Clyde & Co has recently advised Abu Dhabi Islamic Bank PJSC (ADIB) on the provision of a US$80,000,000 Shariah-compliant Ijara facility to Oman Shipping Company SAOC (OSC) for the financing of 2 VLCC tankers within the OSC group. This transaction represents OSC's first Ijara asset finance transaction and demonstrates ADIB's ongoing commitment and ability to finance significant assets in the marine and energy sectors.
Clyde & Co advised on all aspects of the transaction, including the structure of the financing facility, drafting and negotiating key transactional documents, as well as on all Omani and foreign law elements.
The transaction was led by Partners Ian Chung and Taimur Malik, with the assistance of Abdelhak El Kinany (Associate) and Emma Fidler (Trainee).
Clyde & Co has the largest presence and is one of most experienced international law firms in the Middle East with over 45+ partners and 400 staff, based full time in Abu Dhabi and Dubai in the UAE, Doha in Qatar, Muscat* in Oman and Riyadh in Saudi Arabia, providing a full-service commercial offering of local specialists across most business sectors and practice areas.
*Office of Fatma Al Mamari Advocacy and Legal Consultancy Firm, in association with Clyde & Co.