Norton Rose Fulbright advises on US$830m financing of Kuwait Airport extension

Global law firm Norton Rose Fulbright has advised National Bank of Kuwait (NBK) and Kuwait Finance House (KFH) in relation to the financing for the extension of Kuwait International Airport.

The US$830 million financing will facilitate the construction and development of the airport’s new Passenger Terminal II. The financing was entered into by the Limak Group which is currently building the new terminal.

The terminal is designed to handle 25 million passengers per year and accommodate all aircraft types through 51 gates and stands. NBK will act as the mandated lead arranger, intercreditor agent, security agent, and account bank, with KFH acting as lead arranger and commodity (Murabaha) investment agent.

Charles Whitney, partner, comments:

“We have been involved in a number of strategic projects in Kuwait across the energy and infrastructure sectors. The new airport terminal will support Kuwait’s continued economic growth and we are delighted that we were able to contribute to this successful financing.”

Robin Balmer, partner, comments:

“Combining our long standing experience of the market and the team on the ground in Turkey was key to bringing the transaction to successful close. The deal also demonstrates the attractiveness and viability in the use of Islamic financing for large scale projects such as this.”

The Norton Rose Fulbright team was led by London partner, Charles Whitney on the conventional financing and Dubai partner, Robin Balmer on the Islamic finance aspects of the deal. The team was supported by senior associate Ali Donat in London and in Istanbul by partner Ekin İnal and associate Alper Tuzun of Bilgiç Attorney Partnership.

Norton Rose Fulbright continues to advise on Kuwait’s leading and most innovative transactions, including a number of power and other infrastructure projects. The firm also operates at the forefront of the airport market, most recently advising on the development of new terminal facilities and operations as part of the the Saudi Arabian airport privatisation programme.