02 September 2010
Ashurst advised the Islamic Term Arrangers, Abu Dhabi Islamic Bank and Al Hilal Bank, in connection with Emirates Steel's US$ 1.1 seven year financing for the Emirates Steel Industries expansion project. The financing comprised a US$733 million limited-recourse facility from seven conventional banks and a US$367 million ijara (lease) facility from the two Islamic arrangers.

Ashurst acted as counsel to the Islamic banks.

The team was lead by managing partner of Ashurst's Abu Dhabi office, David Wadham, assisted by associate Faris Hadi. Denton Wilde Sapte (Neil Cuthbert) acted as counsel to Emirates Steel and Allen & Overy (Bimal Desai) acted as common lenders' counsel to the banks.

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Ashurst
Ashurst LLp and its affiliated undertakings trade under the name Ashurst. Ashurst LLp is a limited liability partnership registered in England and Wales under number OC330252. The term 'partner' is used to refer to a member of Ashurst LLp or to an employee or consultant with equivalent standing and qualifications or to an individual with equivalent status in one of Ashurst LLp's affiliated undertakings. Further information about Ashurst LLp and its affiliated undertakings can be found at www.ashurst.com.

Ashurst LLp or affiliated undertakings have offices in each of the following places: Abu Dhabi, BRussels, Dubai, Frankfurt, Hong Kong, London, Madrid, Milan, Munich, New York, paris, Singapore, Stockholm, Tokyo and Washington DC.

For further media information/interview opportunities please contact:
Emily Maynes
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Claire Malkoun
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© press Release 2010