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Maples Group Moves to New London Office with a focus on Clients, People and Collaboration
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Maples Advises NBK Capital Partners on New US$300 Million Credit Fund
23 Jun 2021
Maples and Calder, the Maples Group's law firm, is pleased to have advised NBK Capital Partners ("NBK"), owned by Kuwait's biggest lender, on the Cayman Islands legal aspects of a new US$300 million Sharia'h compliant credit fund that will provide capital to mid-market companies in the Middle East. The credit fund was anchored by the Public Investment Fund of Saudi Arabia, which manages US$400 billion in assets.
A team based in the firm's Dubai office advised NBK on this transaction and was led by Philip Ireland, Dubai office Joint Managing Partner, with assistance from David Garvin, a Funds & Investment Management Associate. The Dubai office of international law firm Morgan Lewis & Bockius LLP also advised NBK on the onshore aspects of the establishment of the fund.
Commenting on the establishment of the fund, Philip Ireland said, "We are delighted to have had the opportunity to advise NBK Capital Partners on the establishment of such a significant new credit fund for the region. We have seen a significant uptick in these type of funds recently and I believe it is coming at the right time to market, matching credit with mid-sized companies that are eagerly seeking financing in the region."
NBK Capital Partner's Senior Managing Director, Yaser Moustafa said "We can touch parts of the economy that they (Public Investment Funds) can't touch as efficiently, so we end up being this sort of force multiplier for them in terms of getting capital into pockets efficiently".
A link to NBK's announcement can be found here.
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