Deal: Etisalat
Size: $1.6 billion murabaha facility
Date: October 13 2004
Bookrunners: NCB, Samba Financial Group, Citibank and Emirates Bank
Saudi Arabian banks National Commercial Bank (NCB) and Samba Financial Group, in partnership with a group of international and national banks, have completed the first part of the largest Islamic finance contract ever with United Arab Emirates telecoms operator Etisalat. The $1.6 billion murabaha facility, signed on October 13, will fund Etisalat’s $3.5 billion bid for Saudi Arabia’s new GSM and 3G mobile telecoms licences.
The financing is more than twice the size of the Government of Dubai’s planned $750 million sukuk (Islamic bond) issue which is being used to help fund the redevelopment of Dubai International Airport.
“From a regional perspective, the only other project financing taking place that produces bigger deals than this one is in the oil and gas industries,” says Leroy Levy, solicitor at Trowers & Hamlins, legal advisors to the Etisalat...
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