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Al Busaidy, Mansoor Jamal & Co. has won the Islamic Finance News’ (IFN) “Oman Deal of the Year 2022” for Towell Infrastructure Projects Company’s OMR 14 million Syndicated Wakala financing for a water distribution project, in Mudeibi, Oman. AMJ acted for a syndicate of banks lead by Bank Muscat SAOG (as agent and arranger) that provided an aggregate OMR 37,752,500 facility having a OMR 23,752,500/- conventional sub-limit and OMR 14,000,000/- Islamic sub-limit.

The transaction was particularly complex from a structuring perspective due to the limitations created by the project documentation as well as in view of the large number of banks involved with often competing ideas and internal compliance requirements. The transaction spanned approximately 1 year and was successfully completed in December 2022.

The IFN’s annual ‘Deal of the Year’ award brings together leading global and regional law firms to celebrate the most ground-breaking Islamic finance deals that have taken place in the region in the past 12 months. AMJ’s nomination and achievements highlight the resilience of the Omani market in terms of the quality of transactions and projects being undertaken in the country, particularly given the tough market conditions.