Next Generation Partners

Capital markets in United Arab Emirates

Allen & Overy LLP

Allen & Overy LLP‘s ‘unparalleled‘ Middle East capital markets practice is led by Anzal Mohammed, who specialises in Regulation S and Rule 144A issues, Shariah-compliant finance structures and convertible securities. Bilal Ahmad also has an active DCM and Islamic sukuk transactions practice. On the ECM side of the practice, regional managing partner Khalid Garousha has an established presence in the M&A, international equity offerings and IPO space. The firm’s corporate trust and agency offering is led by recently promoted partner Chris Angus. Senior associate Nazuma Hassan is another name to note.

Practice head(s):

Anzal Mohammed; Khalid Garousha

Other key lawyers:

Bilal Ahmad; Chris Angus; Nazuma Hassan; Ibrahim Mubaydeen

Testimonials

‘A&O’s capacity and depth in their Debt Capital Markets practice is unparalleled. A&O benefits from a strong team of partners across offices in London, Paris and Dubai. They maintain a high level of consistency between offices that allows them to seamlessly cover complex multi-jurisdictional transactions.’

‘Anzal Mohammad – one of the very best DCM partners in the Middle East. Very approachable, pragmatic and available when needed. Bilal Ahmad – extensive experience in both conventional and sukuk transactions. Very user-friendly and solution-led in his approach. Knows how to get transactions done in challenging circumstances.’

‘Khalid Garousha – is easily one of the top 2 capital markets lawyers in the UAE (and has wider regional experience). Has very strong access to the regulator, is always available to assist with any queries and can problem solve in difficult situations.’

‘A&O’s corporate team has exceptional bench strength when it comes to capital markets transactions, with some of the most experienced capital markets lawyers in the region. They are extremely adept at helping clients to navigate new and complex situations, providing insightful and practical advice, putting strong and consistent communication at the heart of everything they do.’

‘Ibrahim Mubaydeen is one of the leading lights of capital markets transactions and regulation. His knowledge of the regulatory environment and strong, long-established professional relationships with key government and regulatory stakeholders ensure that clients get invaluable insights into the current regulatory landscape and opportunities for optimising transaction structuring.’

Khalid Garousha combines outstanding transactional experience with excellent project management, giving an overwhelming sense of trust and control even in the midst of the most complex or high-pressured transactions.’

Clifford Chance

Clifford Chance‘s equity capital markets practice has expertise in all forms of equity offerings and listings. The equity team is led by Mike Taylor who has extensive experience advising on high-profile IPOs and public takeovers, with particular expertise in the telecoms sector. Stuart Ure heads the debt capital markets practice and specialises in structured finance and conventional and Islamic debt capital markets across the GCC. The practice advises on the full spectrum of DCM work, from conventional bonds and sukuk, to structured notes and securitisations. Cheuk-Yin Cheung leads the structured products practice.

Practice head(s):

Mike Taylor; Stuart Ure

Other key lawyers:

Cheuk-Yin Cheung

Key clients

DP World PLC

Etihad Airways P.J.S.C

Ahli Bank Q.P.S.C.

Government of the Emirate of Sharjah

UK Government (HM Treasury and Debt Management Office)

Government of the Maldives

EQUATE Petrochemical Company K.S.C.C. (EQUATE)

Dubai Aerospace

National Commercial Bank

Futures Industry Association

First Abu Dhabi Bank PJSC

Merrill Lynch International

Morgan Stanley & Co. International plc

Abu Dhabi Commercial Bank PJSC

EFG Hermes UAE Limited

HSBC Bank Middle East Limited

International Company for Water and Power Projects (ACWA Power)

Work highlights

  • Advised the joint global coordinators and the joint bookrunners in connection with Mubadala-owned, Al Yah Satellite Communications Company PJSC (Yahsat) landmark IPO and listing on the Abu Dhabi Securities Exchange (ADX).

Latham & Watkins LLP

Latham & Watkins LLP has a 'top-tier' practice that specialises in debt and equity capital markets, derivatives and structured finance, securitisation, corporate trust and agency and high-yield bonds. The team has a 'strong knowledge base', particularly when executing 144A transactions and advising on issuances by sovereigns and quasi-sovereigns. Practice head and managing partner Nomaan Raja is a 'trusted advisor' and his market knowledge is 'second to none'. Counsel Basil Al-Jafari is another key name to note.

Practice head(s):

Nomaan Raja

Other key lawyers:

Harj Rai; Basil Al-Jafari

Testimonials

‘We have worked with the L&W partners and the associates from different jurisdictions and found them to be highly competent, thorough and professional. I have worked with Nomaan Raja in particular on a number of capital market transactions in Oman and I have always found him to be solution-oriented, sharp who cuts through to the crux of the matter and directly addresses key issues of concern to a client.’

‘Latham & Watkins now have a top tier debt capital markets practice in the Middle East. They are working on a growing number of complex DCM transactions in the region. Whilst this is a partner-led practice they have a strong team of associates.’

‘Nomaan Raja is a trusted advisor for us in the region. His depth of knowledge and understanding of the market are second to none. He is visible on transactions and always available to offer support first hand.’

‘Very strong knowledge base and high quality work. One of the best in the business’

‘The team delivers a top notch work product. They are always available for the client and provide clear guidance in the process.’

‘The individuals that we worked with, specifically Nomaan Raja and Basil Al Jafari are very professional, and go above and beyond what was required to help us achieve our target in a very tight timeline and under a lot of pressure. They were always available whenever needed and were willing to go the extra mile for us in every aspects of the deal, and always found solutions for us for any issues arising.’

‘Nomaan Raja and Basil Al Jafari are an excellent team. They are very user friendly and efficient.’

Key clients

Government of Dubai

Global Infrastructure Partners

The Oil & Gas Holding Company B.S.C. (c) (nogaholding)

Liquid Telecommunications

J.P. Morgan

Morgan Stanley

Citigroup

Goldman Sachs International

HSBC

NCB Capital

First Abu Dhabi Bank

Credit Agricole CIB

Standard Chartered Bank

BNP Paribas

Mizhuo Securities

MUFG

SMBC Nikko

BofA Securities

ING

Work highlights

  • Advised the Saudi Aramco Dealers in relation to the establishment of a Trust Certificate Issuance Programme by Saudi Arabian Oil Company (Saudi Aramco) and its inaugural US$6 billion issuance thereunder.
  • Advised the arrangers and dealers on the establishment of a Euro Medium Term Note programme by Abu Dhabi Ports Company PJSC (AD Ports), and the joint lead managers in relation to the issuance by AD Ports of $1bn 2.5% notes due 2031 (the Notes) thereunder.
  • Advised the Government of Dubai, acting through the Department of Finance, on the issuance of $1bn Trust Certificates due 2030 under its $6bn Trust Certificate Issuance Programme and $1bn Notes due 2050 under its $5bn Euro Medium Term Note Programme.

White & Case LLP

White & Case LLP has a full-service practice that includes specialists that have ‘fantastic‘ sector knowledge. The firm’s debt capital markets offering covers Islamic finance, project bonds, securitisation, green and sustainable bonds. Debashis Dey has an ‘encyclopaedic‘ knowledge of shariah-compliant structures and is ‘excellent in the sukuk space‘. Ali Shaikley has advised on a number of high-value equity capital markets transactions and has been particularly active in the SPAC space. Sami Al-Louzi specialises in ECM transactions in Saudi Arabia and Abdulwahid Alulama is the team’s UAE regulatory specialist. Claudio Medeossi and Xuan Jin are also noted.

Practice head(s):

Debashis Dey; Sami Al-Louzi; Ali Shaikley; Abdulwahid Alulama

Other key lawyers:

Claudio Medeossi; Xuan Jin

Testimonials

‘The people are familiar with the sector and our company, making transactions with them easy. Also, their sector knowledge is fantastic, particularly for sukuk.’

‘Debashis Dey is excellent in the sukuk space. His knowledge of sharia-compliant structures is encyclopedic. Xuan Jin is excellent at executing transactions and making himself available.’

Extremely knowledgeable of both debt & equity capital markets.’

Key clients

Saudi Arabian Oil Company (Saudi Aramco)

J.P. Morgan

Citi

HSBC Saudi Arabia

Goldman Sachs

Saudi Real Estate Refinance Company

DP World

Bank of America

Deutsche Bank

Natixis

First Abu Dhabi Bank

Standard Chartered Bank

Jefferies

ENBD REIT Plc

BNY Mellon Corporate Trustee Services Limited

Emirates NBD Capital Limited

Pareto Securities

Investcorp Holdings

Republic of Indonesia

Rothschild & Co.

Arabian Centres Company

Work highlights

  • Represented a syndicate of 13 banks on the offering of $1.5bn Regulation S reset subordinated perpetual Sukuk certificates on behalf of DP World PLC (now DP World Ltd.)
  • Represented Investment Corporation of Dubai on ICD Funding Ltd.’s issuance of $600m 3.223% notes due 2026 under its $2.5bn euro medium-term note programme, unconditionally and irrevocably guaranteed by Investment Corporation of Dubai.

Al Tamimi & Company

Al Tamimi & Company‘s capital markets practice has ‘excellent industry know how combined with outstanding technical expertise‘. The firm’s ECM offering has particular strength in IPOs, capital increases in public M&A, share buy-backs and rights issues. On the debt side of the practice, the team handles bond issuances, securitisations and sukuks. Practice head Andrew Tarbuck has a ‘first class‘ practice that covers the full spectrum of capital markets transactions. Husam Hourani has a core focus on ECM matters and Rafiq Jaffer is a key point of contact for DCM mandates.

Practice head(s):

Andrew Tarbuck

Other key lawyers:

Husam Hourani; Rafiq Jaffer

Testimonials

‘Excellent industry know how combined with outstanding technical expertise. Andrew knows well all the market participants, from SCA, DFM, Nasdaq, etc and so can navigate what can often be an opaque environment.’

‘Andrew Tarbuck is in my view one of the leading capital market practitioners in UAE. He’s absolutely first class.’

Andrew Tarbuck – brilliant lawyer.

Key clients

Yalla Group Limited

Dubai Islamic Bank PJSC

BLME Holdings plc

Dubai Airport Free Zone Authority

Al Mal Capital

Kuwait Finance House Bahrain

Kalyan Jewellers FZE

United Gulf Holding Company B.S.C.

Gulf Navigation Holdings PJSC

Work highlights

  • Advised Yalla Group Limited on the offering of 18,600,000 American Depositary Shares (“ADSs”), each ADS representing one Class A ordinary share, par value US$0.0001 per share on the New York Stock Exchange.
  • Advised DIB on its landmark acquisition of Noor Bank PJSC (“Noor Bank”) from its principal shareholders, Noor Investment Group LLC (“NIGL”) and Emirates Investment Authority (“EIA”), through the increase of DIB’s share capital, and allocation of such shares to NIGL and EIA as consideration for the acquisition.
  • Advised BLME Holdings plc (“BLME”) (an Islamic finance provider) on a recommended cash offer made by Boubyan Bank (a Kuwait Islamic bank) to acquire the entire issued share capital of BLME save for those already owned by Boubyan Bank and its subsidiaries or affiliates.

Dentons

Dentons has an experienced capital markets practice that handles a wide variety of bonds and sukuk offerings. The practice has expertise in Rule 144A transactions and has also been particularly active in ESG debt capital markets transactions. Practice head Alex Roussos has a broad practice that covers medium-term note programmes, convertible bonds, sukuk issuances and structured finance deals, listings on local and international stock exchanges. Senior associate James Osun-Sanmi is also noted and advises on both conventional and Islamic DCM transactions.

Practice head(s):

Alex Roussos

Other key lawyers:

James Osun-Sanmi

Testimonials

‘We have used Alex Roussos on various bond and sukuk offerings across the region. He has extensive capital markets knowledge, experience and insight. First rate and very easy to work with.’

Key clients

Abu Dhabi Islamic Bank (ADIB)

Dubai Islamic Bank (DIB)

Barclays Bank

Citigroup

Standard Chartered Bank (SCB)

Emirates NBD

First Abu Dhabi Bank (FAB)

HSBC

JP Morgan

Kuwait Finance House (KFH)

Commercial Bank of Dubai (CBD)

Islamic Development Bank (IDB)

Qatar International Islamic Bank (QIIB)

Bank of Sharjah

Burgan Bank KPSC

National Bank of Ras Al Khaimah (RAKBANK)

National Bank of Oman

Oman Electricity Transmission Company

Oman Arab Bank SAOC

Work highlights

  • Advising the IsDB on the issuance of $2.5bn trust certificates under its $25bn trust certificate issuance programme, which marks the IsDB’s largest issuance to date and also its second sustainable sukuk issuance.
  • Advising KIB on its issuance of $300m Tier 2 trust certificates.
  • Advising Burgan Bank on its issuance of $500m Tier 2 subordinated notes.

Linklaters

Linklaters advises financial institutions, governments entities, private equity firms and sovereign wealth funds on both DCM and ECM transactions. The practice has strong cross-border capabilities and has been particularly active in advising clients on bond and sukuk issuances in Saudi Arabia. Jonathan Fried acts as the firm's head of MENA capital markets practice. Counsel Dalia Nammari heads the Saudi capital markets practice and is a key name to note. Managing associates Ross Whibley and Nicola Minervini provide additional support.

Practice head(s):

Jonathan Fried

Other key lawyers:

Dalia Nammari; Ross Whibley; Nicola Minervini

Key clients

HSBC Bank Plc

Bank of China Middle East (Dubai)

Credit Suisse Limited

Emirates NBD

Citigroup Global Markets Limited

Emaar Properties

JPMorgan Chase & Co

Saudi National Bank

Banque Saudi Fransi

Saudi Arabian Ministry of Finance

Citibank KSA

Standard Chartered Bank

Goldman Sachs International

BNP Paribas

Ahli United Bank B.S.C.

Barclays Bank PLC

Société Générale

Work highlights

  • Advised the joint lead managers on the $750m Series 674 1.638% Notes due 2026 issued by Emirates NBD Bank PJSC under its $12.5bn Euro Medium Term Note Programme.
  • Advised The National Commercial Bank in respect of the issuance by NCB Tier 1 Sukuk Limited of US$1.25bn Fixed Rate Reset Tier 1 Capital Certificates on 26 January 2021 – the inaugural USD AT1 sukuk from the Kingdom of Saudi Arabia.
  • Advised BNP Paribas, Citigroup Global Markets Limited, Goldman Sachs International, HSBC Bank plc, J.P. Morgan Securities plc, Samba Capital & Investment Management Company and Standard Chartered Bank on the issuance by the Kingdom of Saudi Arabia acting through the Ministry of Finance of €1bn Series 22 0.00% Notes due 2024 and of €500m Series 23, 0.625 % Notes due 2030 under its Global Medium Term Note (GMTN) Programme.

Ibrahim & Partners

Ibrahim & Partners has an experienced ECM practice and is regularly instructed on IPOs and rights issues in the UAE. The team has a broad range of sector expertise and advises clients in the healthcare and pharmaceutical, energy, insurance, education, retail and real estate sectors among others. Managing partner Ahmed Ibrahim has a well-established presence in the ECM space. Malack El Masry is also noted and combines her corporate practice with her expertise in IPOs and rights issues.

Practice head(s):

Ahmed Ibrahim

Other key lawyers:

Malack El Masry

Testimonials

‘Practical, pragmatic and business acumen to understand the needs of the client and why the transaction is being made.

Ahmed has in depth experience in Capital Markets. It’s not about providing legal advice but rather the practical exposure and connections to make deals happen. He is really a guru when it comes to Capital Markets.

Ahmed Ibrahim is highly personable, responsive and always on-point with his advice.

Hugely client responsive with practical and informed advice.

Key clients

Meraas

Emirates NBD

Gulf Pharmaceutical Industries (Julphar) PJSC

Abu Dhabi National Oil Company (ADNOC)

Tristar Transport LLC

Work highlights

  • Advised ADNOC in relation to a combined equity and debt offering of $1.64bn.
  • Advised Meraas and DXBE on a transaction that involved applying the tender offer and squeeze-out rules, as well as the motivation and capitalisation of debt and conversion of mandatory conversion bonds.
  • Advised Gulf Pharmaceutical Industries (Julphar) PJSC on a capital restructuring that included a capital reduction followed by a rights issue.