Firm recognised with three accolades at IFLR Middle East Awards 2023

Global law firm Norton Rose Fulbright has been recognised for its work in the Middle East with three accolades at the International Financial Law Review (IFLR) Middle East Awards 2023.

The annual IFLR Middle East Awards, in its 17th edition this year, seeks to acknowledge substantial financial and legal achievements throughout the region, and celebrate the major successes that continue to drive the sector forward.

Norton Rose Fulbright was awarded Loan Deal of the Year for the second consecutive year, after being recognised with the inaugural accolade in this category at last year’s event. This time, the winning deal was a green Murabaha financing for Al Rahji Bank. Norton Rose Fulbright advised HSBC and SMBC International Bank, as Mandated Lead Arrangers and Bookrunners, and other financial institutions on the US$1.165bn financing, led by Partner Robin Balmer. The transaction is considered the largest Shariah-compliant syndication in the Middle East that complies with the Green Loan Principles and the Environmental, Social, and Governance (ESG) practices.

The firm also received the Restructuring Deal of the Year award for its work on the financial restructuring of Azmeel Contracting Company, led by Partners Hamed Afzal and Robin Balmer. It represents one of the largest financial restructurings in the Saudi market under the new bankruptcy regime, with a large number of bank and trade creditors involved and unique debt exchange mechanisms used to restructure the company's debt. The deal represents the first time an innovative perpetual sukuk instrument has been used in the Kingdom of Saudi Arabia under the new bankruptcy regime to restructure a company’s financial indebtedness.

Norton Rose Fulbright’s Middle East banking team were also named Loan Team of the Year for their work over the past year.

Mohammed Paracha, head of Norton Rose Fulbright’s Middle East practice, said:

“We are delighted to have been honoured with these three accolades for our finance and restructuring work at the IFLR Middle East Awards 2023. It is very pleasing to see that our work throughout the region continues to be recognised and I congratulate all our fellow winners at this year’s event. We are focused on furthering our dedicated support to our clients and contributing to many more of the Middle East’s most exciting transactions.”

Norton Rose Fulbright’s banking and finance practice has one of the longest histories of any law firm in the field and advises across the full spectrum of legal banking and finance matters, acting for parties ranging from multinational lenders to growth corporations, and including some of the world’s most prominent financial institutions.

The firm’s global restructuring practice is at the forefront of many of the most significant cross border restructuring and insolvency cases involving complex multi-jurisdictional issues and regional insolvency laws for a full range of clients.