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Norton Rose (Middle East) LLP has advised long standing client Emaar Properties Public Joint Stock Company (Emaar) in connection with the simultaneous establishment of a US$2 billion EMTN (Euro Medium Term Note) Programme and US$2 billion Trust Certificates Programme (a shariah compliant programme). Both are listed on the London Stock Exchange. Issuances under the EMTN Programme will be undertaken by Emaar’s wholly-owned subsidiary, Emaar Finance Limited, a special purpose vehicle incorporated in the Cayman Islands. Emaar Finance Limited’s obligations are irrevocably and unconditionally guaranteed by Emaar. The deal was signed and listed on 19 January 2009. Issuances under the Trust Certificates Programme will be undertaken by Emaar Sukuk Limited, an orphan special purpose vehicle incorporated in the Cayman Islands. The Trust Certificates Programme applies the lease (Ijara) structure whereby under each issuance certain assets are purchased by Emaar Sukuk Limited and leased back to Emaar creating the required shariah compliant cashflow for payment to the Trust Certificateholders. Debt Capital Markets lawyer, Rizwan Kanji commented: “This is an exceptional transaction in that Emaar has established two parallel programmes providing Emaar the option and flexibility to tap into both the conventional and Islamic capital markets to raise finance competitively. This flexibility has greater significance given the current market conditions.” The Norton Rose (Middle East) LLP team advising Emaar with respect to the establishment of both programmes consisted of Karl Rogers, Rizwan Kanji, Lidia Kamleh and Jo Hossack. The team are based in the Dubai office of Norton Rose (Middle East) LLP. The Joint Lead Arrangers for both the programmes were HSBC and RBS who were advised by Allen & Overy LLP.
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