Harj Rai, Co-Chair of the firm’s Saudi Arabia Practice, represents government and government-related entities, sponsors, and financial institutions in a range of complex corporate and finance transactions, both within the GCC region and internationally.

Drawing on more than 20 years of on-the-ground experience working and living in the Middle East, Harj helps clients navigate highly strategic and intricate matters spanning project finance, Islamic finance, and bank finance. His work in Islamic finance includes complex Shari’ah-compliant agreements across a spectrum of Islamic structures.

Harj develops long-lasting relationships with clients to help them navigate every stage of their lifecycle. He brings particular experience in first-of-their-kind, precedent-setting transactions in the Middle East involving diverse industries, including oil and gas, technology, real estate, and telecommunications.

Harj is a frequent guest lecturer at Columbia Law School, Harvard Law School, Oxford University, and Prince Sultan University.

Harj previously served as Dubai Office Managing Partner and Local Chair of the Finance Department.

Harj’s experience includes advising:

Public Investment Fund (PIF)

M&A

  • Acquisition by PIF of a minority stake in The Related Companies, LP, a real estate owner and developer
  • Acquisition by PIF of a stake in Jio Platforms, an India-based mobile network operator
  • Acquisition by PIF of a stake in Reliance Retail Ventures, an India-based retail business and subsidiary of Reliance Industries
  • Investment by PIF in Digital Fibre Infrastructure Trust, an India-based fiber-optic asset subsidiary of Reliance Industries
  • Acquisition by PIF of a minority interest two holding companies sponsored by a joint venture between SIGNA Group and Central Group
  • Acquisition by PIF of a stake in SIGNA Prime, an Austria-based owner of real estate properties in prime inner-city locations
  • Acquisition by PIF of a number of mobile towers (and associated infrastructure) from Zain, a telecommunications company, and associated mobile tower JV
  • Joint venture between PIF and Saudi Telecom Company (STC), a Saudi Arabia-based telecom firm, to create Internet of Things (IoT) solutions
  • Significant minority investments by PIF in Saudi contractors 
  • Potential subscription to newly issued shares representing a majority stake in a Saudi Arabian company holding rights to operate a hospital under an international brand by PIF
  • Acquisition by PIF of a stake in Heathrow Airport Holdings, a UK-based airport operator
  • Joint venture between PIF and with Ma’aden (Saudi Arabian Mining Company), a Saudi state-owned mining company, to invest in mining assets internationally
  • Joint venture by PIF for the main purpose of providing private emergency ambulance services, non-emergency patient transport, and pre-hospital clinical training and capabilities
  • Joint venture between PIF and Alabbar General Trading to create Noon Fulfillment, an e-commerce company

Project Finance

  • PIF on the project financing in connection with a 1,500-MW solar photovoltaic electric generating facility located in Sudair, Saudi Arabia
  • PIF with respect to the project financing in connection with the IPC plant project, an Ethylene Vinyl Acetate (EVA) and Low Density Poly Ethylene (LDPE) plant with a production capacity of 200,000 metric tons located in Jubail

Bank Finance

  • PIF’s inaugural US$11 billion loan facility
  • US$15 billion revolving credit facility 
  • Refinancing and restructuring of loans to ArcelorMittal Tubular Products Company (AMTP) and JESCO in connection with the acquisition by AMTP of JESCO
  • PIF on a term loan facility for Maaden Bauxite and Alumina Company, a multi-commodity mining and metals company, to refinance existing debt

Capital Markets 

  • PIPE Offering of 23,291,902 New Ordinary Shares and Subsequent Rights Issue of £575,000,000 New Ordinary Shares listed on London Stock Exchange (LSE)
  • Initial Public Offering of 73,094,500 Ordinary Shares listed on the Saudi Stock Exchange (Tadawul) by Power and Water Utility Company for Jubail and Yanbu 
  • Establishment of PIF’s Guaranteed Euro Medium Term Note program and green notes issuances thereunder 
  • Accelerated Bookbuilding of 12,000,000 Shares of Common Stock listed on the Saudi Stock Exchange (Tadawul)
  • Placing of £37,000,000 GBP New Ordinary Shares listed on the London Stock Exchange (LSE)
  • PIF on the National Commercial Bank’s IPO – the largest IPO at the time in the Arab world

PIF Subsidiaries 

  • PIF in its sponsorship arrangements with CONCACAF, the governing body for soccer in North America, Central America and the Caribbean
  • Saudi Information Technology Company in its acquisition of a 10% stake in Ahnlab, a South Korea-based software company
  • Acquisition by ArcelorMittal Tubular Products Jubail (AMTPJ), ArcelorMittal’s Saudi Arabian joint venture with PIF, of Jubail Energy Services Company (JESCO), a Saudi Arabia-based manufacturer of carbon steel pipe products
  • Acquisition by Alat, a portfolio company of Public Investment Fund (PIF), of a stake in Lenovo Group, a Hong Kong-based manufacturer of computers and computer peripherals, and operator of data centers
  • Investment by SRJ Sports in the Professional Fighters League, a mixed martial arts league which has also acquired Bellator, a mixed martial arts promotion
  • Acquisition by The Saudi Agricultural and Livestock Investment Company (SALIC) of a stake in BRF, a Brazil-based producer and exporter of foods
  • Acquisition by Savvy Games Group of Scopely, a video game publisher and developer
  • Acquisition by Savvy of Vindex, an esports infrastructure platform
  • Acquisition by Savvy Games Group of Embracer Group AB, a Swedish video game and media holding company
  • Acquisition by Savvy Games Group of VSPO, an e-sports and gaming media company
  • Sale of FACEIT and ESL Gaming, two esports companies, to Savvy Games Group

Bar Qualification

  • England and Wales (Solicitor)

Education

  • LPC, BPP Law School, 2003
  • BA/MA, Oxford University, 2002

Languages Spoken

  • English