Business

The Kuwait office of Al Tamimi & Company continued its success in project money by working as legal advise for National Bank of Kuwait S.A.K.P. (NBK) and Kuwait Financing House K.S.C.P. (KFH) in a syndicated funding in an amount of KD 249 Million for Limak naat relative to an agreement with the Ministry of Public Functions to promote the construction, conclusion, providing and upkeep of the Kuwait International Airport (KIA) New Passenger Terminal II.

The new Passenger Terminal Two, topped an expansive 708,000-sq- m location, will certainly have the ability to take care of 25 million guests each year and suit all aircraft kinds via 51 entrances and stands. The new facility will likewise have the ability to offer 21 A380s and made to deal with 25 million passengers a year.

According to the regards to the financing arrangements, the financing is to be consummated via conventional and Islamic funding, with NBK acting as a Required Lead Arranger, Intercreditor Agent, Security Representative and Account Bank and KFH acting as a Required Lead arranger and Product Murabaha Financial Investment Representative. Containing both credit and money centers, NBK and KFH will jointly finance the construction works related to the New Traveler Terminal II to the song of KD 125.6 million each.

The signing took place at the Chairman's Club in KIPCO Tower in Kuwait City and was attended by several of the most senior execs of the banks and Limak naat, including NBK Chairman Nasser Musaed Al-Sayer, KFH Chairman Hamad Al-Marzouk and Limak Holding Chairman Nihat zdemir. Additionally in attendance at the signing event H.E. Ms. Aye Hilal Sayan Koytak the Ambassador of the Republic of Turkey to Kuwait.

The Al Tamimi group was led by Co-Head of Office and Partner, Alex Saleh, and Partner Omar Handoush. The Kuwait team of Al Tamimi has actually been associated with many of the country's big framework deals over the last few years such as the Az-zour IWPP project, KNPC's Clean Gas Project, most of the new government medical facility growths amongst many various other projects.

Alex Saleh, commenting on the syndicated funding offer, said: "It is constantly an obstacle to shut on a project finance transaction of this size and size in such a short time period, given that the Kuwait lawful system presents its own unique aspects that need to be dealt with.

Not standing up to, provided the favorable spirits of all the parties included, we had the ability to overcome the challenges and close in a reasonably short time duration, showing the goodwill of everybody.".

Omar Handoush, discussing Al Tamimi & Company's partnership with NBK and KFH, specified: "We have been privileged to collaborate with and stand for both NBK and KFH on a number of high profiled transactions throughout the years. Al Tamimi & Company appreciates the self-confidence and depend on that NBK and KFH management again had in our firm to manage such a huge intricate transaction.".

Al Tamimi & Company's Kuwait office is co-headed by Companions Alex Saleh and Philip Kotsis and runs through its joint endeavor with Kuwaiti legal representative Yaqoub Yousef Al Munayae. Al Tamimi & Company was established in 1989 and is the largest law firm in the Middle East.

The company has 16 workplaces in 9 countries including Kuwait, the United Arab Emirates, Egypt, Qatar, Saudi Arabia, Iraq, Jordan, Oman, Bahrain.

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