Gulf Navigation PJSC’s Sukuk Al Murabaha / Al Musawamah and Mudaraba Offer


Herbert Smith Freehills advised Shuaa Capital psc as placing agent in documenting the issuance of a novel shariah compliant Sukuk Al Murabaha / Al Musawamah and Mudaraba by Gulf Navigation PJSC.

The proceeds of the sukuk were used for working capital requirements, capital expenditure and refinancing of existing loans.

GNH provides integrated marine services and is specialized in the transportation of crude oil and chemical products and is the only shipping company publicly listed on the Dubai Financial Markets (DFM).

The team was led by Dubai based partner Haitham Hawashin (Picture) with support from senior associate Noor Al Heialy. Specialist support was also provided by London based partner Andrew Roberts and senior associate Omar Syed.

Involved fees earner: Noor Al Heialy – Herbert Smith Freehills; Haitham Hawashin – Herbert Smith Freehills; Andrew Roberts – Herbert Smith Freehills;

Law Firms: Herbert Smith Freehills;

Clients: SHUAA Capital;

Author: Michael Patrini.