Rafiq Jaffer

Level Up: Unlocking Financial Potential In The Middle East

Welcome to this edition of Law Update, where we focus on the ever-evolving landscape of financial services regulation across the region. As the financial markets in the region continue to grow and diversify, this issue provides timely insights into the key regulatory developments shaping banking, investment, insolvency, and emerging technologies.

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Eyes
On 2025

Legal Updates in
Middle East & North Africa

2025 is set to be a game-changer for the MENA region, with legal and regulatory shifts from 2024 continuing to reshape its economic landscape. Saudi Arabia, the UAE, Egypt, Iraq, Qatar, and Bahrain are all implementing groundbreaking reforms in sustainable financing, investment laws, labor regulations, and dispute resolution. As the region positions itself for deeper global integration, businesses must adapt to a rapidly evolving legal environment.

Our Eyes on 2025 publication provides essential insights and practical guidance on the key legal updates shaping the year ahead—equipping you with the knowledge to stay ahead in this dynamic market.

The leading law firm in the Middle East & North Africa region.

Rafiq Jaffer

Partner, Banking & Finance (Bahrain, KSA & UAE) Head – Debt Capital Markets

Biography

Rafiq Jaffer is a Partner in Al Tamimi & Company’s Banking & Finance department, having worked at the firm for over 15 years. Prior to re-joining the firm, Rafiq was Head of Legal at Barclays Bank in India. At Barclays, Rafiq led the legal team responsible for wholesale lending (including External Commercial Borrowing), trade finance and cash management.

Rafiq specialises in bank lending and debt capital markets transactions using both conventional and Islamic structures.

Rafiq Jaffer is recognised by IFLR1000 as being Highly Regarded in the areas of Banking, Debt Capital Markets and Islamic Finance. Chambers has ranked Rafiq in the following categories: Debt Capital Markets (Middle East Wide), Debt Capital Markets (UAE), Banking & Finance (Saudi Arabia).

Recent Experience

Acting as KSA counsel for the sponsors in connection with the Jubail 3A seawater desalination plant (KSA), the seawater intake and outfall facilities and associated facilities and infrastructure. Our role included, drafting and perfecting the security documents relating to the USD 700 million financing and advising on various licensing issues.
Advised GreenSaif Pipelines Bidco S.à r.l. (a Blackrock related entity) as Saudi Arabian legal counsel in relation to (i) the establishment of a USD 11.5 billion GMTN Programme by GreenSaif Pipelines BidCo S.à r.l (as Issuer) and the issuance of USD 3 billion Notes under the GMTN Programme; and (ii) USD 1.5 billion Sukuk issued by TMS Issuer S.à r.l, a SPV set up by Blackrock for the Sukuk issuance
USD 4 Billion trust certificate programme by Al Rajhi Banking and Investment Corporation advising as Saudi Arabian legal counsel to the dealers..
USD 4 Billion trust certificate issuance programme for Banque Saudi Fransi advising as Saudi Arabian legal counsel.
Assisted Saudi Awwal Bank (SAB) with regard to drafting its corporate lending, trade finance, sustainable finance and security documentation.
Assisted Al Rajhi Capital on structuring and drafting Market Making Agreement and Securities Lending and Borrowing Agreement.
Assisted First Abu Dhabi Bank (KSA Branch) with regard to its factoring and supply chain finance products.
Acted for Al Jomaih Energy & Water Company (KSA) and Almar Water Solutions B.V as sponsors’ counsel on the Zuluf Water Treatment Project in KSA.
Acted for ACWA Power Company as sponsors’ counsel on the refinancing of the Shuaibah Water and Energy Company project.
Acted for ACWA Power Company as sponsors’ counsel on the Ar Rass Solar Energy Company 700MW solar power generation project located in Al Qassim, KSA. This project is part of the REPDO Round 3 projects.
Acted for ACWA Power Company as the sponsors’ counsel on the Layla Solar Company 91MW project, located in Al-Aflaj governorate, Riyadh. This project is part of the REPDO Round 3 projects.