ASAR Advises on Financing Deal Extended by Al Ahli Bank of Kuwait 

ASAR – Al Ruwayeh & Partners served as legal counsel to Al-Dhow Engineering General Trading & Contracting Company, TNB Repair and Maintenance Sdn Bhd, and TNB Power Generation Sdn Bhd in securing a KWD 134.51 million financing (approximately U$ 436.86 million) extended by Al Ahli Bank of Kuwait to fund the five-year maintenance contract awarded by the Kuwaiti Ministry of Electricity and Water and Renewable Energy to the joint venture formed by the borrowers for the maintenance of gas turbines at the Shuaiba North Power Generation and Water Distillation Plant in Al Ahmadi, Kuwait. 

The ASAR team comprised of Ibrahim Sattout (Partner, pictured left) and Emile Helou (Of Counsel, pictured right), provided advice to TNB Remaco, Al-Dhow and TNB Power Generation on the financing, drafted the financing documents, and provided effective support to our clients throughout their negotiations with the lender to ensure a timely closing. 

Ibrahim Sattout, Partner at ASAR said: 

“This transaction is a testament to the strength and depth of the local banking sector and underlines the key role local banks have to play in achieving Kuwait’s development goals.”