (now known as ICDPS Sukuk Limited), a Cayman Islands incorporated SPV, as the issuer. The establishment of the Programme is a milestone for ICD and the first public issuance under the Programme represented ICD’s first public fund raising in the debt capital markets.

Deal 4
Acted as Cayman Islands counsel to AFC Sukuk, as the Cayman issuer SPV, on Africa Finance Corporation’s (AFC) issuance of its inaugural issuance of US$150 million trust certificates (Sukuk) due 2020. AFC is a leading pan-African multilateral development finance institution and project developer. In addition to being AFC's maiden Sukuk issuance, the transaction represented the first Sukuk to be issued by an African supranational entity. The Sukuk were offered to international investors outside of the United States on a private placement basis.

Deal 5
Acted as Cayman Islands counsel to Noor Bank in connection with US$3 billion debt Sukuk issuance.

Deal 6
Acted as Cayman Islands counsel to Saudi Electricity Company, the Gulf's largest utility company, in connection with its US$2.5 billion sukuk offering. The deal was reportedly the Middle East's largest Rule 144A sukuk at the time, comprising both a 10-year and 30-year maturity term – the latter being the longest duration for any senior unsecured sukuk.

Deal 7
Advised on Emirates' US$1 billion 10-year sukuk. At the time, the issuance represented the first-ever amortizing sukuk executed in the international markets as well as the first Wakala structure based on rights to travel and services relating to passenger routes operated by Emirates.

Deal 8
Acted as Cayman Islands counsel to Dubai Aviation Corporation (trading as 'flydubai') in connection with its US$500 million debt capital markets issuance Sukuk transaction.

Deal 9
Acted as Cayman Islands counsel to Meraas Sukuk Limited, as the Cayman issuer SPV incorporated by Meraas Holding (a real estate developer owned by the Government of Dubai) on its issuance of US$400 million sukuk due 2022.

Deal 10
Acted as Cayman Islands counsel to Dubai Investments Park in connection with the Sukuk offering. Dubai Investments Park is a subsidiary of Dubai Investments, the biggest listed firm of its kind on the emirate’s stock exchange. The Sukuk marked the first Islamic issue out of Dubai in 2014 and was 12 times oversubscribed.