White & Case with Estithmar on QAR 500 mln sukuk issuance
White & Case has advised Estithmar Holding, a Qatar-based conglomerate, on the establishment of its QAR 3.4 billion trust certificate issuance programme and the inaugural issuance of QAR 500 million certificates due 2027 under the programme.
White & Case’s team
The White & Case team which advised on the transaction included partner Debashis Dey (Dubai & London) and Charbel Abou Charaf (London & Doha) and associates Marcin Zawadzki, Ola Sanni, Amir Mehdizadeh Iranpour (all Dubai) and Elias Choueifati (Doha).
About the issuance
The issuance represents the first-ever Qatari Riyal-denominated corporate sukuk by a Qatari issuer, as well as the first Qatari Riyal debt instrument listed on the London Stock Exchange’s International Securities Market (ISM).
The trust certificates were issued by Estithmar Sukuk Limited LLC, a special purpose company incorporated in the Qatar Financial Centre. Al Rayan Investment LLC, The First Investor QSCC and Lesha Bank LLC acted as dealers on the issuance.
Partner Debashis Dey, who led the Firm’s deal team commented:
This is a landmark transaction for Estithmar Holding and the Qatari market and we are pleased to see our client achieve a successful closing
