Raheel Butt

Counsel, Dubai

Biography

Overview

Raheel is a Counsel in our Financial Services Regulatory team in our Dubai office.

He has over 16 years' experience and has spent over a decade on ground in Saudi Arabia. He frequently advises banks, investment banks, fund managers, asset managers, securities brokers, custodians and corporates on financial services regulatory, advisory and transactional matters across the Middle East.

Raheel has extensive experience across a wide-range of disciplines, including: working with Saudi capital market institutions on advisory, asset management, brokerage and custody businesses; products and operational compliance; advising asset managers on investment portfolio management agreements, securities custody and brokerage agreements; full suite retail and corporate business terms; advising on Islamic structures and documentation for outbound investments in alternative assets; advising foreign fund promoters on Saudi placements and fund service agreements; working with lead managers, book runners and underwriters on Saudi IPOs and rights issues; working with management and boards of directors on the legal and regulatory aspects of company strategy and business plans, corporate governance matters, internal policy frameworks and operating policies.

Raheel has held positions in law firms, banks and investment companies. Prior to joining White & Case, he was a Legal Director at Binladen International Holding Group where he project managed their debt restructuring (the largest of its kind). He was also Head of Legal Advisory at SNB Capital.

Bars and Courts
England and Wales
Education
LLB (Hons)
University of London
Structuring Islamic Financing (certificate program)
Bahrain Institute of Banking and Finance
Corporate Finance (certificate program)
Bahrain Institute of Banking and Finance
Legal Aspects of Derivatives (certificate program), Euro Money Leaning London
Oxford Fintech Program, Said Business School
University of Oxford

CME 1 Qualification, Capital Market Authority of Saudi Arabia

Languages
English
Urdu
Hindi

Experience

Representative experience includes:

Regulations Advisory – Financial Institutions

  • Representation of SNB Capital on executing broker, independent custodian and wholesale broker obligations in connection with the Rules for Qualified Foreign Financial Institutions Investment in Listed Securities (QFI Regulations).*
  • Representation of SNB Capital in drafting and negotiation of master wholesale QFI brokerage agreements with leading regional and global financial institutions.*
  • Representation of SNB Capital on AML/KYC issues for placing reliance on international third party financial institution for meeting obligations under the Saudi AML Law.*
  • Advised on Article 14 of Investment Funds Regulations; structured an Islamic repurchase arrangement and drafted agreements to create liquidity from illiquid securities for meeting liquidity requirements.*
  • Representation of SNB Capital on sell-side research sale agreement with European financial institutions following the promulgation of the MiFID II directives.*
  • Representation of SNB Capital on obligations as a non-clearing member under the Securities Central Counterparties Regulations; and on a clearing settlement agency agreement with a securities general clearing member.*
  • Representation of SNB Capital on obligations of a broker under the Securities Borrowing and Lending Regulations.*
  • Representation of SNB Capital on a block sale agency agreement in connection with the Negotiated Transactions Guidelines for acting as an agent for the buyer of a block of listed securities.*
  • Representation of banking interest group on the Central Bank of Bahrain's legislative committee for shaping real estate development escrow laws.*

Commercial Advisory – Financial Institutions

  • Representation of SNB Capital on investment advisory, investment management and international custody agreements with leading global financial institutions.*
  • Representation of SNB Capital on sell-side data agreements with Moody's and FTSE.*
  • Representation of SNB Capital in the implementation of VAT through updating standard documentation, and agreements with important clients and vendors.*

Transactional – Banking, Finance & Restructuring

  • Representation of Al Salam Bank on a novel Mudaraba financing to a family office for the fit-out and completion of Four Seasons Bahrain Bay. US$100 Million.*
  • Representation of Saudi Binladin Group on its debt portfolio and corporate restructuring and balance sheet recapitalization.*
  • Representation of SNB Capital on the structuring and documentation of private credit transactions in the UK and the UAE.*
  • Representation of a Middle Eastern bank on an Ijara financing for a large residential housing project in Bahrain.*
  • Representation of an agent bank on the restructuring of a syndicate Ijara facility for a landmark commercial tower in Bahrain.*
  • Representation of an Islamic bank on a bilateral construction facility for a mall in Bahrain.*
  • Representation of a syndicate of banks on the PKR 7 billion construction financing of Centaurus Islamabad, Pakistan.*

Transactional – Investment Funds

  • Representation of a fund manager on the establishment of a private offshore SPC (segregated portfolio company) and advised on structure and securitization documentation for Islamic investments in crop and livestock businesses through onshore SPVs in Australia.*
  • Representation of Al Salam Bank Singapore on establishing, launching and ongoing maintenance of the US$100million ASB Global REIT using a Cayman structure.*
  • Representation of SNB Capital on an investment in profit participation certificates for investing in agriculture businesses in Africa through an offshore fund structure.*
  • Representation of a high net-worth family on the establishment of funds and nominee structures for acquisitions and holding investments.*

Transactional – Capital Markets

  • Representation of SNB Capital on dealer and arranger agreements for the issuance of international bonds; worked alongside leading global financial institutions.*
  • Representation of SNB Capital in its capacity as global joint coordinator, book runner and lead underwriter on the Saudi Aramco IPO.*
  • Representation of SNB Capital on dealer and arranger, book runner agreements on tier 1 bond issuance.*
  • Representation of SNB Capital on dealer and arranger, book runner and underwriting agreements for multiple tranches of a financial institution's international bond program.*
  • Representation of SNB Capital on underwriting agreements, lead and joint lead manager, book running and financial advisory agreements on several Saudi IPOs, rights issues, bonds and Sukuk issued in Saudi Arabia with a foreign offering.*
  • Representation of Extra on its IPO in Saudi Arabia.*
  • Representation of Etihad Atheeb Telecom on its rights issue in Saudi Arabia.*

*Experienced gained prior to joining White & Case.