Ciaran Bohnacker
Partner
Dubai
We have supported Burjeel Holdings, a leading private healthcare services provider based in Abu Dhabi, on the establishment of its inaugural US$1.5 billion sukuk issuance programme.
Established by Burjeel Sukuk Limited, a Cayman Islands-incorporated special purpose vehicle, the programme will strengthen the group’s access to international debt capital markets.
We acted as Cayman Islands legal counsel on the programme establishment, advising on all Cayman law elements of the structure, including the preparation and review of the relevant transaction documents and supporting the formation of the Cayman Islands issuer.
Our Dubai-based team, led by partner Ciaran Bohnacker and senior associate Szymon Durlo, worked alongside senior vice president Paul McGinness and vice president Jordan Hebert of Walkers Professional Services (WPS), which provided fiduciary and administrative support to Burjeel Sukuk Limited. Our team worked alongside Clifford Chance who acted as lead counsel for Burjeel.
Walkers and WPS continue to provide ongoing support to Burjeel Holdings and Burjeel Sukuk Limited from both a legal and administrative perspective.
On the transaction, Ciaran Bohnacker commented: Congratulations to Burjeel Holdings on establishing its debut sukuk programme. It provides a robust platform for accessing debt capital markets as well as highlights the continued development of the GCC’s sukuk market and the increasing sophistication of funding structures available to regional corporates.'
The establishment of the programme reflects sustained growth in Middle East debt capital markets, with corporates increasingly turning to sukuk programmes as a means of accessing diversified pools of capital and supporting long-term strategic expansion.
