"Energy Development Oman Launches Landmark OMR 1 Billion Sukuk Issuance Programme with Legal Support from Trowers & Hamlins"

"Trowers & Hamlins has successfully advised Energy Development Oman (EDO) on the establishment of a OMR 1 billion (USD 2.6 billion) Sukuk Issuance Programme and its inaugural issuance of OMR 50 million Sukuk. This marks a significant milestone in Oman's capital markets, utilizing a unique Ijara and Wakala structure. EDO, established in December 2020, aims to manage the country's energy assets and align with Oman Vision 2040. The Sukuk has a three-year tenor with a profit rate of 4.40%. Trowers & Hamlins provided comprehensive legal support throughout the process, reinforcing its commitment to innovative Islamic finance solutions in the region."

Trowers & Hamlins acted as the sole transaction counsel, advising Energy Development Oman (EDO) on the establishment of its OMR 1,000,000,000 (USD 2.6 billion) Sukuk Issuance Programme and the completion of its inaugural issuance of OMR 50 million Sukuk. The firm also provided legal support to the National Bank of Oman SAOG (NBO), which acted as the Issue Manager. The transaction involved the successful issuance of a Sukuk structured using a combination of Ijara and Wakala arrangements, marking a significant milestone in the development of Oman's capital markets. The first issuance had a tenor of three years and a profit rate of 4.40%. Trowers & Hamlins played a crucial role in designing the Sukuk structure, ensuring regulatory compliance, and preparing high-quality disclosure documents. The Trowers & Hamlins team included: - Salman Ahmed, Partner and Head of Islamic Finance - Moeen Qayum, Co-Head of Debt Capital Markets - Elias Moubarak, Partner in the International Banking and Finance team - Benjamin O'Brien-McQueenie, Corporate Partner - Jonathan Grosvenor, Banking Partner - Rashi Jain, Associate - Emilia Smart, Associate - Fatma Al Mataani, Trainee Solicitor - Alexandra Hill, Trainee Solicitor - Alshaima Al Hinai, Trainee Solicitor

"Energy Development Oman Launches Landmark OMR 1 Billion Sukuk Issuance Programme with Legal Support from Trowers & Hamlins"

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