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Legal market overview
2013 was a difficult year for Egypt as political instability and popular uprisings left domestic and Western investors unwilling to bring new business into the country. There has been an increase in investment from a number of Gulf states, in what is perceived as a political move to support the new regime.
The traditional, full-service firms are Al Kamel Law Office, Helmy, Hamza & Partners (Baker & McKenzie), Shalakany Law Office and Zaki Hashem & Partners, Attorneys at Law. A number of younger, ambitious firms are making headway: these include Zulficar & Partners Law Firm and new IP boutique NAL & Partners.
DLA Matouk Bassiouny recently demerged, and Trowers & Hamlins closed its Cairo office after ending its tie-up with Nour Law Office.
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A number of refinements have been made to the "economic citizenship" programme described in our news item dated 22 April 2013. The main changes are as follows:
Egyptian Competition Law No 3 of 2005 is likely to be amended very shortly. The contemplated amendments, now in a late stage of discussion and expected to be imminently issued as law by the ruling military council, are aimed at:
No merger control or approval regulation currently exists in Egypt.2 Therefore, the focus of this chapter will not be the peculiarities of Egypt's past experience but rather the prospective peculiarities of the Egyptian merger control framework.
THE EGYPTIAN ARBITRATION LAW Egypt introduced its first specific Arbitration Law in 1994 by adopting the UNCITRAL Model Law with very limited modifications.
The Egyptian Law of Protection of Competition and Prevention of Monopoly Practices was promulgated by Law No. 3 of 2005 and entered into force on 16 May 2005.
Industrial designs and drawings enjoy protection for ten years starting from the date of application for registration in Egypt, and the protection is renewable for five years.
Article on Egyptian Oil and Gas Concessions
Article on THE EGYPTIAN INCOME TAX LAWThe Consumer Protection Law no.67 of 2006 was promulgated and published on the 20 th of May 2006.The Egyptian Arbitration Law...The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to
The Exempted Limited Partnership Law, 2014 (the New ELP Law ) has replaced the Exempted Limited Partnership Law (2013 Revision) (the Previous Law ). The New Law includes significant changes to the Cayman Islands' statutory framework regulating exempted limited partnerships ( ELPs ) that will increase the attractiveness of ELPs and will be appreciated by managers, investors and creditors alike. Private equity sponsors in particular will notice substantial improvements that are indicative of Cayman's continuing commitment to balanced and commercially sensible legislation. Read more...
RESTRUCTURING - COURT PROCEDURES
On 23 May 2014, the States of Jersey passed the Companies (Amendment No. 11) (Jersey) Law 201- (the Amendment Law ). This will now be sent to the UK Privy Council for consideration, then laid before the States of Jersey for a final time before coming into force. The latest information we have is that the Privy Council will be approving the law on 19 July 2014 and it may come into effect as soon as 4 August 2014.
The Hague, 4 July 2014 - BarentsKrans has appointed Joost Fanoy as a partner in the Antitrust & Public Procurement department, effective as of July 1, 2014. Joost specializes in European law in general with a particular focus on European and Dutch competition, public procurement and state aid law and is the head of the Antitrust and Public Procurement Practice Group. Joost is also a member of the Cartel damages team of BarentsKrans.
PineBridge Investments Middle East, a global multi-asset class investment manager with regional headquarters in Bahrain, and nearly 60 years of experience in emerging and developed markets, has acquired a 50% equity stake in Romatem, the leading physical therapy and rehabilitation services chain in Turkey.
Isbank issued 750 million USD notes under its GMTN programme established in 2013. The notes are listed on the Irish Stock Exchange and bear interest at the rate of 5 % with a maturity date 2021. Mr. Omer Collak (partner) and Mr. Baris Kencebay (head of tax practice) have acted for the joint lead managers Barclays, Citigroup, HSBC, National Bank of Abu Dhabi and The Royal Bank of Scotland.
Halkbank issued five-year term fixed interest rate US currency notes, with a total amount of USD 500 million with an interest rate of 4.765 % and an annual coupon rate of 4.750 %. The notes offered the lowest borrowing rate in the first five-month period of 2014, and total demand rose nearly nine-fold due to high investor interest. The note issuance drew great interest from international investors settled in the Middle East and Asia, as well as those investors based in the US and Europe. Mr Omer Collak (partner) and Mr Baris Kencebay (head of tax practice) have advised the joint lead managers.
Turkiye Finans issued the first ringgit sukuk originating from Turkey. The bank initially raised MYR 1 billion with a five-year commodity sukuk on June 30, with an annual return of 6 %. The sukuk under the programme will have tenure of one to 20 years. Funds raised will go towards general corporate purposes. The sukuk will be issued through TF Varlik Kiralama A.S., a wholly-owned subsidiary of Turkiye Finans. Malaysia's RAM Ratings has accorded the programme an indicative long-term rating of AA3. HSBC Amanah Malaysia and Standard Chartered Saadiq were the joint advisers. Mr Omer Collak (partner) and Mr Baris Kencebay (head of tax practice) have advised Turkiye Finans and the issuer TF Varlik Kiralama A.S.
Ziraat Bank, the largest state owned bank of Turkey, established GMTN programme on 21 May 2014, for the notes to be issued up to USD 2 billion listed on Irish Stock Exchange. The notes are unconditional, unsubordinated and unsecured obligations, and rank pari-passu with Ziraat Bank's other senior unsecured obligations.
Vakifbank issued EUR 500 million 5-year unsecured and unsubordinated notes under the first GMTN programme of Turkey established in 2013. The notes are listed on Irish Stock Exchange and bear interest at the rate of 3.5 % p.a. with a maturity date 17 June 2019. This is the very first EUR denominated RegS offering of a Turkish entity.