Lovells team reunited with DWS in Dubai

The Middle East teams at Denton Wilde Sapte (DWS) and Lovells have landed lead roles on the first rated sukuk issued by a Qatari corporate.

The $300m (£147.69) sukuk issued by Qatar Real Estate Investment Company (ALAQARIA) is the first time that the two teams have met across the negotiating table since former DWS partner Rahail Ali and his team split to launch Lovells’ Dubai office in May this year.

A DWS team led by banking and finance partner Matthew Sapte advised lead manager HSBC, while Lovells partner Rustum Shah led the team advising ALAQARIA.

Head of Islamic finance at DWS Farmida Bi said: “We were very pleased to have won the pitch and advised on this deal. It shows that we are still successful in Islamic finance and have a strength advising on sukuk.”

The sukuk, which is listed on the London Stock Exchange, comes a week after DWS advised on the $210m (£103.38m) sukuk issuance for Dubai-based home finance company Tamweel, which closed 25 July.