Dentons advises Majid Al Futtaim

Dentons has advised Majid Al Futtaim, the leading shopping mall, retail and leisure pioneer across the MENA region, on the update of its USD1.5 billion Trust Certificate Issuance Programme. This also includes the first issuance under the updated programme of USD500 million 4.5 per cent trust certificates due 2025 which completed on 3 November 2015.

The sukuk were listed on the Irish Stock Exchange and NASDAQ Dubai. Abu Dhabi Islamic Bank, Dubai Islamic Bank, HSBC Bank, National Bank of Abu Dhabi and Standard Chartered Bank acted as Joint Lead Managers in respect of the trade. First Gulf Bank and Union National Bank acted as Co-Managers on the transaction.

Dentons Capital Markets partner, Alex Roussos, commented, "We are grateful to have worked again with Majid Al Futtaim on another very significant capital markets project. The programme update involved the incorporation of a Murabaha module into the Shariah structure, which was challenging in itself, but the real success story is the quality of the investor distribution and excellent pricing that the company achieved in a currently volatile market environment."

The Dentons team was led by Roussos and senior associate Beene Ndulo, assisted by associate Sana Siddiqui, all based in Dubai.