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Tuesday, 21 August 2007

The first sukuk programme to be established in Kuwait - a USD1.5 billion sukuk programme by NIG

Allen & Overy has advised BNP Paribas, Citigroup, National Bank of Kuwait, Standard Chartered Bank and WestLB as joint arrangers and dealers in connection with the establishment of a USD1.5 billion sukuk programme by National Industries Group Holding Company S.A.K. (NIG), the first sukuk programme to be established in Kuwait. Allen & Overy also advised the managers on the inaugural issue of USD475 million trust certificates due 2012 under the programme. The sukuk was issued through a special purpose vehicle established in the Cayman Islands, NIG Sukuk Ltd. The sukuk programme is listed on the London Stock Exchange. Consultant Anzal Mohammed commented: "This is the third sukuk programme that we have advised on over the last eight months which reinforces our market leading reputation for advising on these types of transactions. Bearing in mind the current volatility in the global stock and credit markets, the successful closing of this transaction should provide further confidence to the regional capital markets." - (AI, 20 Aug 07)

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