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Local Legal Advisors to the prime development Company - US$100-170 million Sukuk

January 2006

Haya Rashed Al Khalifa Law Firm is proud to announce that it acted as legal advisors to the Bahrain Prime developer Holding Company B.S.C (c) in relation to the US$100-170 million Shariah compliant Sukuk offering (the "Sukuk").

Gulf Finance House Commercial Bank B.S.C (c) will act as Senior Lead Manager, while Islamic Development Bank, Dubai Islamic Bank PJSC, Emirates Islamic Bank PJSC and Liquidity Management Centre B.S.C(c) will act as Lead Managers, with Sharja Islamic Bank and Bahrain Islamic Bank B.S.C (c) acting as Managers. 

In addition to acting as Lead Manager, Liquidity Management Centre B.S.C (c) also acted as Structuring Advisor, Arranger and Placement Agent of the Sukuk. Norton Rose acted as legal advisors to Liquidity Management Centre B.S.C (c).

This Sukuk will finance the $270m Finance Centre, which is part of the BFH project. The return of the five-year sukuk is expected to be 250 basis points over three months Libor, payable quarterly. 

The HRAKLF team was headed by Nabeel Saeed, a specialist in Shari’a compliant banking and finance, and Arash Saidi, a corporate and finance lawyer. 

Details of the BFH project can be seen on their website 

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