Eversheds seals $600m Islamic loan for Barwa

Eversheds’ London and Qatar Islamic finance teams have advised on a $600m (£300.43m) loan for Qatar real estate company Barwa.

The funds, raised by Gulf International Bank in Qatar, will be used by Barwa to finance international real estate operations and projects.

Lead partner on the deal and head of Eversheds’ Islamic finance group Indraj Mangat said: “The real estate sector in the Gulf is thriving. The firm’s Qatar team has had a relationship with Barwa for the past seven months.”

Mangat added that the firm plans to strengthen its Islamic finance practice group, building on its client base in the UK, the Middle East and Malaysia.

As part of the group’s growth strategy in the Islamic finance area, the firm is relocating London partner Amjad Hussain to its Qatar office (see page 15), bringing the total number of lawyers on the ground to seven.

“We see Islamic finance as becoming even more significant in the coming years. I don’t think any other firm has a presence in Malaysia, London and Qatar. Having offices in these hubs for Islamic finance makes Eversheds very strong,” said Mangat.

Eversheds associates Jennifer Westall and Sami Abu Shaikhain advised Barwa on Qatari local law issues. Baker & McKenzie advised Gulf International Bank.