Banking & Finance

EXPERTISE

BANKING & FINANCE

The banking and finance industry sits at the very centre of Oman’s economy.

The last decade has been one of the most challenging times in the history of the international finance markets and Oman has not been immune to the issues the global finance market has faced. In such an environment it is imperative for lenders and borrowers to have legal advisers who can keep them up to date not just on the many regulatory changes that have emerged following the financial crisis but also the impact on the marketplace in which they operate.

Al Sheaily’s banking and finance lawyers have been structuring and documenting transactions in Oman and the wider GCC since before the financial crisis. In that time, they have worked on some of the largest financial transactions in Oman and the wider GCC. This has given them invaluable insight and experience which they use to provide clients, both lenders and borrowers, with the highest quality legal and commercial advice.

Our banking lawyers regularly advise on all forms of finance including acquisition finance, project finance, asset finance, real estate finance, syndicated lending, debt capital finance, derivatives and restructurings.

Of particular note is our team’s extensive Islamic finance experience. The team have advised lenders and borrowers on all Islamic finance structures from simple murabaha and ijara finance arrangements through to acting as global counsel for an investment grade listed financial institution on their structured sukuk issue. The team have acted for a number of leading international and GCC banks on Sharia’h compliant matters throughout the GCC, Africa and Europe and have extensive experience of applying the fundamental principles of the Sharia'h to commercial transactions.

Our banking and finance lawyers combine an in-depth knowledge of Omani, regional and English law with an understanding of their clients’ commercial needs to assist clients to achieve their aims in a personable, proactive and cost-efficient manner.

Representative Transactions of Our Banking Lawyers

  • Advised Bank Sohar, the Mandated Lead Arranger, in connection with the US$257 million project financing for the Moon Iron and Steel Company project at Sohar.  The facilities were a mix of Islamic and conventional facilities and the advice included having to structure the transaction to cover the arrangements between the Islamic financiers and the conventional banks
  • Advised Meethaq Bank on the construction financing of a pharmaceutical manufacturing plant structured as an istisna/forward ijara
  • Advised Meethaq Bank on the construction financing of a chicken broiler plant in Oman structured as an istisna/forward ijara
  • Advised Ahli Bank SAOG and Ahli United Bank BSC as initial mandated lead arrangers in connection with a US$235 million term loan facility agreement for financing the Muscat Sohar Pipeline Project
  • Acted for Bank Nizwa SAOG in connection with a US$40 million revolving murabaha and ijara facility to be used to fund the development of an antimony production plant in Sohar
  • Acted for Masraf Al Rayan in connection with its QAR 1.8bn (approx. USD$495mn) commodity murabaha financing of a logistics project in the south of Doha
  • Acted for The Commercial Bank (Q.S.C.) in connection with its QAR 1.2bn (approx. USD$330mn) term loan to Msheireb Properties for the development of a spa and family resort and mixed use commercial and office building
  • Acted for Tornado Company in obtaining financing from Doha Bank by way of a 13-year tenored term facility, secured by a legal mortgage over Doha's iconic and award-winning Tornado Tower
  • Acted for Qatar National Bank and Al Khaliji in connection with their provision of mezzanine finance to a UK established SPV for the development of 2 towers in East Village, London the site of the old Olympic Village
  • Acted for Oman Telecommunications Company in its USD$420mn bridge loan financing from a syndicate of banks arranged by Citibank N.A., London Branch, including Arab Banking Corporation (B.S.C) and Mashreq Bank PSC for its proposed takeover bid for the leading Maltese telecommunications company GO
  • Acted for Masraf Al Rayan in connection with its provision of Sharia' compliant financing to UK established SPVs for the development of 11 towers in East Village, London the site of the old Olympic Village
  • Advised the State of Qatar and the managers as to Qatari law in respect of a number of the State of Qatar’s bond and sukuk issues
  • Advised Doha Bank as issuer on English and Qatar law on their US$2,000,000,000 EMTN programme and the issue of US$500,000,000 certificates listed on the London Stock Exchange
  • Advised Deutsche Bank, HSBC, QInvest and Standard Chartered Bank as to Qatar law in their capacity as managers on the establishment of a US$1,500,000,000 sukuk programme by Qatar Islamic Bank and the issue of US$750,000,000 certificates thereunder and
  • Advised Qatar International Islamic Bank as issuer on English and Qatari law on their debut US$700,000,000 sukuk issue listed on the Irish Stock Exchange
  • Advised Qatar National Bank, International Bank of Qatar and Samba Financial Group as mandated lead arrangers on English and Qatar law in respect of the provision of US$430,000,000 secured term loan facilities for the construction of a rig and ancillary equipment
  • Advised the Royal Bank of Scotland plc as lender pursuant to a cross border tax lease arrangement to provide finance for the purchase of cranes to be imported into Qatar
  • Advised Masraf Al Rayan and its subsidiary (Al Rayan Investment) on the establishment and management of a Sharia'h-compliant GCC equity fund regulated by the Qatar Central Bank with a maximum capital of US$700,000,000
  • Advised QNB Capital and their client on the prospective confidential purchase of sukuk issued by an African sovereign state.