A ‘go-to firm in the region to discuss regulatory developments in the debt capital markets’, A&O Shearman is widely lauded for its depth of expertise, technical acumen, and Islamic finance capabilities. The team frequently advises prominent industry players and financial institutions on debt capital markets matters, while also maintaining activity in equity capital markets, including its recent work advising the Roads & Transport Authority and Dubai Taxi Company on the IPO and listing of Dubai Taxi on the Dubai Financial Market. Team head Anzal Mohammed and Bilal Ahmed are recognised as ‘among the top debt capital markets lawyers in the region‘ and focus on sukuk transactions and international debt offerings. Khalid Garousha has a strong track record in regional ECM transactions. Nazuma Hassan is a further name of note for debt capital markets work.

Clifford Chance, widely acknowledged as having ‘one of the strongest teams in the market‘ with ‘excellent depth of experience and market knowledge’, continues to play a pivotal role in high-profile, complex IPOs and debt capital market transactions across the UAE and Saudi Arabia. The firm works closely with sovereign entities on regulatory advancements and oversees a diverse array of transactions, encompassing structured notes, securitisations, and hybrid transactions. Practice head Stuart Ure is ‘one of the strongest and most commercial lawyers in the market’, covering conventional and Islamic debt capital markets transactions. Co-head Omar Rashid is recognised for his equity capital markets expertise, and fellow co-head Cheuk Yin Cheung is distinguished for her work with derivatives and structured products. Rezwan Azam ‘remains one of the strongest senior associates in the capital markets’ and has an impressive portfolio of IPOs.

Latham & Watkins LLP adeptly handles complex capital market transactions, acting for a mix of corporates, financial institutions, and regulatory bodies on ECM, DCM and general advisory mandates. In the UAE, recent work includes advising bookrunners on the high-profile Investcorp IPO, while the team remains active across Saudi Arabia, advising industry players and sovereign-backed entities on a range of transactions. Helming the practice is Nomaan Raja, a highly experienced practitioner who has expertise in conventional and Sukuk issuances, equity offerings and debt restructurings. The ‘excellent‘ Basil Al-Jafari is highly regarded for his expertise in equity capital markets, while David Hayward is involved in transactions across the Gulf.

Linklaters is well placed to advise on a range of transactions, acting for an extensive client list that includes leading regional corporates, financial institutions, and sovereign entities. In debt capital markets, the firm demonstrates a notable track record in sovereign debt issuances and innovative Shariah-compliant transactions. In equity capital markets, the practice leverages its extensive international reach, actively advising on IPOs across key jurisdictions, including Saudi Arabia and Oman. Team head Jonathan Fried is a highly experienced debt practitioner who works closely with sovereigns, corporates and financial institutions across the Gulf. Co-head Dalia Nammari has a strong focus on Saudi Arabia, while fellow co-head Scott Campbell handles M&A and equities transactions.

Handling multiple IPOs across the Middle East, including pre-IPO restructurings and complex debt transactions, White & Case LLP continues to be sought out by a host of prominent clients on account of to its comprehensive capital markets offering. The team is noted for its capabilities in innovative, first-of-its-kind securitisation transactions, while the firm’s dedicated trusts and agency team provides further support to clients engaging with conventional and Shari’ah-compliant finance and capital markets mandates. Practice head and debt specialist Debashis Dey is valued for both his transactional prowess and regulatory counsel, as well his Islamic financing expertise. Co-head Sami Al-Louzi is a key adviser to multinational banks serving as underwriters and coordinators in equity capital markets transactions. Greg Pospodinis works with clients in trustee and agency roles, and Roger Gaspard is a ‘highly appreciated solutions orientated lawyer who banks and issuers turn to for advice in complex situations’. Xuan Jin, Marcin Zawadzki and Eren Ayanlar also come recommended. Cassy Raby is a key supporting presence on IPOs.

Dentons is highly regarded for its debt capital markets expertise, showcasing multijurisdictional proficiencies across a range of debt instruments. Alongside its robust bond restructuring capability, the firm has developed a growing ESG practice, advising corporates and financial institutions on green issuances and innovative sukuk structures. Team lead Alex Roussos advises on debt, hybrid and equity-linked capital markets transactions, working with an extensive list of clients that includes government-backed entities and multinational investment banks. James Osun-Sanmi provides support on both conventional and Shari’ah-compliant debt transactions.

A ‘technically excellent‘ team that ‘blends international legal skills with strong local knowledge’, Gibson Dunn‘s ascendent capital markets practice is regarded by one client as ‘the go-to team for IPO matters in the UAE’. Recent work includes advising ADNOC and ADNOC Gas in connection with the initial public offering of ADNOC Gas, as well as advising XCube as stabilising manager on the IPO of Parkin Company PJSC. Practice head Marwan Elaraby is widely lauded as one of the ‘most experienced and respected lawyers in the market‘, advising both issuers and underwriters on equity and debt transactions. Ibrahim Soumrany joined from White & Case LLP in November 2023, bringing further debt and equity expertise, as well as Islamic finance capabilities. Jade Chu and Omar Morsy have provided crucial support on the firm’s most consequential mandates.

Ibrahim N Partners is highly regarded for its equity capital markets expertise, with a formidable track record in regional IPOs. Recent engagements include advising Dubai Taxi Company PJSC on listing 24.99% of its share capital on the Dubai Financial Market; Alef Education Holding PLC on its ADX listing; and Investcorp S.A. on the IPO of its subsidiary, Investcorp Capital plc, on the ADX. Practice head Ahmed Ibrahim is highly regarded for his role in equity capital markets and drives many of the firm’s key mandates. Co-head Malack El Masry has a broad practice that encompasses IPOs, commercial agreements, and corporate instructions. Nour Al Jafari and Bahjat Al Jayyousi provide further expertise.

Akin has a sophisticated debt capital markets offering, demonstrating notable activity advising European, Middle Eastern and Asian clients on conventional and Islamic issuances in the Turkish market. Team head Rizwan Kanji is the principal lead on practice mandates and is highly skilled handling sukuk transactions. Nicola Minervini has a varied portfolio of work that includes bilateral and syndicated loan financings, regulatory capital transactions, and ‘green’ bonds. Sahar Abas works closely with a number of global financial institutions.

Hadef & Partners has a strong focus on equity capital markets transactions in the UAE – with a particularly strong track record in listings on the ADX. Practice head Yasser Omar has longstanding relationships with leading corporates, financial institutions and regulators. Mahmoud El Gharabawy is another key name for IPOs, conventional and Islamic issuances, and restructurings. Marwan Abdel Hamid supported on both Phoenix Group and Pure Health Group PJSC’s IPO and listing on the Abu Dhabi Securities Exchange.

Norton Rose Fulbright has a varied capital markets practice that covers primary and secondary offerings, conventional and Islamic debt offerings, restructurings, and public M&A. ‘A trusted advisor whose attention to detail is second to none‘, Hamed Afzal leads the team, and is sought out by clients for his comprehensive debt and equity capital markets offering.

Simmons & Simmons Middle East LLP is active on the update and issuance of a range of debt instruments, demonstrating engagement with corporates and financial institutions in UAE, Saudi Arabia, Qatar and Jordan, among others. Team head Lee Irvine is praised for ‘his rapport with clients and entrepreneurial approach‘. He oversees complex sukuk transactions and international debt offerings, as well as boasting strong connections to financial institutions in Qatar. Leah Weldon-Evans, who joined the firm from HSBC in March 2024, provides further transactional and regulatory expertise.