People

“Afridi delivers international quality advice on local law matters. The team meets deadlines and bring a commercial understanding to their work product. They are also responsive and personable in their dealings.” - Legal 500 EMEA

Areas of Expertise

  • Banking and Finance
  • Bankruptcy and Insolvency
  • Capital Markets
  • Corporate and Commercial
  • Energy
  • Funds
  • Infrastructure and Projects
  • Islamic Finance
  • Mergers and Acquisitions
  • Restructuring

Qualifications

  • Professional
  • Law Society of England and Wales
  • Languages
  • English
  • Punjabi
  • Urdu
  • Academic
  • M.A. in Law (Banking and Capital Markets), University of Westminster, 2003
  • LL.B., University of Leicester, 2001
Notable Matters
  • Advised Tetra Hospitality Investment LLC on an AED 2.4 billion term loan facility from Emirates NBD, to fund the acquisition of 3 hotels in Dubai.
  • Advised Abu Dhabi Commercial Bank PJSC on the restructuring of its AED 1.1 billion term loan facility to Aqaar Properties LLC.
  • Advised the Sharjah Electricity and Water Authority on a USD 520 million term loan facility from Credit Suisse AG; USD 250 million Murabaha facility from Liquidity Management House for Investment Company KSCC; USD 150 million term loan facility from Credit Suisse AG; and USD 50 million Master Murabaha facility from Qatar International Islamic Bank.
  • Advised Ajman Bank PJSC on its USD 250 million Master Murabaha and Master Wakala facility from a syndicate of Islamic banks led by Al Hilal Bank PJSC; USD 200 million syndicated Murabaha facility  mandated  by  Al  Hilal  Bank
  • PJSC; USD 250 million syndicated Master Commodity Murabaha facility from a syndicate of Islamic  banks;  USD 200-250 million Master Murabaha facility from Emirates Islamic Bank PJSC; and USD 200 million Master Murabaha facility from a syndicate of banks led by Abu Dhabi Commercial Bank PJSC.
  • Advised Sharjah Islamic Bank PJSC on its AED 266,805,000 private placement of Convertible Sukuk-Al Wakala certificates to the Sharjah Social Security Fund, including advice on the administration of the Sukuk programme, the subsequent conversion of Sukuk certificates into the equity capital and all regulatory actions required by the UAE Central Bank, Securities and Commodities Authority and ADX.
  • Advised Sharjah Cement and Industrial Development Co. PJSC on its AED 55,295,795 private placement of Convertible Sukuk-Al Murabaha certificates to the Sharjah Social Security Fund, including advice on the administration of the Sukuk programme, the subsequent conversion of Sukuk certificates into the equity capital and all regulatory actions.
  • Advised National Corporation for Tourism & Hotels PJSC on an AED 600 million term loan facility from Abu Dhabi Commercial Bank PJSC.
  • Advised Malabar Gold and Diamonds on an AED 300 million multicurrency term loan facility and AED 500 million dual-tranche facilities (Syndicate Multicurrency Term Loan and Murabaha) from the National Bank of Fujairah PJSC.
  • Advised a syndicate of Islamic banks on AED 290 million dual-tranche facilities (Term Loan and Master Istisna’a / Master Ijara) to finance the building of a hospital and medical university.
  • Advised a syndicate of banks on the restructuring of AED 295 million dual-tranche facilities (Term Loan and Ijara) to three UAE companies.
  • Advised Emicool Central Cooling LLC on an AED 107 million term loan facility from First Abu Dhabi Bank PJSC to finance the construction and maintenance of as district cooling system.
  • Advised Emicool Plus Cooling Co. LLC on a multicurrency (USD 245 million and AED 99 million) Ijara facility from Dubai Islamic Bank PJSC to finance various construction projects (including district cooling systems) in Dubai.
  • Advised a syndicate of banks (including an Islamic bank) on AED 254 million dual-tranche facilities (Term Loan and Master Sukuk Murabaha) to finance the construction of a hotel in Dubai.
  • Advised a syndicate of banks on an AED 150 million term loan and AED 195 million revolving working capital facility to Dubai Wire FZE and Global Fasteners Limited.
  • Advised a syndicate of Indian banks including the Bank of Baroda, State Bank of India and Union Bank of India on a USD 55 million term loan facility to finance the development of the Dubai Court complex.
  • Advised a syndicate of banks on multicurrency (USD 75 million and AED 55 million) dual-tranche facilities (Term Loan and Master Sukuk Murabaha) to finance the construction of a PTP plant in Belgium.
  • Advised Ajman Bank on the restructuring of its AED 75 million Islamic tranche facility (part of a Term Loan and Master Sukuk Murabaha dual-tranche facility) to a European company.
  • Advised FIMBank plc on a number of loan and working capital facilities (ranging from USD 5-20 million) to borrowers in the UAE.
  • Advised Nedbank Limited on various term loan facilities (aggregating USD 300 million) to borrowers in the UAE.
  • Advised a BVI company on the proposed sale of its coal mining operations in Indonesia to the investment arm of the government of Ras Al Khaimah, for a combined consideration of USD 150 million.
  • Advised Allied Healthcare International Inc. on its USD 73 million acquisition of Southern Cross Healthcare Group and its USD 18 million acquisition of Midland Healthcare Limited.
  • Advised CintiTech AG on its GBP 30.5 million acquisition of Thermopol International Limited (a high-performance silicon producer with operation in the UK, USA, Norway and Korea).
  • Advised the Damac Group on its USD 1.2 billion IPO of global depositary receipts on the main market of the London Stock Exchange.
  • Advised the Damac Group on its IPO on the Dubai Financial Market.
  • Advised Indian property developer Ishaan Real Estate plc on its GBP 207 million IPO on AIM.
Speaking Engagements
  • Speaker, New Year’s Legal Update, seminar organised by Afridi & Angell in collaboration with the Association of Corporate Counsel Middle East, and the Canadian Business Council, Dubai, 22 January 2020
  • Panelist, The Impact of New Bankruptcy Laws, Lex Mundi Africa and Middle East Regional Forum, 26-28 February 2019, Dubai
  • Speaker, New UAE Commercial Companies Law: key features, changes and compliance, workshop organised by the Dubai the Chamber of Commerce, 22 May 2017, Dubai
Awards and Testimonials

Rahat has been ranked as a  “Rising Star” in Banking and Finance for the second year running.

Legal 500 EMEA 2021 

 

Rahat has been ranked as a  “Associates to Watch” in Banking and Finance.

Chambers Global 2021 

 

Clients laud him for being “always solution-ready.”

Chambers Global 2021 

 

Rahat has been ranked as “Rising Star” for banking and finance: corporate finance (including Islamic lending).

Legal 500 EMEA

About

Rahat joined Afridi & Angell in 2011. His practice includes banking and finance, M&A and general corporate matters. Rahat has advised companies and financial institutions on a range of financing transactions, including conventional and Islamic finance. He has extensive experience in working with bank Shari’a and Fatwa supervisory boards, and independent Shari’a scholars, in structuring a variety of Islamic financing transactions (including, Istisna’a, Ijara, Murabaha, Musharaka and Mudaraba). Rahat has also advised local and overseas companies on a range of corporate and capital markets transactions, including cross-border acquisitions, disposals, joint ventures, distribution and IPOs.

 

Prior to joining Afridi & Angell, Rahat was a corporate associate in the London offices of Hogan Lovells and Dorsey & Whitney, where he advised on a wide range of international mergers and acquisitions, IPOs and secondary offerings in the US and UK (AIM and the Official List).