The ‘solution driven and very approachable’ capital markets team at White & Case often acts for high level issuers, arrangers, and managers in structuring and executing capital markets transactions. The practice is led by Sami Al-Louzi and Debashis Dey, both of whom are based in Dubai. Al-Louzi is well-versed in advising on IPOs on the Saudi Stock Exchange. Dey specialises in Islamic finance in the capital markets, and often works on establishing large Islamic finance issuance programmes. In October 2023, Ibrahim Soumrany left the practice to join Gibson Dunn.

Legal Advisors, Abdulaziz I. Al-Ajlan & Partners in association with Baker & McKenzie Limited has a strong capital markets practice. The practice is very active in both equity and debt capital markets. In terms of IPOs, this year, the firm acted for both First Mills Company and Jamjoom Pharmaceuticals Company on their listings on the Saudi market. The firm also has a strong client list of investment banks, venture capital firms, and the Ministry of Finance. The practice is led by Karim Nassar and Ian Siddell. Nassar, based in Riyadh, has been involved in all areas of capital markets and leads the firm’s most significant matters. Siddell splits his time between Riyadh and Bahrain, he has extensive knowledge in structuring and documenting Shariah-compliant transactions.

AS&H Clifford Chance has a strong capital markets practice which excels in complex IPOs. The firm recently acted as issuer’s counsel to Americana Restaurants on the first ever concurrent offering and dual listing on the Saudi Stock Exchange and Abu Dhabi Securities Exchange. The firm has a strong client list of investors and underwriters in Saudi Arabia, including the Public Investment Fund, SNB Capital, and Saudi Tadawul Group. Mansoor Alhagbani leads the practice. Alhagbani leads the firm’s most significant IPO matters and is well experienced in ECM, DCM, as well as public M&A transactions. Additionally, Omar Rashid supports the practice with their extensive experience in advising on ECM transactions.

Khoshaim & Associates has a strong public M&A practice on top of its ECM and DCM offerings, often advising on large transitions for domestic and international companies. The firm is also a market lead in local counsel work, having recently advised Luberef, a subsidiary of Saudi Aramco, as issuance counsel for their IPO and listing on the Saudi Exchange. Having been a member of the advisory committee to the Capital Markets Authority, Zeyad Khoshaim is well experienced with the capital markets regulator; he leads the capital markets practice and advises the firm’s key clients, including Saudi Aramco and other government entities. In January 2023, Amro Bakhaider left the practice.

Led by corporate and capital markets expert Nabil Issa, King & Spalding has extensive expertise in capital markets work both on a conventional and Islamic basis. The group is particularly knowledgeable in transactions and structures regulated by the Saudi Arabian Capital Market Authority as well as work relating to listed Real Estate Investment Trusts, and is praised by clients for its ‘deep and extensive knowledge of regional fund management regulation and applicable fund structures’. James Stull, who advises on a wide variety of public and listed funds and whose knowledge of matters relating to financial services and funds structuring is described as ‘unmatched’, is also a key contact.

The capital markets practice at Latham & Watkins LLC is well-regarded by peers for handling some of the most complex IPOs on the market. Notably, the firm advised SNB Capital, HSBC Saudi Arabia, Morgan Stanley Saudi Arabia, and Citigroup as the underwriters of Luberef, the leading base oils producer in Saudi Arabia, for its IPO on the Saudi Exchange. The practice is headed by Salman Al-Sudairi, who leads the firm’s IPO matters while also advising on general capital markets transactions. Meanwhile, associate Najla Al-Gadi supports the practice on matters concerning IPOs and other securities offerings.

AlDhabaan & Partners in association with Eversheds Sutherland (International) LLP provides a range of capital markets services. The firm is well experienced in setting up real estate private investment funds, giving advice for offerings on the Saudi Parallel Market, and providing advice concerning rights issue offerings. Thamer AlQasem heads the capital markets team andspecializes on the structuring of investment deals and developing financial products. Meanwhile, Ibrahim AlSultan heads the corporate services practice - he is experienced in the liquidation of private companies.

Praised by clients as a ‘market leader‘ in capital markets, Simmons & Simmons Middle East LLP advises financial institutions and corporates on a broad range of capital markets work across a wide variety of sectors. The ‘exemplary‘ Lee Irvine leads the team and assists a diverse group of clients on the full range of Islamic debt capital markets structures (such as sukuk) and international debt offerings, equity offerings and liability management exercises.

SuhailPartners LLP, established in 2021, has a strong focus on working for clients which are involved in Vision 2030. Due to this focus, many of the firm’s clients are in the real estate industry, however, the firm is well-connected with a number of government-related bodies. The firm’s capital markets practice has a strong focus on the Saudi Arabian Parallel Market – Nomu. The firm frequently assists companies for IPO listings on Nomu and provides assistance for clients to elevate from Nomu to the Main Market. Fahad AlDehais Al Malki heads the practice - a former member and chairman of the Capital Markets Authority, he is well experienced in ECM transactions.

Hourani & Partners is a boutique regional firm which provides capital markets services for corporate and M&A matters. Some of the firm’s services include, conducting restructuring and due diligence on offerings of shares on the parallel market – Nomu. Hayel Hourani heads the practice; he is well experienced in acquisition finance, securities, and shareholder matters in both private and public equity and debt markets.

Law Firm of Hassan Mahassni offers a range of capital markets services, including reviewing securities agreements, setting up capital markets licensing, and applying to the Capital Market Authority for licensing of foreign investment funds. Faisal Linjawy leads the practice and acted as lead partner for the firm in the Jamjoom Pharma IPO. Additionally, Husam El-Khatib, legal advisor, provides advice for general capital markets licensing and applications.