Over the past three years, Ahmed Ibrahim, founder and managing partner of Ibrahim & Partners, a regional law firm, has led 18 initial public offerings (IPOs) in the UAE, averaging one every two months. From Talabat, Lulu Retail, and Spinneys in the last year alone, to government-backed listings including DEWA, Empower, and ADNOC, plus Investcorp, Dubai Taxi, and more. It is a stellar track record and testament to the strong book of business he has built over his career, now without the association of any international law firm.
“We have achieved records that have never been achieved in the history of the UAE,” he tells me when we meet. “Once I am appointed to an IPO, it becomes my IPO. My name is in the prospectus so it has to succeed.”
This success has not gone unnoticed. “We have received offers to be acquired,” he reveals. “However, it is important for me, and for the firm, to maintain our independence.”
Early career
He initially thought he would become a diplomat like his father, but opted for a career in law after enjoying his studies in the English School of Law at Cairo University. He completed a Master’s in Law jointly at UCL and Queen Mary, University of London, and later joined Trowers & Hamlins, leading the corporate commercial practice in the international firm’s Cairo office. He rose through the ranks, ultimately becoming a local partner and the firm’s first non-England & Wales qualified lawyer to achieve that position at the time. Thereafter he moved in-house with ASEC Group, and some years later, after the Arab Spring in late 2011, he moved to Dubai and joined Al Tamimi & Company. There, he helped build the regional firm’s equity capital markets practice as a partner and head of the division.
Rise to independence
After six years, he took a bold decision to set up his own law firm.
“It was definitely risky, because I was moving from the largest regional law firm,” he reflects. “But it was a continuation of what I was doing before.”
“I have never acted or treated myself as a partner of a law firm,” he adds. “I have always thought of it as my firm, as if my name is on the wall, which I think made a huge difference.”
This mindset, he explains, helps attract a strong client base. “It is all about your book of business,” he says. “When you move around, would your book of business move with you? Are the clients related to you or the brand of the firm? That is the true value of any partner.”
“You will only do so if you have built, over the years, trust and confidence with clients,” he adds.
Within the first two weeks, he tells me Ibrahim & Partners received its first mandate, representing UAE Exchange on its London Stock Exchange listing.
“We had a very strong start in 2018,” he reflects. “Upon opening the office, we did the UAE Exchange IPO on the London Stock Exchange—that was the first mandate in less than two weeks. We started very big, and then it continued.”
Setting standards
From hospitality to education to electricity, Ibrahim has helped several UAE companies go public. “Since the global financial crisis, I have been involved in almost every IPO in the UAE, with the exception of maybe five or six,” he says.
So, what is it like to be involved on the inside? “One of the glamours of working as a capital markets lawyer, is that you deal with brands that you see every day,” he says. “It is very nice to see a company that you assisted to go public and to raise billions of dollars.”
He has also driven innovation in the Dubai capital markets. For example, the concept of price stabilisation, also known as a ‘greenshoe’ option, was common in established markets like the US and UK, but had not been used in the UAE. He says the Dubai Financial Market requested that he draft a set of rules for price stabilisation, specifically for the Tristar IPO, which he then provided.
Insights for a successful IPO: pricing and preparation
Ibrahim emphasises the success of an IPO depends on careful pricing. While shareholders and founders naturally seek the highest possible share price to maximise returns, overpricing can lead to poor post-IPO performance ultimately hampering market confidence, he says. It is therefore crucial to consider the stock in the weeks and months following the issuance. “When ADNOC does an IPO, it leaves something on the table, so people make profit, and when it does the next IPO, people go for it because they know they are going to make money,” he says.
For companies looking to go public, his advice is to be prepared. “Be ready, because you have very limited windows throughout the year, and if you miss that window, you have to wait for the next window, and you never know what will happen in the market in the next window.”
He also recommends thorough due diligence and corporate governance, so that when the time is right companies can act swiftly and go public.
UAE and GCC market trends
Ibrahim’s outlook for the UAE capital markets is optimistic. “I think by April, we will have seen three companies go public,” he predicts. “Ramadan came early which pushed the pipeline a bit, but it has been strong, and we have been receiving a lot of requests for proposals (RFPs). I think we will see a lot of activity post-summer, and quarters three and four of the year will be very active.”
He anticipates growth in the technology sector, noting, “After Talabat, everyone is looking to the UAE, whether Dubai or Abu Dhabi, to list their tech companies.”
This positive outlook stems from his deep-rooted commitment to the UAE, his home for the past 14 years, contrasting with those who may view it as a transit country. “I have a completely different mindset,” he says. “The UAE is home.”
“It is a land of opportunity,” he continues. “I had absolutely no background to the UAE before I came here. Now, I deal with the governments of Dubai and Abu Dhabi, and they give me the most sophisticated work.”
It is why he encourages newcomers to adopt a mindset of permanence and belonging when they first move to the country, citing his own experience as an example. “Do not treat the UAE as a transit country. Have a mindset that you are going to stay and that you belong to this country. People will appreciate it,” he says.
Ibrahim & Partners has five partners and 35 associates across three offices in the UAE, in Abu Dhabi, Dubai, and Ras Al Khaimah, and a fourth office in Cairo, Egypt.
Its next destination is Saudi Arabia, he reveals, and the firm has already begun preparations to open in the Kingdom by 2026. “Saudi Arabia is a huge market and I believe there are a lot of opportunities,” he says. “My clients are pushing me to open there.”
He notes, however, the uncertainty with determining a timeline for an IPO in Saudi Arabia, given the Capital Markets Authority follows its own schedule, potentially adding months to the process.
Regarding the broader Gulf Cooperation Council (GCC) region, he observes increasing activity in Oman. “Oman is picking up,” he says. “It recorded its largest IPO to date last year.” He adds that while Oman’s IPO pipeline is still developing, rising investor and bank confidence will drive more companies to pursue public offerings in the sultanate.
Advice for aspiring lawyers
Having built a successful career in capital markets over the years, his advice to aspiring lawyers is simple: “Never deal with success as a freehold—it is a leasehold,” he says, adding:
“It is not yours—it belongs to whoever pays the rent every hour of every day, every month and every year. If you do not pay the rent of success, that being the effort you exert, then success will serve you an eviction notice and go to someone who is willing to pay the rent of success. Never take anything for granted.”
This article was first published in the April 2025 print issue of Law Middle East.
