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Latham & Watkins LLP

DUBAI INTERNATIONAL FINANCIAL CENTRE, PRECINCT BUILDING 1, LEVEL 3, PO BOX 506698, DUBAI, UNITED ARAB EMIRATES
Tel:
Work +971 4 704 6300
Fax:
Fax +971 4 704 6499
Web:
www.lw.com

Harj Rai

Tel:
Work +971 4 704 6319
Email:
Web:
www.lw.com/people/harj-rai
Latham & Watkins LLP

Work Department

Partner, Office Managing Partner

Position

Harj Rai is Office Managing Partner of the Dubai office of Latham & Watkins and is the local Chair of the Finance Department. Mr. Rai has experience in bank finance, project and asset finance, Islamic financing (including Sukuk issuances and securitizations), debt capital markets and general corporate matters relating to Saudi Arabia.

Chambers Global 2016 ranks Mr. Rai as a leading lawyer in Banking & Finance. IFLR 1000 also listed Mr. Rai as a leading lawyer in Banking, Project Finance and Capital Markets in 2016.


Saudi Arabia

Capital markets

Within: Capital markets

Law Office of Salman M. Al-Sudairi in association with Latham & Watkins LLP advises on a range of domestic debt and equity issuances, and also handles sukuk issuances on foreign exchanges acting in conjunction with Latham & Watkins' global network. The department is headed by Salman Al-Sudairi and recently assisted the Saudi government on the issuance of government bonds worth $12.5bn. Additionally, Dubai-based Harj Rai acted for NCB Capital in relation to Ma'aden Phosphate Company's SAR3.5bn sukuk issuance.

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United Arab Emirates

Banking and finance

Within: Banking and finance

At Latham & Watkins LLP, counsel Aly Kassam, a new hire from Gibson Dunn, advised The First Group on borrowing AED300m in a shari'ah-compliant refinancing transaction provided by Abu Dhabi Islamic Bank; he also assisted Emirates Hospitals Group with borrowing $300m from, inter alia, Credit Suisse. Harj Rai worked with the firm's London office in advising Citibank on a $2.6bn syndicated, unsecured one-year loan to Saudi Electricity Company, and also acted for Standard Chartered on amending a term loan provided to Emaar. Nomaan Raja has restructuring expertise, and advises Adeem Investment Solutions in this arena.

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Capital markets

Within: Capital markets

At Latham & Watkins LLP, Nomaan Raja advised Nogaholding on creating a $3bn GMTN programme, and the subsequent issue of $2bn of notes due in 2027. He also assisted JP Morgan with Abu Dhabi Commercial Bank's issuance of Formosa bonds due in 2047. Islamic financing highlights include advice to Standard Chartered on Noor Bank issuing a five-year sukuk totalling $500m, for which there were orders of $1.07bn. Also in the sukuk space, Harj Rai assisted NCB Capital Company with Maaden Phosphate Company's issuance of a SAR3.5bn sukuk. Craig Nethercott, who divides his time between London and Dubai, is another notable name, as is Basil Al-Jafari, who was recently promoted to counsel. Nethercott worked with Raja on several issuances of Saudi Arabian sovereign notes. One notable restructuring highlight is that of the Dana Gas sukuk, replacing the existing one, which is subject to high-profile litigation, with a new one using a more Islamically-conservative wakala structure.

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Islamic finance

Within: Islamic finance

At Latham & Watkins LLP, Nomaan Raja advises Dana Gas on restructuring its sukuk programme, creating one with a wakala structure to replace a previous one that spawned litigation in several jurisdictions over its validity. He also advised Standard Chartered among other investment banks on Noor Bank's $500m sukuk issuance. On the lending side, Harj Rai and Craig Nethercott advised a syndicate of banks including Al Rajhi Bank on a loan to Zain Saudi Arabia.

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