Dubai: SNR Denton has announced that the firm advised Abu Dhabi Islamic Bank PJSC, Al Hilal Bank PJSC, Mubadala GE Capital PJSC, Al Khalij Commercial Bank, Al Khaliji France SA, Ajman Bank PJSC and First Gulf Bank PJSC on their successful participation in a Dh250 million Sharia-compliant facility.

The facility was made available to Emirates National Factory for Plastic Industries LLC, based in Sharjah. The deal was structured as a syndicated master sale and ijara-back facility, and involved a number of disbursements and a mixture of moveable assets and real estate. The deal was split into a UAE dirham tranche and a US dollar tranche.

"The deal contained several highly complicated financial structures and necessitated in-depth knowledge of the financial institutions involved.

"In addition, there were a number of complex local law issues that needed to be considered," said Paul Jarvis, a partner in SNR Denton's Islamic Finance group. The SNR Denton team also included Michelle Teng.

This is the second deal where SNR Denton advised banks on a syndicated facility recently. The firm advised First Gulf Bank in its participation in a $403 million (Dh1.48 billion) syndicated facility for the engineering, construction and procurement works of the Borouge 3 expansion project in Abu Dhabi.