White & Case Advised Estithmar Holding On Landmark Sukuk Issuance

White & Case Advised Estithmar Holding On Landmark Sukuk Issuance

White & Case has successfully advised Estithmar Holding, a prominent Qatar-based conglomerate, in establishing its QAR 3.4 billion trust certificate issuance programme. This programme includes the inaugural issuance of QAR 500 million certificates due in 2027.

Notably, this issuance marks 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 established within the Qatar Financial Centre. Dealers on the issuance included Al Rayan Investment LLC, The First Investor QSCC, and Lesha Bank LLC.

Debashis Dey, who led the Firm’s Deal Team, remarked, "This is a landmark transaction for Estithmar Holding and the Qatari market, and we are pleased to see our client achieve a successful closing."

The Advisory Team from White & Case comprised Partner Debashis Dey (Dubai & London), Partner Charbel Abou Charaf (London & Doha), along with Associates Marcin Zawadzki, Ola Sanni, Amir Mehdizadeh Iranpour (all based in Dubai), and Elias Choueifati (Doha).