ALB has advised Bahraini based Gulf International Bank B.S.C. (GIB) as Sole Bookrunner and one of the 3 lead managers on an Islamic bond (Sukuk) guaranteed by the Almana Group parent company Almana Group W.L.L. (a Qatar-based trading, automotive and contracting company) and its major subsidiaries.

The other Joint Lead Managers are Barwa Bank Q.S.C. and Qatar Islamic Bank S.A.Q. The Sukuk marks the first re-financing of a Qatari corporate Sukuk, using a voluntary early redemption which required the consent of holders of Almana’s first Sukuk.

The offering was made through Almana Sukuk 2011 Limited, a limited liability special purpose company incorporated in the Cayman Islands. An application has been made to list the Sukuk on the London Stock Exchange.

The ALB team advising GIB included Managing Partner - Alaa Hamad and Associates Sean Khalid and Rad Eltreki. Hogan Lovells (Middle East) LLP advised GIB as international counsel.

ALB has advised Qatar Petroleum and various Qatargas entities in relation to the Qatar Helium 2 Project, which will result in Qatar becoming the world’s second largest producer of helium and the operator of the world’s largest helium production facility.

The project provides for the recovery of the crude helium by-product. Sales from the Qatar Helium 2 Project are anticipated to reach approximately 1.3 billion cubic feet per year.

ALB Managing Partner Alaa Hamad and Associates Rad Eltreki and Sean Khalid were supporting White and Case LLP.

ALB has advised Qatar Electricity and Water Co (QEWC) on acquiring the shares owned by AES Corporation in two Ras Laffan project companies.

QEWC brought AES Corp’s 55% interest in Ras Laffan Power Co (RLPC) to increase its overall stake to 80%, and brought AES Corp’s 70% interest in AES Ras Laffan Operating Co (RLOC) which has resulted in QEWC now owning the entire share capital of RLOC.

RLPC owns the Ras Laffan A 756 MW and 40 MIGD independent power and water desalination plant in Qatar. RLOC provides operation and maintenance services to RLPC. QEWC signed a sale and purchase agreement to acquire AES Corporation’s shares in the two Ras Laffan companies on 24 April 2010.

ALB Managing Partner - Alaa Hamad and Associate - Sean Khalid was supporting Norton Rose LLP, international counsel for QEWC. The Royal Bank of Scotland PLC acted as financial advisor to QEWC.

The Gulf Times have published an article on the advantages for tenants under the new lease law (Law No. 20 of 2009). The Gulf Times article highlights the two main features of the new lease law which are i) a complaint can now be brought with the Rental Dispute Resolving Committee even if the lease agreement has not been registered and ii) a landlord must now give at least six months notice of eviction to tenants.

Commenting on the new lease law in the article ALB Managing Partner Mr Alaa Hamad said “This is a new law and the more it’s practiced, it will prove its effectiveness. The tweaking is an ongoing process just as with foreign investment and other laws.”

Mr Alaa Hamad delivered a warmly received presentation entitled “Contractor's liability and Dispute Resolution and the Qatar Courts” at the Intercontinental Hotel, Doha to a diverse audience of participants in the construction industry. Mr Hamad’s 30 minute presentation focused on contractor liability issues and court procedures for construction disputes.

Mr Hamad opened his presentation by outlining the structure of the Qatari legal system and where construction disputes fit in. The focus in the first part was on how the law has developed to address contractor liability issues and how the current law provides for key issues such as termination of contracts, liquidated damages and contracts with government entities.

After discussing treatment of contractor liabilities, the presentation then focussed on court procedures and the reliance by judges on experts who often play a key role in determining the outcome of construction disputes. The audience were highly responsive to the issues being highlighted and raised a number of questions which ensured an interesting dialogue followed after the presentation.

The other speakers of the evening included Wayne Clark, Contracts Co-ordinator for JV Bilfinger Berger - Al Hamed whose presentation focussed on "Effective Use of Dispute Boards in Construction Contracts" and Dr Ahmed Mohd. Sheta, Secretary General of the Qatar International Arbitration Centre whose presentation focussed on “The Role of the Qatar International Arbitration Centre”. The event was chaired by Jennifer Westall, a senior associate with Eversheds LLP in Doha and the Gulf Times covered the event including an article on Mr Hamad’s presentation in their 16 October issue.