Global law firm White & Case LLP has advised Estithmar Holding Q.P.S.C., a leading Qatar-based conglomerate, on the establishment of its QAR 3.4 billion trust certificate issuance programme and the inaugural issuance of QAR 500 million certificates due 2027 under the programme.

“This is a landmark transaction for Estithmar Holding and the Qatari market and we are pleased to see our client achieve a successful closing,” said White & Case partner Debashis Dey, who led the Firm’s deal team.

The issuance represents the first-ever Qatari Riyal-denominated corporate sukuk by a Qatari issuer, as well as the first Qatari Riyal debt instrument listed on the London Stock Exchange’s International Securities Market (ISM).

The trust certificates were issued by Estithmar Sukuk Limited LLC, a special purpose company incorporated in the Qatar Financial Centre. Al Rayan Investment LLC, The First Investor QSCC and Lesha Bank LLC acted as dealers on the issuance.

“Our team leveraged our capital markets and Islamic finance experience on a milestone transaction that secures fresh funding for Estithmar Holding, an important regional issuer and a significant player in the Qatari economy,” said White & Case partner Charbel Abou Charaf, relationship partner for Estithmar Holding.

The White & Case team which advised on the transaction included partner Debashis Dey (Dubai & London) and Charbel Abou Charaf (London & Doha) and associates Marcin Zawadzki, Ola Sanni, Amir Mehdizadeh Iranpour (all Dubai) and Elias Choueifati (Doha).

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