ASAR legal counsel to lenders in KOTC financing

KUWAIT: Al-Ruwayeh and Partners (ASAR), Kuwait’s leading and most prominent corporate law firm, and one of the region’s top tier firms, is pleased to announce that it has acted as legal counsel to Warba Bank, Kuwait International Bank and Ahli United Bank in respect of the 10-year KD 140 million Islamic financing of Kuwait Oil Tanker Company (KOTC) in support of its program to renew its fleet by purchasing eight new oil tankers. The importance of this financing comes from the fact that it is the first financing obtained by KOTC and the second financing obtained by Kuwait oil companies following KNPC’s clean fuel project.

Ibrahim Sattout, Partner at ASAR said: “We are very pleased to have worked with and represented the lenders in this high profile transaction. We believe that transactions of this nature are fundamental to growing Kuwait’s economy particularly given the involvement of local banks. A transaction of this magnitude underlines also the interest of the economic players in the oil sector and its development. We appreciate the confidence and trust that the lenders have put in our firm and we look forward to continuing to assist our clients in reaching their business and strategic objectives.”

John Cunha, Partner at ASAR said: “This transaction is a testament to the strength and depth of the local banking sector and underlines the key role local banks have to play in achieving Kuwait’s development goals. Our involvement is further testimony of our firm’s impressive credentials and our ability to advise on cutting edge transactions.”

With dedicated offices in Kuwait and Bahrain coupled with its associated offices and relationships, ASAR provides clients across an extensive range of industry sectors with comprehensive legal advice and support for their business activities in Kuwait, across the GCC and beyond. The firm has been consistently rated as the leading corporate and commercial law firm in Kuwait by reputable legal guides such as the Chambers Global Guide, International Financial Law Review (IFLR) and the Legal 500. In 2017, ASAR was awarded with the “IFLR National Law Firm of the Year Award;” an award which ASAR has been delighted to receive for the 9th consecutive year. Also in 2017, the firm won the “IFLR MandA Deal of the Year Award” and the “IFLR Restructuring Deal of the Year Award.”