Hamed Afzal
Partner
Norton Rose Fulbright (Middle East) LLP
Related services and key industries
Biography
Hamed Afzal is an English-qualified capital markets lawyer based in Dubai office. He has broad experience spanning debt and equity capital markets and public company matters.
Hamed has experience advising corporates, sovereigns, leading financial institutions and corporate trustees on conventional and Shariah compliant debt capital markets matters across product lines (including Sukuk, investment grade and high yield conventional bonds, regulatory capital issuances, securitization/asset backed instruments and restructurings).
On the equity capital markets side, Hamed also advises corporates and leading global investment banks on initial public offerings, secondary offerings, block trades, technical listings and other related transactions across numerous regional and international listing venues. Hamed also has significant experience advising various stakeholders on public company related matters.
Professional experience
Collapse all- Law LLB, King's College London, 2006
- Admitted as a solicitor England and Wales 2009
[DEBT CAPITAL MARKETS]
- The Sole Arranger in relation to the circa. SAR6 billion perpetual Sukuk issued by Azmeel Construction Company in connection with its broader financial restructuring, which was the first time perpetual Sukuk was used in Saudi Arabia in the context of a restructuring.
- Capital Investments (DIFC) Ltd. and Capital Investments and Brokerage Company / Jordan Ltd. as the sole structuring agent and manager, respectively, in respect of Capital Bank of Jordan's inaugural $100m Reg S perpetual Basel III-compliant additional tier 1 capital securities offering. The issuance is the first-ever additional tier 1 capital securities offering out of Jordan. The capital securities have been admitted to trading on Nasdaq Dubai.*
- Kuveyt Türk Katilim Bankasi A.S. ("Kuveyt Turk"), one of the leading Turkish participation banks majority - owned by Kuwait Finance House, on the landmark issuance of US$350m of fixed-rate resettable sustainability Tier 2 certificates due 2031, listed on the Irish Stock Exchange plc (Euronext Dublin). This is the world's first sustainable regulatory capital sukuk issuance.*
- Kuveyt Turk Katilim Bankasi A.S., a Turkish participation bank, on numerous senior unsecured and regulatory capital issuances, including the issuance of its $50m Tier 1 Capital Certificates, its $350m Subordinated Resettable Tier 2 Certificates due 2026* and its $500m 5.136 percent. Certificates due 2021.*
- Emirates NBD PJSC, MUFG Securities Limited and Rand Merchant Bank (a division of FirstRand Bank Limited) on a debut $150m Sukuk issuance by the Africa Finance Corporation, the first ever Sukuk issuance by an African supranational entity.*
- Bank of New York Mellon, London Branch in connection with the issuance of 6.50 percent fixed rate senior partially guaranteed by the World Bank, through the International Bank for Reconstruction and Development, notes due 2028, issued by the Republic of Seychelles. The issuance was the world's first ever "blue bond," the proceeds of which were used to fund grants for fisheries management and as loans to encourage investment in sustainable fishing.*
- Barwa Bank Q.S.C., a Qatari Islamic financial institution, on the update of its $2bn Sukuk program, listed on the Irish Stock Exchange.*
- Islamic Development Bank in connection with the establishment of its $25bn Sukuk program which was triple listed on the London Stock Exchange, Nasdaq-Dubai and Bursa Malaysia and was, on completion, the largest Sukuk program ever established by value.*
- Nokia Corporation in respect of its issuance of convertible bonds in the principal amount of €1.5bn (in the form of three €500m tranches) to Microsoft Corporation in connection with the sale of substantially all of Nokia's Devices & Services business to Microsoft.*
- J.P. Morgan Securities PLC as the sole bookrunner and manager in connection with a €1bn issuance of hybrid bonds by Deutsche Annington, Germany's largest private-sector residential real estate company. The transaction was the first investment-grade rated hybrid bond issued in the European real estate sector.*
- Arab Republic of Egypt in connection with the establishment of its $12bn EMTN Program and its drawdowns of $2.7bn 4.250 percent. Notes due 2014 and $1bn 3.5 percent. Notes due 2016 under the Program.*
- Barclays, Citigroup, ING and RBS as lead managers and bookrunners in respect of a bond issuance by VimpelCom Holdings B.V. with an approximate value of $2bn.*
Citigroup, J.P. Morgan and Troika Dialog as joint lead managers in respect of the $600m 7.40 percent Notes due 2017 issued by Evraz Group S.A.*
[EQUITY CAPITAL MARKETS AND PUBLIC COMPANY MATTERS]
- CME Group in relation to the binding agreement entered into with Saudi Tadawul Group Holding Company (STG), for STG to acquire a 32.6 percent stake in in Dubai Mercantile Exchange (DME), one of the leading international commodities exchanges, creating Gulf Mercantile Exchange.
- Saudia, as selling shareholder, in relation to the initial public offering and listing on the Main Market of the Saudi Exchange of SAL Saudi Logistics Services Company, one of the largest IPOs by value in Saudi Arabia in 2023.
- A leading global financial technology business in relation to its proposed initial public offering in the United Arab Emirates and internationally on a Regulation S/Rule 144A basis and associated proposed listing on the Abu Dhabi Securities Exchange.
- Dar Global PLC, spun out from Dar Al Arkan, in relation to its listing on the London Stock Exchange and associated pre-IPO private placement to GCC based investors.
- A leading global sovereign wealth fund in its capacity as selling shareholder in relation to a proposed initial public offering and listing of a private equity business on a European regulated market.*
- A leading sovereign wealth fund in Abu Dhabi in relation to a proposed acquisition of a significant stake of one of the leading financial institutions in the Arab Republic of Egypt listed on the Cairo stock exchange.*
- A leading water desalination company in the Kingdom of Saudi Arabia in relation to its proposed initial public offering and listing on the Main Market of the Saudi Exchange.*
- A leading laboratories company in the Kingdom of Saudi Arabia in relation to its proposed initial public offering and listing on the Main Market of the Saudi Exchange.*
- A leading healthcare business in the Kingdom of Saudi Arabia in relation to its proposed initial public offering and listing on the Parallel Market (Nomu) of the Saudi Exchange.*
- Numerous international and GCC based companies in comparing appropriate listing venues for anticipated IPOs, including in relation to corporate governance regimes and disclosure obligations.*
- First Abu Dhabi Bank (then First Gulf Bank) as selling shareholder in relation to the initial public offering in the United States of Athene Holding, one of the largest US IPOs of 2016.*
- A leading GCC investor in relation to its commitment to underwrite a portion of the proposed rights offering of Dubai Parks and Resorts PJSC.*
* Work completed prior to Norton Rose Fulbright.
- "Rising Star" for Capital Markets and Islamic Finance, IFLR 1000, 2018-2023
- "Next Generation Lawyer" for Capital Markets, Legal 500, 2017-2020
- "Rising Star" award for Equity Capital Markets and Debt Finance, IFLR EMEA - wide Rising Star Awards, 2022
- English
- Persian