Kuwait has seen its first Sukuk at US$1.5 billion by the National Industries Group (NIG).
Law firm Allen & Overy acted as the Sukuk’s advisor, joined by Kuwaiti firm Al Sarraf, BNP Paribas, the National Bank of Kuwait, Standard Chartered Bank and WestLB.
Lead partner on the deal was Roger Wedderburn-Day, assisted by consultant Anzal Mohammed in Dubai. Anzal commented: “Kuwait is certainly hotting up at the moment. We have not seen much activity on the conventional market in the jurisdiction but Shariah compliant issuances have really taken off.”