Dubai—Dentons advised Ajman Bank PJSC on a AED245 million conventional loan and Islamic facility to Union Properties PJSC in relation to the construction and development of residential buildings in Dubai, United Arab Emirates. The facilities comprised of conventional and Istisna'/forward Ijarah facilities.

Ajman Bank together with the National Bank of Ras Al-Khaimah (RAKBANK) acted as joint lead managers for the deal with the publicly listed Dubai-based property developer, while Alpen Capital was the sole financial advisor for the transaction.

Dentons partner and Head of Islamic Finance for the Middle East, Qasim Aslam, commented, "I am delighted to have acted as the legal adviser to the banks on this significant transaction. It is tremendous to have helped structure and execute a sophisticated Islamic and convectional financing utilising a combined Istisna' Ijara and loan facilities".

The Dentons team was led by partner Qasim Aslam, assisted by associates Ahmed Choudhry and Mona Hammadi.