Dubai—Dentons advised the managers on the issuance of Majid Al Futtaim's US$600 million 3.9325% Green Trust Certificates due 2030, which completed on 30 October 2019. This was the second green sukuk issuance by Majid Al Futtaim, who intend to use the proceeds to back environmentally-friendly projects in areas such as renewable energy and sustainable water management.

Dentons previously advised the managers on Majid Al Futtaim's first green sukuk issuance in May this year, which was the first corporate green sukuk issuance in the Middle East, and only the second green debt capital markets issuance in the region following the issuance by First Abu Dhabi Bank in 2017. 

Abu Dhabi Islamic Bank, BNP Paribas, Citi, Dubai Islamic Bank, Emirates NBD, First Abu Dhabi Bank and HSBC acted as managers and book-runners on this issuance. 

The green sukuk were issued under Majid Al Futtaim's US$3 billion Trust Certificate programme whereby Dentons also advised the managers on the update and upsize of this programme. 

The Dentons team was led by Alex Roussos, in Dubai, with assistance from senior associate Joshua Pileggi and associate Sana Siddiqui.

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