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KWD156.3 million PPP Project – J3 Invest., Jaber Al Ahmad City

Al-Hossam Legal acted as the Kuwaiti legal advisor to syndicate lead arrangers, global and security agents on the commercial and Islamic project finance of the J3 Investment Opportunity, Jaber Al Ahmad Residential City. The J3 PPP Project tendered by the Public Authority for Housing Welfare (PAHW) with estimated cost of KWD156.3 million.

Al-Hossam Legal rendered full range of Kuwaiti law legal services from tender process to closing, while Norton Rose, acted as advisor to lenders for English law. The finance It was the first Kuwaiti finance in which Shariah scholars agreed that collateral and security can be held by Islamic financers as agent for the conventional lenders using certain legal techniques approved by the MOJ, paving the way for more involvement by Islamic lenders in holding collaterals in joint commercial and Islamic syndicate finance. The J3 Project was awarded by PAHW to a consortium of Kuwaiti listed companies led by Mabanee, as the lead developer. The project includes a commercial retail GLA of 104,000 sqm and 276 residential units.

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