K&L Gates Advises Dukhan Bank on Landmark QAR 22.8bn Qatar Stock Exchange Debut

Doha — A team of lawyers from global law firm K&L Gates LLP recently acted as international legal advisor to Dukhan Bank QPSC on the bank’s successful direct listing on the main market of the Qatar Stock Exchange (QSE). Dukhan Bank is the third largest and fastest-growing Islamic bank in Qatar with total assets of more than QAR 100 billion. 

The size and growth of Dukhan Bank make the bank’s listing among the recent major listings on the main market of the QSE. The bank is also the first financial institution to complete the listing process under the new offering and listing regime of the Qatar Financial Markets Authority. 

The K&L Gates team in Doha that advised on the transaction was led by partner Amjad Hussain alongside special counsel Elias Matni with support from senior associate Jaime Oon and paralegal Reine Haidar and London partner Richard Dollimore and senior associate Robert Boughey, as well as a number of other lawyers from K&L Gates offices in the United States, United Kingdom, Australia, and Singapore.

Hussain said: “We are delighted to have assisted Dukhan Bank on this prestigious and highly significant listing on the Qatar Stock Exchange. This transaction represents a key milestone in Dukhan Bank’s journey towards ongoing growth and realization of its strategic goals. As the capital market rules in Qatar are still recent and, in many ways, untested, we are pleased at the pace at which this transaction proceeded and the role we played, alongside other stakeholders, in making this listing a success.”

The trading of the bank’s more than 5.234 billion shares commenced on 21 February 2023. The listing will offer attractive trading liquidity and provide an opportunity for qualified investors to be part of the bank’s ongoing growth journey.

K&L Gates’ Jaime Oon, Amjad Hussain, Elias Matni, and Reine Haidar