Acting as financial adviser to Osus, Jasper successfully structured a Shari’ah compliant transaction with Qatar National Bank (QNB) and HSBC Amanah (HSBC), which acted as the arranger, agent and security agent for the club deal.
QNB and HSBC jointly financed the transaction with each contributing 50% of the total amount, or Dhs100m ($27.5m).
The proceeds of the transaction will assist Osus in funding the development of a high quality family “edutainment” centre and themed mall to be located in Za’abeel Park, Dubai, United Arab Emirates (UAE). The STARGATE project will be a unique mixed-use, multi-attraction venue, with both indoor and outdoor facilities well placed at the heart of Dubai.
Osus is owned by a number of leading companies in the Gulf, including Tanmiyat, Al Oula Real Estate Development and Al Hindi Group, and was granted permission by the Dubai Municipality to develop this unique project through a Build Operate Transfer contract for a lease term of 30 years.
Shahin Mansuri, Head of Jasper Corporate Finance, commented:
“We at Jasper are delighted that the transaction was successfully concluded with excellent collaboration between Osus, its shareholders, QNB and HSBC. This transaction demonstrates how Jasper can serve the needs and goals of such clients who wish to expand and finance their activities in the region with innovative and practical solutions.”
Mansuri added, “The UAE and the Gulf nations as a whole today provide a wealth of business and investment opportunities. Jasper is focused on enabling corporations, financial institutions and governments to effectively capitalize on these opportunities and on the unprecedented levels of growth through the provision of sophisticated and high quality corporate finance and advisory services.”
Mr. Faisal Al Khaldi, Managing Director of Osus said:
“In a dynamic business environment such as Dubai, corporate finance services provided by Jasper are empowering tools for us to reach our goals. Not only will this transaction help us achieve our goals to provide STARGATE to Dubai’s families, it will also enable us to break ground with this unique project by the end of this year.”
Jasper Corporate Finance, a subsidiary of Jasper Capital Limited, is mandated to raise in excess of Dhs7bn ($1.9bn) in various industry sectors, including energy, financial services, real estate, hospitality, transport and logistics and metals through various products including debt, mezzanine and equity raising, structured finance and mergers and acquisitions.
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