Harj Rai is a partner in the Dubai office of Latham & Watkins and is the Local Chair of the Finance Department. Mr. Rai has experience in bank finance, project and asset finance, Islamic financing (including Sukuk issuances and securitizations), debt capital markets, and general corporate matters relating to Saudi Arabia.
Mr. Rai is recommended as a leading lawyer in Capital Markets (Band 1), Banking & Finance (Islamic finance, UAE foreign expertise, and expert based abroad), Islamic Finance, and Capital Markets: Debt by Chambers Global 2016 – 2018.
Mr. Rai’s experience includes advising/representing:
- The Public Investment Fund (PIF) on term loan facility for Maaden Bauxite and Alumina Company, a multi-commodity mining and metals company, to refinance existing debt
- The National Titanium Dioxide Company Ltd.(Cristal), a manufacturer of titanium dioxide products, on murabaha and bai al-ajal facilities to refinance existing debt
- The Government of Saudi Arabia in relation to the establishment of its US$17.5 billion GMTN Programme and debut sovereign bond issuance
- Bank AlBilad in relation to its SAR2 billion Sukuk issuance
- On murabaha term loan facilities for Almarai Company
- The Public Investment Fund (PIF) in connection with a term loan facility for Saudi Aramco Base Oil Company, a supplier of base oil to major oil companies operating in the Kingdom of Saudi Arabia
- Arab Petroleum Investment Corporation (APICORP) in connection with US$950 million Shari’ah-compliant syndicated financings
- Borrowers counsel in connection with a SAR2.5 billion Murabaha facility for Power and Water Utility Company for Jubail and Yanbu (MARAFIQ), a Saudi Arabian utility company
- Banque Saudi Fransi, a leading lender in Saudi Arabia, in connection with its SAR2 billion Tier II Sukuk issuance through a private placement in the Kingdom of Saudi Arabia
- Lead Managers to Saudi Electricity Company on the issuance of SAR4.5 billion Sukuk Al-Istithmar expiring 2054G
- Dar Al-Arkan Real Estate Development Company on its inaugural US$1.2 billion Trust Certificate Programme and US$750 million issuances thereunder
- The Joint Lead Arrangers and the Manager on the establishment of a MYR1 billion Sukuk programme by Al Bayan Holding Company
- The National Industrialization Company (TASNEE) on its SAR2 billion first Sukuk issuance
- PIF in connection with the financing for Saudi Global Ports Company’s design, construction, management, and operation of a second container terminal at King Abdul Aziz port in Dammam
- The Financiers in connection with Al Fanar Company’s SAR3 billion multiple tranche murabaha-tawarruq facilities to refinance existing facilities
- Etihad Etisalat Company (Mobily) in connection with the SAR10 billion airtime sale and murabaha facilities
- The banks and Export-Import Bank of Korea in connection with the US$1.4 billion facility for Saudi Electricity Company
- The Joint Lead Managers, Deutsche Securities Saudi Arabia LLC, and Riyad Capital on the SAR1.8 billion mudaraba Sukuk for Saudi International Petrochemical Company
- The Joint Lead Managers, J.P. Morgan Saudi Arabia Limited, and HSBC Saudi Arabia Limited on the SAR1 billion Sukuk for Bank AlJazira
- The banks and US Ex-Im in relation to the US$2 billion project financing for Dhuruma Electricity Company in connection with Saudi Electricity Company's 1,730-MW gas-fired independent power project (IPP) Riyadh PP-11
- Al-Tanmiah for Industrial & Commercial Investment Company as project sponsor in relation to the SAR2.1 billion project financing of a tubular steel factory in Jubail, Saudi Arabia, a joint venture with ArcelorMittal S.A.