ASAR – Al Ruwayeh & Partners Acts as Legal Counsel to Al-Dhow Engineering General Trading & Contracting Company W.L.L., TNB Repair and Maintenance Sdn Bhd and TNB Power Generation Sdn Bhd in the KWD 134.51 million financing obtained from Al Ahli Bank of Kuwait K.S.P.C.

We are pleased to share that we have acted as legal counsel to the borrowers, Al-Dhow Engineering General Trading & Contracting Company W.L.L. (Al-Dhow) and TNB Repair and Maintenance Sdn Bhd (TNB Remaco), and the guarantor, TNB Power Generation Sdn Bhd, in connection with a financing of up to KWD 134.51 million (approximately U$ 436.86 million) extended by Al Ahli Bank of Kuwait K.S.P.C. to fund the five-year maintenance contract awarded by the Kuwaiti Ministry of Electricity and Water and Renewable Energy to the joint venture formed by the borrowers for the maintenance of gas turbines at the Shuaiba North Power Generation and Water Distillation Plant in Al Ahmadi, Kuwait.

Our team comprised of Ibrahim Sattout (Partner) and Emile Helou (Of Counsel), provided advice to TNB Remaco, Al-Dhow and TNB Power Generation on the financing, drafted the financing documents, and provided effective support to our clients throughout their negotiations with the lender to ensure a timely closing.

Ibrahim Sattout, Partner at ASAR said:

“We are very pleased to have worked with and represented TNB Remaco, Al-Dhow and TNB Power Generation in this high profile transaction. This transaction is a testament to the strength and depth of the local banking sector and underlines the key role local banks have to play in achieving Kuwait’s development goals. We have a long standing relationship with TNB Remaco, Al Dhow and TNB Power Generation and appreciate the confidence and trust that the clients have put in our firm. We look forward to working with our clients on other similar projects in Kuwait in the future.”

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