Image of Jonathan Fried

Jonathan Fried

Capital Markets Partner, Dubai

"I advise companies, financial institutions, sovereigns and government-related entities on their most important financings on the international capital markets. Clients expect our support, knowledge and foresight at every stage of a deal, with measured advice delivered in a commercially-minded way. Being a trusted adviser to our clients is central to my approach."


Education and qualifications


Jonathan leads our debt capital markets practice in the Middle East. The practice is ranked in the top tier by the legal directories and has collected both of the team awards available to capital markets law firms in the region: Debt and Equity-Linked Team of the Year 2017 (IFLR) and Sukuk Capital Markets Law Firm of the Year 2017 (IFN).  

He advises on the full range of international capital markets transactions including equity, equity-linked, investment and sub-investment grade bonds, sukuk, bank and insurance regulatory capital, debt/equity hybrids and liability management. He advises on deals across a wide range of sectors and throughout Europe, Africa, the Middle East and Asia.

Jonathan is an expert in the financial institutions sector and its capital raisings, and has a long history advising on market-defining tier 1 and tier 2 capital issues for global and regional financial institutions and insurers.

Jonathan also heads the firm’s cross-practice Middle East Group, the aim of which is to deliver an integrated offering to clients in the region.

The three directories recognise Jonathan’s leading position in the market – as a "Ranked Lawyer"  (Chambers), a "Market Leader" (Legal 500) and a "Leading Lawyer" (IFLR). "Jonathan Fried enjoys a flourishing profile in the debt capital markets space. He is active across the region." "Described by sources as 'a very talented lawyer'... highly respected by both peers and clients." (Chambers). "'A superb sukuk capital markets lawyer with an outstanding profile in the UAE market’'" (Legal 500). "Responsive and knowledgeable" (IFLR). 

Work highlights

Jonathan has led Linklaters teams on a wide range of debt capital markets transactions. These include advising on the following deals:

  • Establishment of a Global Medium Term Note Programme and the subsequent issues thereunder of $6.5bn Notes by the Government of the Sultanate of Oman in 2018. This follows advising on multiple bond and sukuk issues by Oman in 2016 and 2017 in an aggregate amount of $11bn and on the establishment of its sukuk issuance programme in 2017
  • Global consent solicitation in relation to 28 series of outstanding bonds and sukuk with an aggregate nominal amount of approximately $3bn issued by First Gulf Bank prior to its merger with National Bank of Abu Dhabi. This liability management exercise was the first of its kind in the region given its size and scale
  • Issue by Qatar Insurance Company of $450m Perpetual Subordinated Tier 2 Fixed Rate Reset Notes – the first ever insurance regulatory capital issuance in CEEMEA
  • Al Baraka Banking Group’s issue of $400m Additional Tier 1 Capital Certificates, the first AT1 issuance in Bahrain and the first by a sub-investment grade issuer in the Gulf
  • The issuance by Abu Dhabi National Energy Company of $750m 4.375 per cent. Notes due 2025 and $1bn 4.875 per cent. Notes due 2030, each pursuant to Regulation S and Rule 144A
  • Luxembourg’s sovereign sukuk issuance, the first by a Eurozone country
  • The first Basel III-compliant additional tier 1 capital issues internationally, and the first such issues in countries in Europe, Asia and the Middle East
  • £45bn recapitalisation of the Royal Bank of Scotland in 2009 by HM Government, at the time the largest ever recapitalisation

Education and qualifications

Jonathan is a solicitor of the Senior Courts of England and Wales. He holds a Bachelor of Laws degree from The London School of Economics and a Master of International Laws degree from New York University School of Law.

He speaks fluent German.