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Norton Rose Fulbright advised Emirates on a USD913 million Sukuk, marking a world first for utilising a UK Export Finance backed Sukuk for an aircraft financing, the first time that a Sukuk has been used to pre-fund the acquisition of aircraft and the first ever Sukuk financing for A380 aircraft. The proceeds from the issuance of the Certificates will be used to fund the acquisition of four Airbus A380-800 aircraft, which are expected to be delivered in April, May, June and July 2015. The aircraft will be leased to and operated by Emirates.
The USD913,026,000 Certificates due 2025 were issued by Khadrawy Limited and have the benefit of a guarantee by Her Britannic Majesty's Secretary of State acting by the Export Credits Guarantee Department of the UK Government (currently operating as UK Export Finance and commonly referred to as UKEF).
The Norton Rose Fulbright team was co-led by partners Mohammed Paracha and Gregory Man in Dubai and partner Sean Corrigan in New York assisted by senior associate Nicholas Robinson (Dubai) and associates Tom Burke and David Tan (Dubai).
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Islamic Finance Bonds and Sukuk
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