Ayman Heikal

Arabic, English

+ (971) 55701 7239

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Ayman Heikal

Partner and Head of Capital Markets, UAE Offices

Ayman is a Partner and Head of the Capital Markets Practice Group at Matouk Bassiouny’s UAE offices. Ayman brings over 26 years of experience in the UAE. His practice spans public and private offerings, company establishments, M&As, capital increases and reductions, strategic partnership counseling, restructuring, liquidation, and bankruptcy.

Throughout his distinguished career, Ayman has held governmental advisory roles, including Legal Advisor to both His Excellency the Minister of Economy and the Ministry of Economy, Consultant to the Securities and Commodities Authority, and Member of the Board of Trustees for the UAE Corporate Social Responsibility Fund.

Ayman has played a pivotal role in shaping the UAE’s legal and regulatory landscape, drafting and negotiating numerous federal commercial, economic, and capital market laws, as well as their executive regulations and implementing decisions, the most important of these laws include the Commercial Companies Law, the Law regulating the Auditing Profession, the Law on Bankruptcy, and the Corporate Governance Guide on Public and Private Joint Stock Companies. His contributions extend beyond national borders, having co-drafted the GCC Unified Guidelines on Commercial and Economic Laws, reinforcing his influence on regional legislative frameworks.

Practice Focus
Ayman’s practice focuses on financial markets, securities law, corporate governance, corporate compliance, liquidation procedures, divestments, and the dissolution of entities.

Selected Recent Experience

  • Acted as the legal advisor to the UAE Securities and Commodities Authority. (January 2008 – January 2023)
  • Acted as the legal advisor to His Excellency, the Minister of Economy, Chairman of the Board of Directors of the esteemed Securities and Commodities Authority in the UAE. (February 2017 – August 2021)
  • Acted as the legal advisor to the UAE National Corporate Social Responsibility Fund. (May 2018 – August 2020)
  • Acted as the legal advisor to the UAE Ministry of Economy. (September 1996 – January 2008)
  • Acted as the legal advisor to the Arab Investment Bank. (September 1995 – September 1996)
  • Acted as the legal advisor to Delta International Bank (currently, Ahli United Bank). (February 1989 – August 1995)
  • Drafted and negotiated Federal Decree-Law No. (32) of 2021 concerning commercial companies.
  • Drafted and negotiated Federal Decree-Law No. (26) of 2020, amending some provisions of Federal Law No. (2) of 2015 on Commercial Companies.
  • Drafted and negotiated Federal Law No. (2) of 2015 on Commercial Companies, which Federal Decree-Law No. (32) of 2021 replaced.
  • Drafted and negotiated Federal Law No. (12) of 2014 concerning the regulation of the auditing profession.
  • Drafted and negotiated Federal Law No. (11) of 2020 amending some provisions regulating commercial agencies.
  • Drafted and negotiated Federal Decree-Law No. (19) of 2018 concerning foreign direct investment, which Federal Decree-Law No. (32) of 2021 replaced.
  • Drafted and negotiated Cabinet Resolution No. (2) of 2018 concerning corporate social responsibility.
  • Drafted and negotiated Cabinet Resolution No. (1) of 2018 concerning the National CSR Fund “MAJRA” Article of Association.
  • Drafted and negotiated Cabinet Resolution No. (2) of 2018 concerning the National CSR Fund “MAJRA” framework and structure.
  • Drafted and negotiated Ministerial Decision No. (370) of 2009 concerning the registration of shares in private joint-stock companies.
  • Drafted and negotiated Ministerial Decision No. (728) of 2008 concerning the securities pricing procedures.
  • Prepared Draft Bill on AML, public joint-stock company shares, and cooperation regulations in 2020.
  • Participated in Federal Law No. (3) of 2013, amending some provisions of Federal Law No. (6) of 2007 relating to the establishment of the Insurance Authority and its operations.
  • Participated in Federal Decree-Law No. (9) of 2016 concerning Insolvency Law and its provisions.

Education

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Ain Shams University, Cairo, Egypt, Master’s Degree in International Trade Law, LL.M
1989
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Ain Shams University, Cairo, Egypt, Bachelor of Law, LL.B
1986

Publications

  • Organizing multiple legal seminars and discussions for listed companies, employees, and market professionals focused on capital markets and financial market issues.
  • Participated in the unified rules for the issuance of shares in the financial markets of the GCC countries.
  • Participated in the rules for initial bond and sukuk issuance in the GCC financial markets.
  • Participated in the unified rules for capital investment and financing in the GCC.
  • Participated in the unified law for the practice of auditing in the GCC.

    • Professional Associations and Memberships

  • National Corporate Social Responsibility Fund  —  Member of the Board of Trustees. (2019 – 2022)
  • Egyptian Bar Association  —  Member