Egypt

Zulficar & Partners holds its Tier 1 position across the board and remains one of the most prestigious law firms in Egypt under founding partner Mona Zulficar, a doyen of the market. The other key partners are Firas El Samad, Mohamed Abdel Wahab, Ashraf Ihab, Ingy Badawy and Anwar Zeidan.

Examples of work include advising private equity firm Abraaj Group on its E£202 million (€22 million) acquisition of Cairo Medical Center, a company listed on the Egyptian Stock Exchange (EGX). The deal was structured as a mandatory tender offer on up to 100% of the company's shares and completed in July 2014. 

In an equity capital markets case, the firm acted for EGX-listed real estate developer SODIC on its E£1 billion capital increase. The office also represented SODIC in a high value litigation and arbitration.

In a high value financing, the team represented The Egyptian Company for Mobile Services (MobiNil) on an E£815 million two-tranche syndicated medium term loan facility to finance the repayment of bonds due in January 2015 and to fund capital, operating and corporate expenditure. The lenders included the National Bank of Egypt, the Industrial Development and Workers Bank, the Egyptian Gulf Bank and Blom Bank Egypt. 

Sarie-Eldin & Partners appointed a new M&A specialist and professor at Cairo University, Radwa Elsaman, as senior associate in February 2015. 

A client who worked with the finance team in the insurance sector says: “Sarie-Eldin & Partners are very knowledgeable about the legal and regulatory market in Egypt. Their diligent and prompt work is highly recognised by their clients.” Ahmed Farahat impressed the same client, who states that “his attention to details, strong communication and legal skills differentiate him from other lawyers in the Egyptian market”. 

The firm is the Egyptian associate exclusive member of global network Alfa International, and its division the Alfa Regional African Group.

In banking and finance, the firm acted on behalf of global marine portfolio holder DP World, in connection with the financing of a $600 million upgrade to its terminal in Sokhna, just south of the Suez Canal. The firm advised on Egyptian aspects of the concession, including the drafting and negotiation of the financing documentation with the Egyptian Ministry of Transportation.  

In M&A the firm acted for confectionary company Bisco Misr as majority shareholder in the sale of its stake to Kelloggs, in what was one of the most high profile cases in Egypt of the last year. The firm’s managing partner and founder, Hani Sarie-Eldin, advised on the transaction, which had a total value of $125 million after a competitive bidding process.

As the improved rankings reflect, Shalakany Law Office continues to advance and had some involvment in many of Egypt’s flagship deals of the last 12 months. There was no lateral hires at any level, and the team remains consistent with last year. 

One client in the finance industry said that the firm “have proven to be competent, timely and switched on”, and describes senior partner Aly Shalakany as a “superb lawyer”, whose “capabilities, knowledge and reach are phenomenal.” The firm are Egypt’s member of the networks Lex Mundi and Meritas, and have a tradition of working on cross border mandates with a host of global firms.

Despite a challenging year for financing in the jurisdiction the firm was active in the banking sector, advising both lenders and borrowers on a number of interesting transactions. The majority of the firm’s work remains confidential, but highlight clients include Citibank, Agence Française de Développement and RBS. 

A healthy year in the capital markets has propelled the firm up a tier, with activity on some of the most prominent debt and equity deals of the year. On the debt side the firm acted alongside Linklaters as local legal counsel for a syndicate of banks as underwriters on the issuance of $500 million in EMTN notes by African Export-Import Bank, as part of a wider $3 billion issuance. Also active on the equity side, the firm has been involved in a number of IPOs that remain confidential. 

The firm acted as local council on some large scale cross border M&A deals, one highlight saw the firm acting for Vimpelcom subsidiary Global Telecom Holding on the $2.6 billion sale of 51% of Algerian mobile operator Orascom Telecom Algérie, to the Fonds National d’Investissement. Historically, this was one of the largest M&A deals in both Egypt and Algeria. 

Also active in the area of project finance, the firm is working on some innovative projects in the energy and infrastructure sectors, with particular activity in solar and wind power. The firm are advising Enel Green Power on the proposed redevelopment of a 250MW wind farm, the first IPP for over 10 years, as well as First Solar in the development of a 50MW solar project. In addition the firm is actively involved in the New Capital Project, a government proposal to shift the population of Egypt away from Cairo by building a custom built city 40km away.

Already one of the oldest and largest firms in Egypt, Zaki Hashem & Partners recruited heavily at associate level in the last year, bringing in no less than seven associates and three senior associates. Last year did mark the departure of two senior associates, and the firm sustains its market position due to a healthy number of mandates. The firm is best known for its work in M&A, but is active across all practice areas in Egypt. 

In banking and finance the firm is experienced on both the pure financing side, and in the restructuring of existing loans. The banking sector in Egypt has picked up in recent years, and Zaki Hashem has had involvement in some of the larger deals that are surfacing as a result. Notable highlights for the firm include acting for HSBC in the financing of a 600MW power plant in Egypt for the EEHC Export Credit Facility. Working alongside Allen & Overy, the firm in this instance led by Hossam Ibrahim, advised the bank with the financing, performed legal due diligence on both the lender and the borrower side and advised on all aspects of Egyptian law. 

Perhaps most widely known for its work on the corporate M&A side, the firm was actively involved in four of the largest American dollars M&A transactions in Egypt since the revolution of 2011. This year has also been fruitful, working in one instance with Clifford Chance in London acting for private equity firm Actis on the acquisition of a minority stake in Integrated Diagnostic Holdings, the firm performing due diligence and acting as general local council through the transaction. The firm also acted as lead council for global group TVM Healthcare on the acquisition of a majority stake in Ameco Medical Industries, owned by the National Bank of Egypt this was the first mandatory tender offer on the Nile Stock Exchange. 

In capital markets the firm advised Orascom Construction on its duel listing of shares on the Nasdaq Dubai, and the Egyptian Exchange. The deal, valued at EGP1.41 billion ($180 million), was the first ever dual listing in Egypt.

Top tier firm Matouk Bassiouny enjoyed another prolific year in 2014, and retains its rankings across the board. Early 2015 marked the recruitment of corporate partner Tamer El Hennawy, as co-head of the corporate and capital markets team, from Helmy Hamza & Partners. One client in the banking sector who worked with the project finance team describes them as "good, polite and responsive".

On the banking and finance side the firm was involved in securing EGP950 million ($121 million) of funding for a subsidiary of Sixth of October for Development and Investment Company, SOREAL for Real Estate Development, to finance a major real estate development. The firm on this occasion worked with the Arab African International Bank in its role as lender, drafting the medium term loan facility and security documents. Led by founding partner Mahmoud Bassiouny, the firm also advised a syndicate of banks responsible for $32 million mezzanine istisna’a (shared risk) facility and senior istisna’a facility of EGP1.5 billion Islamic financing extended to Al-Nouran Sugar Company, which will allow them to create a sugar factory in Salhia City. 

The combined capital markets and M&A team had a substantial year in terms of weight and volume of transactions. The firm was involved in the first IPO in Egypt since the 2011 revolution, working with Norton Rose Fulbright as the joint global coordinators for EFG-Herms and CI Capital, and the issuer Arabian Cement Company on the EGP766 million offering. In M&A the firm had involvement at local level in the sale of the bottling business of Egyptian company Sonut to Coca Cola bottling company and the acquisition by Abraaj Capital of the Cleopatra hospital in Cairo.  

The Egyptian member firm of Baker & McKenzie, Helmy Hamza & Partners retains its position as one of the preeminent firms in the market, despite something of a sea change in the last 12 months. Corporate M&A and capital markets partner Tamer El Hennawy left the firm for Matouk Bassiouny, opening the door for Amr Baggatto to make partner as well as a host of appointments at senior associate and associate level across the firm. 

An important client working with the capital markets team speaks unequivocally: “The team working with us were always available at a moment's notice to attend to all our requirements and documentation during our IPO process. The best way to describe the team is very efficient, competent, knowledgeable and most supportive.” Another client in the finance sector says: “Their professionalism, accuracy and knowledge of the local regulatory environment is unprecedented. Specifically, their experience in real estate finance has helped the company structure mega deals in a short period of time.” Hatem Soliman of the capital markets team receives individual praise: “Working with Hatem was an excellent experience.” 

Key highlights from the last year in finance include acting for Al Sharkeya Sugar Manufacturing Company on a structured Islamic finance deal worth $372 million, only the second syndicated Islamic project of its kind in Egypt. The firm also acted for HSBC and RBC Capital Markets in connection with a $200 million refinancing for Shelf Drilling Group. On the projects side one highlight is the continued $629 million financing of the development of a polypropylene plants in Suez region. 

A noteworthy transaction in the capital markets had the firm acting for Edita Food Industries on its IPO on the secondary market on the Egyptian Stock Exchange and the LSE. The offering of around $300 million was more than four time oversubscribed when announced in April, suggesting a market lift in terms of prospective equity transactions. 

The M&A market also appears to be on the ascendancy in Egypt, and the firm was involved in some interesting transactions last year. Notable deals include the acquisition of Roaya Group by Pioneer Holdings Co, who the firm advised and work for Constructions Products International on the acquisition of Sphinx Glass.  

Following its rapid expansion in 2014, independent firm Ibrachy & Partners continues to grow with the addition of senior associate Ahmed Agamy from Nour & Taha, and managing associate Shehab Fawzy from Baker & McKenzie in London. The firm is most active in banking and finance, Islamic finance, structured finance and corporate bond issues, and M&A.

The firm was involved in some attention grabbing financing transactions in the last 12 months. One particular example saw partner Tarek Elgazzar offer advice to a syndicate of banks, including the Arab African International Bank and the National Bank of Egypt, on a medium term loan facility to Palm Hills Development and Rakeen Egypt for Real Estate Investment. The EGP2.4 billion ($315 million) facility was designated for refinancing existing debt and financing a future project. As well as working for the Arab African International Bank on a regular basis, the department is involved in Islamic finance, recently advising the International Islamic Trade Finance Corporation on the master murabaha (deferred sale) facility agreement to be used on all future commodity based financings in the Egyptian market. 

Ashraf Elibrachy of Ibrachy & Partners’s corporate practice advised Egyptian company Orascom Group on the €209 million divestment of its shares and voting rights in the Egyptian Company for Mobile Services, acquired by telecom colossus Orange. Other key deals had the firm acting as local council for private equity firm Actis in relation to the sale of its $299 million stake in Commercial International Bank, a prominent bank in Egypt and listed on the local bourse.

Opening in 1964, the Cairo branch of global firm Dentons is the firm’s longest standing in the region. Active in both banking and finance and M&A, the firm remains under the leadership of dual qualified managing partner Michael Lacey, and with no significant personnel recruitment or losses this year remains a contender in the Egyptian market. 

The firm receives plaudits from clients, one M&A referee in the oil and gas sector says that: “The firm provided us with excellent on the ground support and the local Egyptian lawyers were commercial, articulate and technically savvy. They are far superior to any other firm we have encountered.” One client singled out managing associate Khaled Yassin for individual praise: “Khaled was excellent, and with an unbelievable amount of deal support guided us through the myriad of local regulations and legislations that affected the transaction.”

On the banking side the firm are currently active on some large scale financing deals, including a deal worth $100 million that has them advising China Development Bank on a loan to the National Bank of Egypt, the third such loan that the firm has acted on in 3 years. In another interesting transaction the firm is advising the IFC with an $185 million investment into the Mall of Arabia, a complex deal that involves due diligence for significant real estate to be built on allocated land.

In M&A the firm had a good year, and moves up in the rankings off the back of involvement in one of the largest acquisitions in Egyptian history. The team, headed up by Michael Lacey, advised Letter One Energy in connection with its acquisition of RWE’s petroleum assets, valued at €5.1 billion.

The departure of banking and finance lawyer Amr Abbas at the beginning of 2014 was the only significant change at Sharkawy & Sarhan last year. The lawyer, leaving to start a role as legal advisor at the Egyptian Competition Authority, has not been directly replaced but Ahmed Haggag has been promoted to partner. The firm maintains a healthy relationship with all of the magic circle firms, and as such acts on many cross border deals requiring advice on Egyptian law. 

In finance the firm represented the European Bank for Reconstruction and Development (EBRD) on three loan agreements with the National Bank of Egypt, amounting to $80 million to support small business in the jurisdiction. The firm also acted alongside Allen & Overy for BNP Paribas, acting as local council on the restructuring of a $60 million loan to oil and gas exploration company Merlon International. 

The firm acted as local council on some large, global M&A deals that included the sales of Egyptian subsidiaries. The firm for example performed due diligence on the Egyptian subsidiary of APL Logistics prior to Kintetsu World Express’ takeover bid, and similarly for DEA Deutsche Erdoel on the sale of its oil and gas holdings to L1 Energy.

“Zulficar & Partners is a great firm. They are responsive, helpful and on top of the key issues. It's been a pleasure working with them,” says a partner at a leading global law firm who worked with the capital markets team on a healthcare deal. Despite its comparatively young age on the Egyptian market, the firm retains its top tier status for a further year after impressive mandates and continuing peer and client approval across the board.

In the first half of 2015 the firm hired ex World Bank employee Ghada Youness, and former Ibrachy & Dermarkar partner Tamima Yehia who was head of in house council at Nakhla Tobacco Company, as council to further strengthen the team. 

In the banking sector the firm acted on some of the major transactions in the jurisdiction. Key highlights include acting for the National Bank of Egypt on its EGP1.7 billion ($217 million) long term facility agreement that would allow steel producer Ezz Steel to restructure its debts. Another significant deal saw founding partner Mona Zulficar act for Qatar National Bank Al Ahli as lead local council in the $605 million and EGP1.15 billion restructuring agreement of Egyptian Fertilizers Company. 

In the capital markets the firm represented EPG Hermes and JPMorgan in their role as underwriters for both Emaar Misr’s EGP2 billion IPO on the Egyptian stock market, the biggest IPO since 2007, and its subsequent public offering of ordinary shares.

The corporate and M&A practice at Zulficar is divided between the pure M&A department and the capital markets department, both of which are recognised market leaders. The M&A market in Egypt has picked up over the last few years and as a result the firm are seeing a large number of mandates coming through the doors. One particularly noteworthy deal saw Youssef El Saman and Malak Elshishiny advise American multinational food manufacturing company Kellogg’s as they sought to enter the Egyptian market through the acquisition of 85.9% of Egyptian Food Company BiscoMisr. The American cereal brand was involved in a bidding war with private equity firm Abraaj Group, and eventually ended up paying over a billion Egyptian pounds for the company with a competitive mandatory tender offer (MTO). This transaction was the first time that two corporations had actively opposed each other in the jurisdiction by offering counter MTOs to gain shares in the company, and showcased the firm’s impressive capacity. 

Khodeir Nour & Taha took on its current name in April 2015 when Egyptian independent Nour & Taha formed an operational association with Middle Eastern firm Al Tamimi & Co. To date the practice has only been active on corporate matters, but in July 2015 the firm hired Bassam Moussa to head up the banking and finance team. Moussa relocated from Shalakany Law Office where he was a senior associate. 

A client from the industrial sector who worked with the firm says: “Very responsive, top quality advice. A client friendly firm which gives practical, commercial guidance.” Of Nour the same client says: “Ayman understands his client's needs quickly and always proposes sensible commercial solutions. He is very hands on and always available.” 

In the corporate space highlights include work for a local TMT company on the sale of part of its portfolio to an infrastructure company based in Egypt.

Eldib - Attorneys at Law is a new entrant to our rankings this year. As well as Cairo, the firm has associate offices in Tripoli, Khartoum and Alexandria. 

A client in the food and drink industry praises the firm: “The response is good and includes comprehensive advice that covers all the inquiries and concerns. The managing partner, Amr Eldib, is always there for any support. He is a great leader, managing a very good team.” 

A highlight transaction saw the team advise Swiss management company OTS Services & Holding with the Egyptian aspects of its transfer of shares in tourism companies. Another deal saw Eldib and Zaki assist Spark Commodities with its acquisition of Cairo 3A, by means of a transfer of 90% of its shares.

Al Kamel sit among the top firms in Egypt and often find themselves working with the likes of Slaughter and May and Mayer Brown, as well as many significant international financial institutions and corporations like the IFC. Known for its work in M&A, the team is also prominent in all other areas of financial and corporate law including banking and finance, capital markets and projects. 

A client, a board member of the target corporate in a recent M&A transaction, says that the firm has a “strong technical capability, many years of experience in international M&A and in the Egyptian market for all aspects of legal, financial, tax and regulatory law”. Another client, this time from a well-known international law firm, says: “Al Kamel is a very experienced and proficient law firm, with deep knowledge of private financing transactions in Egypt. Their advice is always thoughtful and timely.” Both clients revere partner Rasheed Kamal, calling him excellent, and one saying he is “a pleasure to deal with”. 

Banking and finance highlights include working for the Export–Import Bank of the United States and UK Export Finance on an anticipated $7 billion project financing for a petrochemical project. Elsewhere the team acted for Palm Hills Development as it secured a E£2.4 billion syndicated loan from a number of banks. 

In M&A one highlight transaction saw the team work with Egyptian food company Kamal Haggag on the purchase of 100% of the shares of Misr October for Food Industries from Gozour, a subsidiary of Qalaa Holdings. 

Founded as part of the Baker & McKenzie group, Helmy Hamza & Partners are one of Egypt’s largest and leading firms. There were several associates and senior associates added to the team, but no changes to the partnership in the last 12 months- bar the retirement of the co-head of the banking and finance practice, Hazim Rizkana.

The firm is very strong in all aspects of financial and corporate work and boasts an excellent cross-border record. Its ties to Baker & McKenzie allow for an international scope unparalleled in the Egyptian market. Over the last year the firm acted on a significant number of deals in the energy sector, working with the government on its feed in tariff for example. 

Strong in banking and finance, a notable transaction saw the team acting for the African Export-Import Bank on the Egyptian aspects of its largest ever loan agreement from a syndicate of 34 banks. The dual tranche facility amounted to $458 million and €406 million, as the bank continues to increase its capacity on the continent. In projects one transaction saw the firm advising Citibank Egypt and the IFC as lenders on a loan extended to the Egyptian Fertilizers Company. 

Egypt’s capital market capacity is growing, and the firm is one of the strongest in the sector. One example saw the team advise the recently listed Edita Food Industries in connection with the issue of free shares and global depository receipts (GDR). A corporate highlight saw the firm act for a consortium of private equity investors in connection to the sale of Egyptian based drug company Amoun Pharmaceuticals to Valeant Pharmaceutical. 

Zulficar continues to grow and this year welcomes Aziz Abaza who joins as partner in the M&A department after a spell as general legal counsel for Qalaa Holdings. The firm focusses on banking and project finance, M&A, capital markets and on work in the oil and gas sector. 

In banking deal highlights include work for National Bank of Egypt on a number of lending matters.

In the capital markets space the firm acted for Cleopatra Hospital Company, a subsidiary of the Abraaj Group, in connection with all aspects of its listing of 25% of its capital on the Egyptian Stock Exchange. On top of this the firm advised EFG Hermes and JPMorgan as underwriters on the IPO of Emaar Misr of Development. 

The M&A department represented the Al Ahly Bank of Kuwait's in its $149 million acquisition of the domestic operations of Piraeus Bank.

Definitely a firm to watch in the Egyptian market, Shalakany Law Office are strongest in project finance but offer an excellent service across the whole spectrum of financial and corporate law. The firm is particularly active in the energy and infrastructure sector, and has been involved in numerous ground breaking transactions in recent years. The firm also has several internationally qualified partners.  

A new client who the firm advised on a private equity investment, says: “It is an excellent law firm in terms of expertise and knowledge of the regulatory framework.” 

One highlight transaction saw the firm acting for Standard Chartered Bank as lender in the debt financing for Alexandra Carbon Black, in what was one of the largest of its kind to be completed by a syndicate of foreign banks. Elsewhere the firm is advising SACE as guarantor alongside the Ministry of Finance for the back-to-back structure to finance an upgrade to Midor’s oil refinery.

In the oil and gas sector, one significant project is the proposed $25 billion oil refinery in El Dabaa, where the firm is advising Russian state nuclear body Rosatom as contractor for the project. Another major project saw the firm acting for the Egyptian Electricity Holding Co in connection with the proposed Ayoun Moussa Coal Fired independent power producer (IPP).

The firm has also been active in the growing Egyptian capital markets space, and its most notable transaction of 2015 saw it represent the Emaar Group on the IPO of Emaar Misr. In M&A the firm was involved in the largest food and beverage transaction of 2015, representing Halayeb for Dairy Products and Juice, as Danone acquired a 100% stake in the company.  

Matouk Bassiouny are certainly one of the best firms in Egypt, with a significant presence in the equity capital markets space and a large M&A practice that has had some involvement in many of the country’s landmark deals. The firm also boasts a strong banking team, and is well known for its projects practice, as well as in corporate and trade finance. 

The corporate department made a significant addition in September 2015 as Jean-Jérôme Khodara joined the partnership from Gide, previous roles include working as counsel for LafargeHolcim. 

The finance department has particularly good client recommendations, particularly for its work in acquisition finance. A financial advisor from a local capital company says: “Matouk Bassiouny provides top tier legal advisory services in line with international standards, yet customised for the local environment and dynamics in Egypt. They have succeeded in positioning themselves as the ‘go to’ local M&A legal advisory shop and have quickly captured a large share of the Egyptian M&A market. Their lawyers are knowledgeable and bring a wealth of experience with regards to structuring deals and navigating a challenging business environment and regulations.” Another, from a well-known international bank says the firm is “efficient, responsive, and professional”, while numerous clients single out partner Mohamed Gabr, as “very professional, dedicated and trustworthy”. 

A large part of the firm’s more interesting deals are in capital markets, and specifically equity. The firm advised on all three IPOs in Egypt over the last year; Edita, Domty and Emaar Misr for Development, each time advising the issuer. Other capital markets work includes acting for Palm Hills in connection with its E£1.6 billion capital increase. 

In banking the standout deal saw the firm acting for both Maridive & Oil Services and Abu Dhabi Islamic Bank as project company and lenders counsel, using a Chinese wall arrangement, for its Islamic ijarah (capital leasing) and lease back financing for the refinancing of existing debt and to purchase new equipment. 

The highlight M&A transaction saw the firm advising Valeant Pharmaceutical's on its $825 million acquisition of Amoun Pharmacuticals, which was the largest acquisition in 2015 in Egypt.  

In one form or another Dentons, working in association with Afifi Law Office, is one of the oldest firms in Cairo, first opening its doors in 1964. The firm is strongest in banking and M&A work, but has a full service offering in financial and corporate. 

One client, who the firm advised on an acquisition finance matter, is very satisfied with the firm’s work and country knowledge and managing partner Michael Lacey is described as excellent. One other client did raise the point however that to cope with its increasing workload the firm would need to expand its team to ensure it was not understaffed. 

Notable transactions for the banking department include work for the European Bank for Reconstruction and Development (EBRD) in connection with a debt for equity swap, while increasing mezzanine financing in the region of $100 million. Other interesting deals include work for the China Development Bank in connection with numerous loan facilities, granted to the Central Bank of Egypt, National Bank of Egypt and Banque Misr. 

In M&A the firm assisted Informa Egypt with its acquisition of a 50% stake in three functioning exhibitions from Arab African Conferences & Exhibitions, and also CBRE with its acquisition of Johnson Controls, as part of a wider global deal. 

Ibrachy & Partners is a well-established firm in the Egyptian market and is best known for its work in banking and finance, but is also active in projects and corporate work. Notable practice areas include both conventional and Islamic finance and syndicated lending, both on the domestic scene and in cross-border multi-jurisdictional work. In projects the team is most active in PPPs (public-private partnerships). 

The firm hired a new managing associate, Bassem Abdelrahman, from Tahoun Law Office in January 2016, but this year also lost one of its founding associates, Soheir Elbanna. 

A client who the firm advised on an acquisition finance transaction is very pleased with the service his company received: “Ibrachy & Partners are excellent, and their knowledge is very good.” Shehab Fawzy, a senior associate brought in to the team in 2014, is recommended. 

In banking, the firm’s strongest practice area, one particularly interesting deal saw the firm act on behalf of a syndicate of lenders made up of French banks in connection with a $5.9 billion export credit financing agreement to the Egyptian state to finance the procurement of 24 Dassault Rafale fighter jets, a FREMM multi-mission naval frigate and several missiles, to bolster the Egyptian army’s stock. A further transaction saw the firm act for a syndicate of banks, this time regarding a senior and mezzanine facility, to finance the investment of Sonker Bunkering Company. 

In projects the team acted for the Ministry of Finance in connection with all aspects of the design and construction of a secondary treatment stage for the Abu Rawash Wastewater Treatment Plant. 

Also active in M&A, the firm advised Piraeus Bank as seller in the acquisition by Al Ahly Bank of Kuwait of subsidiary Piraeus Bank Egypt, as well as Orascom in the sale of its shares in Egyptian Company for Mobile Services to Orange, as the French company continues to expand into Africa.

Sharkawy & Sarhan has a number of good relationships with some of the world’s largest firms, and has a history of secondments that allows its lawyers an excellent level of international training. Key areas of focus include energy financings and large scale cross-border M&A transactions. 

A lawyer from a referring firm is impressed: “Sharkawy were very helpful and provided efficient and valued Egyptian law advice on a recent cornerstone investment by one of our UK clients on an Egyptian IPO. Their advice was detailed and to the point and enabled negotiations to be concluded promptly.” Another client says of Mohamed Nabil: “Excellent, clear advice, extensive country and industry knowledge and a good understanding of the requirements of the development finance institutions.” 

A noteworthy banking transaction saw the firm represent a group of international banks on the Egyptian aspects of a refinancing for Mauritian based holding company Ski Carbon Black, a deal covering multiple jurisdictions. 

In M&A the firm advised on some of the largest deals in Egypt in 2015, the first of which pertains to the Egyptian aspects of General Electric’s acquisition of Alstom, with a global total value of $9.5 billion this was one of the highest valued corporate transactions of the last year. The large part of the firm’s other transactions are confidential. 

Having opened in the early 1950’s, Zaki Hashem & Partners are one of the most established firms in Egypt, and has a healthy client list to match its reputation. The firm is active in all aspects of financial and corporate law, but it’s corporate and capital markets department is probably its strongest. The firm has multiple lawyers with foreign practice licences from a variety of European powerhouses, and a wealth of cross-border experience. Changes to the team include the recruitment of senior associates Ashraf Hendi, from Dentons, to the banking team and Sara Abdel Gabbar, from PepsiCo, to the M&A department. A major departure saw M&A and capital markets specialist Walid El Daly leave the firm to join the newly opened local office of White & Case. 

Clients are extremely positive in their feedback on the firm, one, from an international law firm, says: “Zaki Hashem is a safe pair of hands in a difficult jurisdiction. They helped not only with the legal issues, but with navigating a difficult political and regulatory environment.” Another, this time from a pharmaceutical company, says: “We are happy with the firm, we have a great relationship and find them to be very professional and proactive. They have a deep understanding of the issues related to our business in Egypt.” Yasser Hashem is widely recognised for his professionalism. 

Many of the firm’s larger deals are confidential. In acquisition finance however one notable transaction saw the firm acting for Misr Cement in connection with all aspects of a loan agreement with a syndicate of banks to finance its purchase of ASEC Cement Minya and ASEC Ready Mi, a transaction that the corporate department also handled. Other financing deals include representing BNP Paribas Fortis and Société Générale in connection to the financing of six electricity substations for the Egyptian Electricity Holding Co (EEHC) that will support a new combined cycle gas power plant. 

Another project saw the firm advising HSBC as lenders in cooperation with Allen & Overy in connection with all legal aspects of the conversion of the 6th of October simple cycle power project to a combined cycle power generation unit. 

A standout capital markets transaction saw the team representing Morgan Stanley as Egyptian counsel in connection to the Republic of Egypt’s $1.5 billion GMTN programme and the issue of its inaugural sovereign bond. The firm also acted on the IPO of BPE Holding for Financial Investments. 

In M&A the firm acted for Actis in respect of the sale of its stake in Emergent Market Payment (EMP), an Africa and Middle East payments business, to Network International.

Helmy Hamza & Partners is the local arm of international firm Baker McKenzie and has strong presence across all practice areas covered by the rankings. 

During the research period the firm has worked for lenders and borrowers in complex transactions advising on a range of banking and finance products like bridge facilities, Islamic finance, loan facilities, debt restructurings, project financing and syndicate lending. 

In the capital markets areas it advised issuers on IPOs and bond issuances.

In M&A it worked for acquirers and sellers on consumer goods, pharmaceuticals, financial services and education M&A deals.

During the research period banking and finance partner Ziad Gadalla left the firm to join MHR & Partners and M&A and capital markets partner Amr Baggatto left to join Matouk Bassiouny. 

Recent Deal Data highlights 

•Afreximbank $160 million syndicated financing 

•Carbon Holding LSE and EGX IPO 

•Golden Pyramids Plaza $750 million bond issue

•Tahrir petrochemical complex 

•Telecom Egypt $200 million financing

Client feedback

"The partner that we have been dealing with, Mohamed Ghannam is extremely knowledgeable and professional. He also has a strong team of associates that provide the needed support." - Capital markets: Equity

"The firm offers a great service and focus on clients." - Financial services regulatory

"They were through, diligent, efficient, responsive and well versed with the local laws." - M&A

"We are generally satisfied with the level of service and professionalism." - M&A

"Overall good firm. Strengths: understanding of local law, availability, responsiveness." - Private equity 

"A very pro-active law firm always available to take care of our concerns. They always provided very practical advice." - Project finance

Hatem Soliman and Sameh Belal

"They are both detailed oriented, have a strong work ethic and focus on clients."

Lamyaa Gadelhak

"Very professional and has a very good knowledge of the legal practice in the country."

Mohamed Ghannam

"I have worked with Mohamed on a number of transactions related to the real estate and food sectors. He is quick understanding the issues and providing solutions."

"Excellent."

Ibrachy Legal Consultancy is a domestic firm active across the financial and corporate practice areas.

During the research period in the banking area the firm worked for lenders on financings and bridge loan facilities. 

In capital markets work it advised guarantors on notes issuances and was involved in a capital increase.  

The firm recruited a senior banking partner Abdallah El Shehaby from Rizkana and Partners.  

Recent Deal Data highlights 

•Flat6Labs Accelerator capital increase 

•Palm Hills $74 million financing

•Sokhna $30 million port financing 

•TCI Sanmar Chemicals $44 million bridge loan

•Vantage Drilling International $1 billion dual tranche bond issue 

Riad & Riad is a firm active in the equity capital markets, M&A and project finance areas.

In recent equity capital markets work the firm worked for an issuer on a capital increase. 

The M&A team worked predominantly for joint venture partners on deals in the food and real estate sectors.  

In project finance the firm represented borrowers and lenders on projects in the oil and gas, power and infrastructure space. 

Recent Deal Data highlights 

•Bisco Misr $33 million capital increase

•Kellogg’s / Tolaram $11 million joint venture

Sarie-Eldin & Partners is a local firm in Egypt with a strength in banking work, but it is also active in capital markets, M&A, and project finance.

In banking during the research period the firm worked for lenders on syndicated loans and refinancing matters.

The M&A team advised on port joint venture and advised acquirers on a deal in the consumer goods sector. 

In projects work the firm acted as counsel to sponsors in the infrastructure sector.

Recent Deal Data highlights 

•DP World / SC Economic joint venture

•Financial Holdings $35 million refinancing

•Group of Saudi and Emirati investors $25 million acquisition of a 25% stake in Eastern Tobacco Co 

•International Oil Multi Seeds Extraction Company $144 million financing 

•6th of October Dry Port PPP

Client feedback

"The firm is strong and understands the business' needs." - Banking

"Clear ability to communicate concerns. Swift replies, well-spoken English and experienced team of lawyers. Competent." - Project development

"Responsive and practical. A little on the costly side." - Project development

"Working with the firm has been a real pleasure, they are responsive, knowledgeable and always willing to put in the extra effort to make sure tasks are completed. I would like to see more partner involvement at key meetings." - Project development 

Ahmed Farahat

"Conscientious and responsive. Practical approach to problem solving."

"He is a very knowledgeable well-spoken lawyer. "

Amira Sherif

"Amira is a very strong lawyer; she knows banking in depth and has an excellence presence in negotiations."

Noha Radwan

"Noha has always delivered excellent work and has always met challenging deadlines. She is an integral part of the team and the project would not have been successful without her."

Zulficar & Partners is a domestic firm with a strong presence in all the financial and corporate practice areas.

In capital markets work during the research period the firm advised the coordinator and bookrunner on a real estate IPO, and represented the underwriters on a financial services IPO.

In M&A it worked for joint venture partners on deals in the solar power, automotive and oil and gas sectors. It also advised the sellers on a financial services M&A deal.

Recent Deal Data highlights 

•CIRA EGX IPO

•DPI $45 million acquisition of Mashroey and Tasaheel

•Mansour / Scope Investment joint venture

•Taga Arabia / Hassan Allam joint venture

MHR & Partners works in association with White & Case in Egypt. The firm is active in banking, capital markets, M&A and project finance work.

During the research period the firm’s work in the banking area included advising lenders on financings, syndicate loans, Islamic financing, project finance and refinancing deals.

The capital markets team worked for joint global coordinators and issuers on IPOs and a rights issue.

In M&A the firm represented a private equity company on a sale in the energy sector. In addition, the firm acted as counsel to acquirers on deals in the retail and financial services industries.

In projects the firm advised project companies and sponsors on the development of energy projects.

Ziad Gadalla has joined the banking and finance team from Helmy Hamza & Partners.

Recent Deal Data highlights

·         ADES International $600 million refinancing

·         Aswan 50MW solar power plant

·         Ayoun Moussa 2,640MW coal power plant

·         CI Capital Egyptian Stock Exchange IPO

·         Palm Hills Developments $87 million rights issue

Ibrachy Legal Consultancy continues to be active across financial and corporate particularly in banking and M&A.

The banking team, during the research period advised on bridge loans and project finance both on the lender and borrower side including a number of deals in the telecoms industry. One for the firm’s key deals saw it advise Egyptian Propylene and Polypropylene Company (EPPC) on a refinancing.

In the M&A space the firm worked on acquisitions for clients in transport and banking sectors. Key clients include the likes of Dubai Financial Group, Global Telecom Holding and Orascom.

Staffing changes include the departure of banking partner Tarek Elgazzar who left to set up his own firm and M&A partners Tarek Gadallah who moved in house and Ehab Taha who also moved to a newly established firm.

Client feedback

“Sara Hinton and her team have helped us out in a number of areas in the corporate and commercial areas with regard to our business in Egypt. I'm very comfortable dealing with her and her team and there are no language or cultural barriers.” – Corporate

"Excellent law firm, led by the highly responsive, practical and intelligent Ashraf Elibrachy." – M&A

"There main strength is their responsiveness, attention to detail and knowledge in all matters related to corporate law." – Corporate

Sara Hinton

“She's responsive and very practical. She's realistic and honest about time scales and potential red-tape that you will come up against doing business in Egypt. Sara's technically very competent and is very cool and collected when dealing with sensitive subjects.”

Ashraf Elibrachy

 “Excellent, responsive, strong technical knowledge.” 

Matouk Bassiouny is one of Egypt’s leading firms with strength across financial and corporate.

In banking and finance the firm was engaged on a number of project finance deals in the renewable energy sector. The firm has also acted on a number of real estate matters. A key deal was work for National Bank of Abu Dhabi on financing provided to ETISALAT Misr for the acquisition of a 4G license. Other key clients include the likes of Infinity 50 and Suez Steel Company.

In capital markets the firm acted for issuers and underwriters in IPOs and capital increases in food and telecom sectors.

In M&A, the firm acted on a number of acquisitions on both sell and buy side, mostly in the real estate sector. A key deal was work for National Service Authority on the acquisition of 82% of the Solb Misr group.

Staffing changes include the additions of M&A counsels Osama Abdelmawla from Helmy Hamza and Suzanna Muller.

Client feedback

“I have been very impressed with the level of service I have received from Matouk Bassiouny. All lawyers I have dealt with at all levels are very knowledgeable on the laws and regulations in their areas of expertise. The team works seamlessly and uses whichever lawyer internally is the best for a particular matter and all team members seem to work well together. Partners are always available for calls and are very responsive.” – Private equity

Omar Bassiouny

“Omar is extremely responsive and has a long standing depth of experience in heavy hitting corporate matters in Egypt. He clearly understands the Egyptian market and can give advice not only on legal matters, but commercially on how to achieve a given result based on his ability to navigate the market. This ensures that no matter what the question is, I know I will get the answer which will best serve us and that I will get that answer efficiently.”

Soliman Hashish & Partners is a reletively new independent law firm offering a full spectrum of legal services.

In banking and finance, the firm concentrates on borrowing arrangements, such as advising Ansan on a $72 million loan provided by Arab African International Bank.

In M&A, the firm advises on inbound investment and multi-national transactions, acting as local legal counsel on the GE-Alstom merger. The firm also advises international companies on restructuring pursuant to M&A or for general business purposes, with notable clients including Hewlett Packard.

Client feedback

"Excellent legal knowledge - Pragmatism - processing speed - substantial professionalism and friendliness.” - Corporate

“They are very well informed by the market and quick answerers.” - Corporate

“A young team with a professional "can do attitude" which is well versed in all aspects of Egyptian corporate law and specifically the telecom regulatory environment. Highly recommended and efficient.” – M&A

“Soliman Hashish & Partners are very qualified and have the information to achieve the satisfaction of their clients.” – Restructuring and insolvency

Despite the fact that the firm is a newly established body I believe it is one of the strongest law firms in Egypt. The efficiency and quality of work and how very responsive they are makes them very creative in how they deal with any transaction. We were really missing having a law firm with this specifications in Egypt.” – M&A, Regulatory

“Very responsive and strong support in corporate law matters but real estate and EHS issue as well.” – M&A, Project development

Frederic Soliman 

“Pragmatism, strong sense of reactivity, immediate understanding of our goals, rigour.”

“He is very smart and cooperative in addition to his he speaks three different languages fluently.”

Mohamed Hashish

“Highly proficient individual with solid knowledge of corporate law and the telecom regulatory environment.”

“Mohamed is very responsive, you can always guarantee that he will reply on the spot when you send him an email specially when its urgent. He considers all details in our emails and provides sufficient response and solutions. Mohamed has very good knowledge of the market and always provides us with the latest news of the market and any new laws or regulations that are issued.”

“Mohamed is extremely supportive, pays attention to details and is very helpful. He is in addition very reactive in his answers and always happy to bring support.”

Zulficar & Partners is a local firm that has a strong presence across all practice areas. 

In banking, the firm showed expertise in bridge loans this year, working on multiple high-profile deals for lenders, including work for Banque Misr on a facility for the National Port Said Steel Company. 

The firm has a track record of working on PFIs and PPPs in Egypt. During the research period, it represented Egyptian Electricity Transmission Company with regard to financing the construction of a solar project with capacity of over 1600MW. 

Aly El Hawary, a partner specialising in banking and finance, left the firm in 2017.

Important clients of the firm include Egyptian Electricity Transmission Company, National Bank of Egypt, and Arab African International Bank. 

Ibrachy & Dermarkar is a local firm active in banking, M&A, capital markets, and project finance.

In banking and project finance, the firm has been active in the energy and infrastructure sectors. including work on PPPs. In oil and gas the firm advises both upstream and downstream clients. 

Clients of the firm include Exxon Mobil Egypt and Novartis. 

Alliance Law Firm is a local firm in Egypt mainly active in M&A work.

In M&A recently the firm was active advising acquirers on deals in the real estate, banking, technology, health, financial services, food and oil and gas industries. It also worked for sellers on deals in the automotive and technology sectors, including on private equity deals.

Recent Deal Data highlights 

•Fiber Misr acquisition of Equinox International

•Lord International acquisition of Siemens Heat Transfer Technology

•Seha Capital acquisition of United Doctors 

Client feedback

"The firm has a good pool of lawyers; it is well connected and has a good reach to different governmental bodies." - Financial services regulator

"Overall the firm's work is thorough and very well drafted. They advised us on the entire transaction process with the utmost diligence. The only key issue would be timing, they tend to take time and skip deadlines." - M&A

"The firm is responsive, efficient and well specialised in the areas of service." - M&A

"The firm is very responsive and supportive; it has a good business sense when applying legalities." - M&A

"Very well organised and professional approach. The partners' previous background as in house lawyers facilitates the understanding of customers' issues." - M&A

"Alliance is one of the best legal firms we deal with; it has an excellent and clear understanding of the subjects and has a high credibility." - Private equity

"They are committed, very aware of international law, well structured and always on time." - Project finance

Ashraf Abou Elkheir

"He has an excellent legal knowledge and expertise. He is very good at handling client relationship. He is trustworthy and efficient. He always finds innovative solutions. He is proactive and creative."

"He has business knowledge, knows the country legal framework and has innovative ideas, and thinks outside the box."

"Very good, smart and reliable."

Ahmed Hafez and Hadir El-Hakim

"Both are excellent, we are happy to deal with them."

Omar Farid

"Omar is an excellent lawyer, he listens very carefully to feedback implementing it extremely well. He also gives good advice to our benefit regardless of the situation. He manages meetings and discussions with counterparties very well and is a pleasure to work with."  

Marghany Advocates is a local firm focused in M&A.

During the research period the firm’s work in the M&A area included advice to an acquirer on a deal in the energy sector.

Recent Deal Data highlights

·         Alexandria Mineral Oils equity acquisition of Alexandria Wax Products

Alliance Law Firm is a corporate law firm in Egypt. The firm has one office based in Cairo.

Focusses / specialisms

The firm has a focus on M&A transactions, with a specialism in acquisition transactions.

Key clients

Key clients of the firm include Benya Capital, Commercial International Bank, Harmonica, Dolhinus Holding, Seha Capital, Golden Chain, Ezz Elarab Automotive, Qadanco, Titan International, ICON Egypt, Vodafone Egypt, and Amlak Finance.

Research period review:31^st edition (2020/21)

During the research period the firm was active in equity capital markets, investment funds, M&A, project development and restructuring and insolvency.

In equity capital markets the firm worked on private placements and secondary offerings for clients connected with industry or financials services.

In investment funds the firm worked on fund formations for clients connected with the charity sector.

In M&A the firm worked on mergers, spin-offs and acquisitions for buyers and sellers connected with retail, industry and technology.

In project development the firm’s work focused on PPP and licensing work for clients connected with telecommunications.

In restructuring and insolvency, the firm worked on insolvency proceedings for clients connected with the retail trade.

Deal highlights:31^st edition (2020/21)

Alexandrian Development acquisition of Alexandria Portland Cement Company stake

Egyptian Sports Fund formation

DRC 16,000km NFON PPP project

ICON Egypt spin-off

Raya Distribution acquisition of i2 and URC

Suez Canal Economic Zone fiber optic factory projec

Helmy Hamza & Partners is a law firm in Egypt established in 1986. The firm is part of the Baker McKenzie network and has approximately 45 lawyers, including five partners and six counsels.

Focusses / specialisms

The firm has a strong practice across most practice areas recognised for Egypt, specifically banking, equity capital markets, M&A, project development and project finance, in all of which the firm is ranked tier 1.

Key clients

Key clients of the firm include Africa Finance Corporation, African Development Bank, African Export-Import Bank, Ahli United Bank (UK), Arab African International Bank, Arab Banking Corporation, Arab Company For Projects And Urban Development, Arab Republic of Egypt through the Ministry of Finance, Banque Du Caire, Banque Misr, BLOM Bank SAL, Carbon Holdings, First Abu Dhabi Bank, International Finance Corporation, Marakez Al Sokhna for Real Estate Projects, and TMG for Real Estate and Tourism Company.

Research period review:31^st edition (2020/21)

During the research period the firm was active in banking, debt capital markets, equity capital market, investment funds, M&A, project development project finance

In banking the firm was active in loans for lenders linked to the banking and financial services sectors.

In debt capital markets the firm’s work focused on bond issues for clients connected with financial services and real estate.

In equity capital markets the firm’s work focused on IPOs for issuers in banking and financial services.

In investment funds the firm worked on fund formation and structuring for clients connected with real estate.

In M&A the firm worked on acquisitions, investments and joint ventures for buyers and sellers connected with financial services, manufacturing and consumer goods.

In project development the firm worked on concessions and negotiations related work for projects for clients connected to oil & gas, renewables, transportation and power.

In project finance the firm worked on financing projects for clients connected with transportation, social infrastructure, consumer goods and renewables.

Deal highlights:31^st edition (2020/21)

Arab Company for Projects and Urban Developments EGP2 billion sukuk issue

Canal Sugar Company loan

Hitachi US$11bn investment in ABB

Middle East Glass Manufacturing Company financing

National Egyptian for Railroad Industries Company (NERIC) manufacturing project.

National Service Projects Organization US$300 million joint venture with Grifols

Orascom Construction loan

Orascom Development Egypt syndicated loan

Tanmeyah Micro Enterprise Services EGP3 billion bond issue

Client Feedback: 31^st edition (2020/21)

Bank lending: Borrower side

"Whilst providing a legal review of loan contracts they balanced both the legal requirements and the business aspects."

Bank lending: Lender side

"They went deep inside all the assets and liabilities items."

"They investigated all assets and liabilities items in detail."

Banking and finance

"The firm is very cooperative, and they have expert employees."

"Very competent and efficient."

"Professional, they gave timely responses, high quality legal knowledge and responses, were client focused and commercially attainable."

Financial restructuring

"Engaged with all lenders and had clear communication in terms of roles and responsibility and proactivity following with all teams."

Project development

"The entire team is very knowledgeable, commercially aware, professional in dealing with the parties, punctual on deadline and friendly in dealing with the team and counterparts."

"Very knowledgeable and understanding of commercial reality, meticulous, professional, provided organized in project management and always delivered on time."

Project development: Infrastructure

"Good technical legal skills and a sound knowledge of market practice."

Project development: Mining

"The Firm is diligent in handling all reviews and/or drafting of legal agreement. They are perfectly prepared for project finance related agreements."

Project finance

"Excellent service, quite knowledgeable and very timely response."

Lamyaa Gadelhak

"Very knowledgeable and available."

"Very professional, experienced and knowledgeable about the area and the industry."

"Very responsive, affable and approachable with very good technical legal and problem solving skills, she understands us as a client."

Mohamed El Harmy

"Extremely professional, knowledgeable, commercially attainable and gave top the point responses and advice. He respected timelines and deadlines and was very pleasant to deal with."

Mohamed Ghannam

"Very commercially focused advice."

"The most knowledgeable and commercially attainable lawyer I have ever known or worked with. Very meticulous and detail oriented, whilst always still focused on client's needs. Very pleasant to work with!"

"Engaged and open to listening at any time. He was supportive of our business needs."

Mostafa Lotayef

"Very knowledgeable, professional and goal oriented."

"He reviewed the loan contract and documentation in a timely manner and ensured business flexibility."

Mostafa El Sakka

"He checked everything, i.e. all assets and liabilities, in detail."

"He was close to the customers so that he knew all the details of the items he was investigating."

Sam Dahroug

"Good at project management and keeping track of the documentation."

Matouk Bassiouny is a full-service law firm based in Egypt. In addition to Cairo the firm has offices in the United Arab Emirates, Sudan and country desks covering Libya and Algeria.

Focusses / specialisms

The firm has a strong practice in Banking, equity capital markets and M&A where the firm is ranked Tier 1. The firm has a particular specialism in transactions involving equity capital markets.

Key clients

Key clients of the firm include ADQ, Hassan Allam, Etisalat, Orascom Investment Holding, Orascom Financial Holding, RAMEDA, GB Auto, Afaq Fund, Arab Investment Bank, Abdul Latif Jameel, Act Financial, Halan For Consumer Financing, Blink Finance and Taleem.

Research period review:31^st edition (2020/21)

During the research period the firm was active in banking, debt capital markets, equity capital markets and M&A. [G(1] 

In banking the firm’s work focused on financial restructuring transactions for clients related to the automotive sector.

In debt capital markets the firm’s work focused on bond issuance transactions for clients related to financials services.

In equity capital markets the firm’s work focused on IPO and secondary issuance transactions for clients related to financial services.

In M&A the firm’s work focused on acquisitions and spin-offs for clients related to the technology and automotive sectors.

Deal highlights:31^st edition (2020/21)

Act Financial capital increase

Afaaq EGP250 million bond issuance

Orascom Investment Holding spin-off

Swiss Cotton and Garments Company capital increase

Shalakany Law Office is a corporate law firm in Egypt founded in 1912. The firm has over 60 lawyers and counselors including 12 partners and has two offices: one in Cairo and one in Alexandria.

Focusses / specialisms

The firm has a particularly strong practice in project finance transactions and is also very active in project development work as well as banking, M&A, and both debt and equity capital markets. Within these areas the firm is a specialist in working on project related transactions.

Key clients

In capital markets the firm has worked with Al Ahly Capital, ECHEM, IDA, National Investment Bank, and the EBRD.

In finance and projects the firm has cultivated relationships with Egyptian Electricity Holding Company, Rosatom, Karm Solar, Arab Petroleum Pipelines Company, Toyota Tshusho, Credit Agricole, Citibank International, SACE, JBIC, NEXI, OPIC, and the IFC.

In M&A key clients of the firm include GEMS Education, South Atlantic Petroleum, Dubai Holding, United Energy Group, VEON, Japan Tobacco International, Zhenhua Oil, Mansour Group, Global Telecom Holding, TPG, and Sealed Air Corporation, Engie E&P International.

Research period review:31^st edition (2020/21)

During the research period the firm was active in banking, debt capital markets, M&A, project development and project finance.

In banking the firm worked for lenders and borrowers for clients connected with healthcare and financial services.

In debt capital markets the firm’s work focused on bond issues for clients connected with healthcare.

In M&A the firm worked on acquisition transactions and joint ventures for more sellers than buyers, these clients related to the natural resources sector.

In project development the firm worked on concession, negotiations and licences for clients connected with oil and gas renewables and infrastructure.

In project finance the firm worked on financing projects for clients related to energy and social infrastructure.

Deal highlights:31^st edition (2020/21)

Capital Drilling financing

Gulf of Suez 500MW wind farm

Hikma Group loan

Middle East Oil Refinery financing[G(1] 

Client Feedback: 31^st edition (2020/21)

Bank lending: Lender side

"Good legal analysis of the documentation (including shareholders agreements) with attention to detail and providing practical solutions in a timely manner."

"The Shalakany team provided accurate, pragmatic and timely advice and invaluable transaction management with our borrower and local security agent."

Banking and finance

"Their banking and finance skills and knowledge are second to none in Egypt. They have a deep bench of talent at both the partner and associate level and are very knowledgeable about the market."

M&A

"Shalakany is a very responsive law firm who have very good knowledge of the process for corporate transactions in Egypt."

Project development: Energy

"Always goes the extra mile to complete the job. They also provide detailed and prompt responses."

Project development: Mining

"Excellent legal counselling and guidance in running our operation in Egypt. They are knowledgeable about business in Egypt and how to establish an operation efficiently with the fewest headaches."

Project finance

"We have always found the firm to be reliable, with good knowledge and solutions to any issues arising during the deal. They are prompt in their answers and their given timeline."

"Shalakany have an excellent project finance practice and are really knowledgeable."

Aly El Shalakany

"Excellent lawyer with profound knowledge of the Egyptian market."

"Excellent finance lawyer with deep market incites."

Mariam Fahmy

"Mariam is a prodigious worker with excellent legal skills and who is also very personable."

"Highly experienced and pragmatic approach to advice provided, plus extremely well connected which assists with managing the client and associated stakeholders."

"She provides meticulous and deep legal analysis, with an attention to detail and timely advice."

Omar Sherif

"He is a good listener, responsive and supportive. He gives sound and logical advise and knows the business and thus has good recommendations."

"Good knowledge and creative solutions to the problems structuring the agreement that we faced in the deal."

Zaki Hashem & Partners is a corporate and commercial law firm in Egypt established in 1953. The firm has one office in Cairo and has over 100 fee-earners and 170 employees.

Focusses / specialisms

The firm has a strong practice in banking, debt capital markets, M&A and project development achieving top tier status in all of them.

Key clients

In banking the firm has developed relationships with HSBC, CIB, Citibank, Mashreq Bank, Abu Dhabi Islamic Bank, Arab African International Bank, Audi Bank, Banque Misr, and JP Morgan.

In capital markets key clients include Al-Ezz Steel Rebars, Amer Group of Companies, Arafa Group of Companies, Citigroup Global Markets Limited, Palm Hills for Development, Raya Holdings for Financial Investments, Sanofi Egypt, Taalat Mostafa Group of Companies, Vodafone Egypt Telecommunications, and Wadi Group – among others. 

In private equity the firm has relationships with EFG Hermes, Beltone Capital, Actis, Accelero Capital and Planet Investment, Modern Nile Cotton.

In M&A the firm has developed relationships with American International Group (AIG Egypt), Vodafone Egypt Telecommunications SAE, Vodafone International Services, General Electric, Pepsi Cola International, Canal Sugar Company, Cargill, National Co. For Packaging Industries (NATPACK), Terre des Hommes, Athlocity, Port Ghaleb Red Sea.

In project development key clients include Al Babtain Group, Abdel Warith Consulting Engineers, Amiral Group, Arab Co. for Asset Management and Development, AVIC International Holding Corporation, Attijariwafa Bank Egypt, Supco Canada Railway Supply Group, Pepsi Cola Egypt, RAMW Group, Wadi Group.

Research period review:31^st edition (2020/21)

During the research period the firm was active in banking, debt capital markets, equity capital markets, financial services regulatory, investment funds, M&A, project development and project finance.

In banking the firm’s work focused on loan work, including Islamic finance work, for both borrowers and lenders connected with financial services.

In debt capital markets the firm worked on both bond and note issuances for clients connected with domestic and global financial services.

In equity capital markets the firm’s work focused on IPOs for issuers connected with financial services.

In financial services regulatory the firm provided regulatory advice for clients connected with banking and financial services.

In investment funds the firm worked on fund formation and structuring.

In M&A the firm worked on joint ventures and acquisitional transactions for more buyers than sellers, these clients related to manufacturing, logistics, financial services and retail.

In project development the firm worked on bidding, concession, licensing, PPP and negotiations deals for clients linked to chemicals, social infrastructure, transportation and oil & gas.

In project finance the firm’s work focused on financing projects for clients connected to financial services or real estate.

In March 2020 senior partner Mohamed Gomaa left the firm to become a freelance consultant.

Deal highlights:31^st edition (2020/21)

Cairo 3A Poultry EGP1.25 billion syndicated loan

Cairo Monorail lines project

Consortium acquisition of BMW Egyptian business

Corplease EGP2 billion bond issue

Egyptian Ministry of Finance $750 million green bond issue

Egyptian Ministry of Finance $2 billion bond issue

Egyptian Natural Gas Holding Company acquisition of Segas

New Administrative Capital waste management and recycling project

Client Feedback: 31^st edition (2020/21)

M&A

"They are very diligent and have a deep knowledge of, and great expertise in, the Egyptian market."

Project development

"They assisted us in ensuring that all areas of the project were in line with the contract provision."

"ZH&P team is always reachable and responsive. We have been dealing with them on a wide variety of work such as IP, TMT, tax and litigation matters, and in all of them they have supported us very well."

Project development: Energy

"They were provided very proactive and provided sensible advice."

Restructuring

"Very professional, they finished the job on time and had the best lawyers in their team that understand our industry well and gave us solid advise. They also produced useful reports and feedback."

Heba El Naggar

"Extremely proactive and sensible."

Hossam Hafez

"He is very focused on the matter and comes up with greative solutions."

"Hossam is a knowledgeable and very well experienced lawyer, understands from a business perspective the market's practice and needs. Thus, we find him very useful to our business in the market. "

Sameh Khodeir

"He has a good knowledge of both local law and international laws and supported us in the interpretation of contract articles and laws from a legal viewpoint."

Yasser Hashem

"He listens, assigns the right team of lawyers, responds on time and is professional. He is also knowledgeable and experienced."

Shahid Law Firm is an Egyptian law firm established in 1987 by Counselor Sarwat Abd El-Shahid. The firm has one office in Cairo and 12 partners.

Focusses / specialisms

The firm has a particular focus on M&A and project development transactions.

Key clients

In banking and finance key clients of the firm include FMO, Voltalia, Scatec Solar, OiLibya, Heliopolis Housing and Development Company, China Development Bank, AlDahra Agricultural Company, Louis Dreyfus Company, Marubeni, UK Export Finance and BAE Systems.

In capital markets key clients of the firm include NI Capital, Egyptian Iron & Steel Company, Heliopolis Company for Housing and Development, Unilever, Hengtong Group, Azura, Béard, Ferro Corporation and Emaar Misr for Development.

In M&A key clients of the firm include Abbott Laboratories, Acciona, Béard, Ceva Santé Animale, Egyptian Iron & Steel Company, Elekta, Eli Lilly Group of Companies, Ferro Corporation, Gemini Enterprises Africa, GlaxoSmithKline Group of Companies and Hayel Saeed Anam & Co.

In project development key clients of the firm include Scatec Solar, EDF Renouvelables, Voltalia, Italgen, Engie, Marubeni, Globeleq, Phoenix Group, EDF International Network, Elekta, Seadrill, Baker Hughes (GE), Eni, Vegas Oil and Gas and East Mediterranean Gas.

Research period review: 31^st edition (2020/2021)

During the research period the firm was active in banking, M&A, project finance and restructuring and insolvency.

In banking the firm worked on loan and financing transactions for clients connected with financial services and aviation.

In M&A the firm worked on mergers and acquisitional transactions for clients linked to financial and wholesale services and healthcare.

In project development the firm worked on bidding, concession and negotiation work for clients connected with renewable energy and manufacturing.

In project finance the firm worked on financing projects for clients linked to financial services and renewable energy.

In restructuring and insolvency, the firm worked on corporate restructurings for clients related to healthcare and power generation.

Deal highlights: 31^st edition (2020/2021)

Egypt 25MWac solar PV power

Gemini Enterprises Africa acquisition of Uplift4GFF

Kom Ombo 200MW solar PV power

NI Capital acquisition of Alarabya

Pigments Spain acquisition of Ferro Corporation

Suez Special Economic Zone

Client Feedback: 31^st edition (2020/2021)

Bank lending: Lender side

"They know very well not only the technical aspects of this kind of transaction but also the practical issues. They have good communication with Egyptian authorities (MISR), which is very useful. "

Capital markets

"At Shahid law firm, there is an account manager who deals and directs our enquires to the appropriate lawyer(s) or counsellor(s), specialist in responding to our query. We have had a contractual relationship for the past 30 years. Shahid law firm is considered as an important partner, supporting and providing expert consultation considering Egyptian laws, decrees, market practice, etc. The main strengths are around the high professionalism, specialisation and, last but not least, intensive experience (of our company and industry)."

Financial services regulatory

"They were very quick and professional."

"Very customer-focused, responsive & accurate."

Leveraged finance

"They are very professional, honesty, teamwork, accurate. They are doing always a great job!"

Restructuring: Corporate

"Dedication, understanding, full local and international knowledge."

Michael Boutros

“He is one of the best lawyers I have ever worked with. Very professional, honest and keen to finalize the job as quickly as possible whilst still obtaining the best results.”

“Excellent knowledge"

Michael Boutros and Rasha Maurice

“They are very professional and have a lot of knowledge in all areas.”

Tarek Badawy

“Very deep knowledge of both the legal and practical issues related to the transaction and a very good relationship with Egyptian authorities.”

Zaki Hashem & Partners is a local law firm with a specialism in M&A and banking. The firm is also active in capital markets and project finance. 

The firm continued its strong history in M&A this year, advising Hewlett Packard on its acquisition of Samsung Electronics’ printer business with regard to Egyptian Assets. 

In banking, Zaki Hashem & Partners represented BNP Paribas on a loan to the Egyptian Electricity Transmission Company. 

The firm hired Osama Abdelmawla as partner from Helmy Hamza & Partners in M&A.

In projects it has worked on high profile PPP, real estate, and renewables proejcts. An example is its work for the China State Construction Engineering Corporation (CSCEC) with regard to the a contract for the construction of a central business district. 

Notable clients of the firm include HSBC Bank, BNP Paribas, Hewlett Packard, and Middle East Oil Refinery (MIDOR). 

Client feedback

"Extensive local know-how and hands on approach. Great work ethic with customer-friendly attributes." – M&A        

"It has a good understanding of project finance structures, what the lenders are looking for, and a thorough knowledge of the regulatory framework in Egypt." – Project finance

"Zaki Hashem is a very well established firm that shows agility in today's changing market. It always tries to accommodate its clients' requests, which is a very strong strength yet it sometimes causes significant delay in their response levels because its teams are overwhelmed by too many client requests." – Restructuring and insolvency

Helal El Hossary

"Very knowledgeable, and can provide strong support for his client in conflict resolution."

Sameh Kamal

"He has a good understanding and can properly manage his team."

Arig Ali

"Very responsive."

Al Kamel has experience in banking and M&A but is also active in project finance and capital markets.

In banking, the firm advised the lender, German Investment Corporation (DEG), with respect to a facility to Sekem Holding. 

In project finance the firm is advising on the financing by its clients Export-Import Bank of the United States and UK Export Finance and Overseas Private Investment Corporation for a petrochemical project. 

In M&A, the firm advised BSA International on the acquisition of a cheese company with manufacturing facilities.

Notable clients of the firm include Palm Hills Developments and Deutsche Investitations und Entwicklungsgesellschaft. 

Client feedback

 "The firm's very responsive and committed to make a deal successful. It's very client friendly." – Restructuring and insolvency

"I am honoured to be able to provide my assessment of Al Kamel Law Firm's work. It is a pleasure to work with a distinguished company as Al Kamel Law, and it provides services around the clock for all weekdays. It serves my company professionally and replies to all our needs and requirements. Al Kamel Law Firm is a very organised firm, giving us a sense of security and confidentiality of all our files. I can communicate with the employees of the company and even the owner of the company itself at any time; working with them is under a purely friendly scope." – Banking, project finance, and restructuring and insolvency

"Legal advice was given in a timely and professional manner and the quality of documentation was very good and up to international standards. The firm provided us with good support during negotiations as well, proactively." – M&A

Rasheed Kamel

"He is very responsive, skilled and approachable. He has high client relationship management and makes things happen."

"He is the chairman of the company and he is reachable all the time." 

"He is a pleasant person to deal with even if he is on the other side of the table. He is technically strong in corporate matters. His commercial awareness and negotiation skills are remarkable." 

Sharkawy & Sarhan is an independent firm which often works with international firms without presence in Egypt. The firm has been active in banking and finance and M&A recently.

In banking and finance a clear highlight is the firm’s work as the lenders’ local counsel to 17 international institutions on the financing of 30 solar projects under the Egyptian feed-in tariff programme.

The M&A team worked for AttijariWafa Bank as the buyer on the acquisition of Barclays Bank’s shares in Barclays Bank Egypt. The firm also acted as local counsel for Eni on the sale of a 30% participating stake to Rosnelft, in the Shoruk Concession, where the Zohr gas field is located.

Key clients include the International Financial Corporation, the European Bank for Reconstruction and Development, the Commercial International Bank, and Proparco.

Client feedback

"Excellent local law advice quality." – Banking and finance

"The firm is knowledgeable and responsive." – M&A

Karim Sarhan

"Experienced and reassuring."

Afifi Law Office in association with international firm Dentons works across a range of practice areas, focussing primarily on banking and M&A.

The firm is experienced in the financial services, real estate and oil and gas sectors thanks to the client relationships with Commerzbank, China Development Bank, Standard Chartered Bank, African Export Import Bank, Colgate-Palmolive, Noble Energy Mediterranean Limited and Delek Drilling. 

During the research period the firm advised lenders, sellers and acquirers on loan facility agreements and M&A deals.

Recent Deal Data highlights 

•African Export Import Bank $300 million financing 

•African Export Import Bank $500 million financing

•Noble Energy Mediterranean / Delek Drilling acquisition of stake in East Mediterranean Gas Company 

•Turk Ventures Advisory acquisition of Elif Holding

•United Company For Trade & Distribution of Consumer Goods Company acquisition Colgate-Palmolive assets

Client feedback

"We are very happy to work with Dentons as they continuously demonstrate their value providing us with the best legal business oriented solutions. They are quick and responsive which is very important for my company." - Financial services regulatory 

Al Kamel Law is a commercial law firm in Egypt established in 1978 by Dr Mohamed Kamal. The firm has one office in Cairo and has 47 lawyers.

Focusses / specialisms

The firm has a strong practice in Banking, M&A and project development achieving tier 1 status in all three categories.

Key clients

In banking the firm has relationships with Export-import Bank Of The United States, U.K. Export Finance And Overseas Private Investment Corporation, Lactalis – Halawa Group, Bayerische Landesbank, Deg-deutsche Investitions- Und Entwicklungsgesellschaft, Oesterreichische Entwicklungsbank, Nordea Bank, Palm Hills Developments, and Arab African International Bank.

In capital markets the clients has developed relationships with Nordea Bank, and El Mansour and El Maghraby Investment and Development Company.

In M&A the firm has developed relationships with Securemisr S.A.E., Lactalis Halawa Group, Johnson & Johnson, Procter & Gamble, Spinneys Egypt, Ykk Egypt, Chevron.

In projects the firm has developed relationships with Export-import Bank Of The United States, U.K. Export Finance And Overseas Private Investment Corporation, Deg-deutsche Investitions Bank, Oesterreichische Entwicklungsbank AG, International Finance Corporation, and Bayerische Landesbank.

Research period review:31^st edition (2020/21)

During the research period the firm was active in banking, capital markets: structured finance and securitisation, M&A, project finance

In bankng the firm’s work focused on lending and Islamic finance deals for clients connected with banking and financial services.

In capital markets: structured finance and securitisation the firm worked on securitisation work for clients connected with social infrastructure.

In M&A the firm worked on joint ventures, mergers and acquisitional transactions for clients in financial services, healthcare and consumer goods.

In project development the firm’s work focused on concession work for clients in the renewables and power sectors.

In project finance the firm worked on financing projects for clients connected with the renewables sector.

Deal highlights:31^st edition (2020/21)

Egypt Telecom loan

50MW solar photovoltaic power plant project

Halawa Group EGP1bn acquisition finance

Scatec Solar loan

Sekem Holding loan

Tahrir Petrochemicals Corporation loan

Client Feedback: 31^st edition (2020/21)

Capital markets: Equity

"Deep knowledge of capital markets, open to various unconventional legal structures yet maintaining the client's best interest. They were available and gave full support to customers 24/7."

M&A

"The firm understands all the aspects of the M&A process and was able to walk us through it smoothly without any in-house legal know how. Furthermore, the firm has a very commercially oriented mind-set to getting the deal done."

"They are very dedicated and professional to work with and we have a good relationship with them. It is never a burden to work with them."

Project finance

"AK team is a full-service local law firm for us, so they have provided us with a range of advice, including on commercial/transactional documents, financing and security matters, corporate matter, governmental affairs and strategy, and real estate and tax advice. They know the international project finance market well and are a wonderful interface between the high expectations and demands of lenders in that market and the complexities and nuances of how to get deals done in Egypt."

Shahira Khaled

"Very commercially oriented and has great knowledge of all matters of Egyptian law. Very good communicator and always accessible whenever we needed her."

Shahira Khaled and Rasheed Kamel

"They are extremely responsive and help us to serve our clients quickly. They are wonderful communicators and do a great job of boiling complex legal issues down to succinct analysis that discusses the pros and cons of various positions. They are also creative lawyers which is something which really separates the great from the good in the project finance space."

Youssef Nassef

"Very friendly and good knowledge of the national law."

Youssef Nassef, Rasheed Kamel and Linda Azmy

"They are very dedicated, have a lot of knowledge and communicative strong and professional.

Dreny & Partners Law Firm is an independent law firm founded in 2014.

Focusses / specialisms

The firm has a particular focus on debt capital markets transactions with a particular emphasis on working for clients related to financial services.

Key clients

Key clients of the firm include GB Lease, Talaat Mostafa Group, Amer Group, TMG, Premium Card International, New Urban Communities Authority, and RAYA Group.

Research period review:31^st edition (2020/21)

During the research period the firm was active in debt capital markets.

In debt capital markets the firm’s work focused on securities transactions for clients connected with financial services and real estate.

Deal highlights:31^st edition (2020/21)

Amer Group securitisation

Drive for Factoring securitisation

GB Lease securitisation

New Urban Communities Authority securitisation

Talaat Mostafa Group securitisation

Client Feedback: 31^st edition (2020/21)

Capital markets: Structured finance and securitisation

"Very responsive, swift, and excellent in navigating the transactions. Aware of all legal and business aspects related to the deal."

Motaz El Dreny

"Motaz is very responsive, innovative and problem solver, with a great knowhow in navigating capital market transactions."

Sharkawy & Sarhan is a corporate law firm in Egypt established in 2006.

Focusses / specialisms

The firm has a strong practice in banking and finance work as well as M&A transaction and within these areas they specialise in working on bank lending transactions.

Key clients

Key clients of the firm include The European Bank for Reconstruction and Development, Asian Infrastructure Investment Bank, The International Finance Corporation, European Investment Bank, Proparco, Majid Al Futtaim Properties, Dell Technologies, Vodafone Group, EFG Hermes Private Equity, Saham Sante, Sanofi, Hikma, Kuwait Food Company (Americana), and Chubb Services UK.

Research period review:31^st edition (2020/21)

During the research period the firm was active in banking, M&A and project finance.

In banking the firm worked on loans, including syndicated loans, for lenders connected with banking and financial services.

In M&A the firm worked for more sellers than buyers on acquisitional transactions for clients connected with the technology sector.

In project finance the firm worked on financing projects for clients connected with renewables and social infrastructure.

Deal highlights:31^st edition (2020/21)

Alexandia tertiary care Hospital US$125 million syndicated financing

Banque du Caire US$30 million loan

Banque Misr US$100 million loan

Commercial International Bank Egypt US$100 million loan

Consortium acquisition of RSA Security Business unit

Dina Farms solar PV plant financing

Al Tamimi is associated with Nour & Selim in Egypt and has a particular focus on corporate structuring in the hotels and leisure sector. The firm also acts on a number of matters linked to the UAE.

In banking the firm acted for the likes of Emirates National Bank of Dubai and First Gulf Bank on Islamic and conventional financings.

In M&A highlights include advising Macro Group on the sale of a stake to Alta Semper Capital and CI Capital Partners, and acting for Integrated Diagnostics Holding on a joint venture with Man Health.

New partner Mohamed Gabr joined from Matouk Bassiouny to take up a role as Head of corporate and commercial. Three associates also joined from that firm.

Helmy Hamza & Partners is partnered with international firm Baker McKenzie.

In the past year the banking team advised lenders and borrowers on syndicated and term loan facilities in the real estate and oil and gas industries. Key clients include the likes of BNP Paribas, National Bank of Egypt and Standard Chartered.

In the project finance space the firm advised clients on renewable energy projects.

The firm was also active in capital markets and on the equity side acted on IPOs for the likes of Arabian Food Industries, Nile Air and Banque Du Cairo.

The M&A team advised on acquisitions in the food and beverage, construction and pharmaceutical sectors. Key clients include the likes of Air Arabia, Akzo Nobel Powder Coatings and Egyptian Gulf Bank. A key deal was work for Caravan Marketing Company on its sale to Nestlé.

The firm hired capital markets lawyer Sameh Bilal during the research period.

Client feedback

“Excellent practice in these various areas - Top quality and responsive.” – M&A

Lamyaa Gadelhak

"Technically very savvy, excellent negotiator, responsive.”

Mohamed Ghannam

“Available, smart, innovative, responsive”

Ahmed Omar

“Responsive and competent."

Banking and M&A are key practice areas for Al Kamel Law Office.

Key deal highlights during the research period include work on the financing of a petrochemical project and securitisation of a real estate portfolio.

In M&A, the team worked on a number of public and private transactions, mainly on the buy side.

Key clients include the likes of Barclays, Microsoft, Standard Bank and Xerox.

Client feedback

“Al Kamel Law are very professional and knowledgeable.  They have demonstrated deep knowledge in banking and finance in general and, in particular, in the sectors of petrochemicals and telecommunication finance.” – Project finance

“They are responsive and have the ability to create trust with the counterpart in the negotiation process thus reducing transaction timeline and cost.” – M&A

Rasheed Kamel

“Rasheed Kamel is extremely sharp, commercial and personable. I'd trust him with our business in Egypt. He is supported by Linda Azmy, Youssef Nassef and Ahmed Nasser and together they are a professional and highly competent team.”

Mohamed El Ehwany

“Mohamed is an excellent lawyer who pays attention to details and has deep knowledge in the banking and finance area. Mohamed is very pragmatic and is always able to guide his clients properly.”