Throughout the pandemic, the Egyptian economy remained resilient in the face of economic turbulence. A year after President Abdel Fattah al-Sisi announced the end of the state of emergency, the market has begun its healthy recovery, with firm reporting operation at full capacity after a slowdown throughout the pandemic.
In particular, the corporate and M&A sector has seen a significant amount of growth in what one firm described as a ‘blockbuster year’ for M&A work. This is especially true of the healthcare and education sectors, which are both on the rise in Egypt. Private equity and sovereign wealth funds are taking up a larger chunk of the market, a trend which firms expect to see continuing in the years ahead.
Already a major field of investment, the energy sector has seen even further growth in the months before COP27 in Sharm El Sheikh as the government rushes to finish its major energy projects. As is the case in much of the world, the move to net zero looms over the Egyptian market, with green hydrogen and green ammonia gaining increased interest, in addition to a number of major wind farm projects.
In October, the Central Bank of Egypt announced the flotation of the Egyptian pound, which resulted in a 15% decrease in value, bringing it to a record low against the US dollar. The reaction to this from the legal market has been mixed, with some matters being put on hold while, in the corporate and M&A space, lawyers are preparing for an influx of new work.
The legal market remains stable in Egypt, with a number of younger firms continuing to make a name for themselves. Khodeir & Partners continues to go from strength to strength since its founding in 2020, while ADSERO continues to grow at a rapid rate. Mazghouny & Co remains a prominent young name in the energy and infrastructure sectors, led by former Shahid Law Firm partner Donia El-Mazghouny, while also expanding into other sectors like corporate and M&A. Meanwhile, more longstanding firms continue to be major market players, including Zulficar & Partners Law Firm, Zaki Hashem & Partners, Shalakany Law Office, Matouk Bassiouny & Hennawy and Shahid Law Firm.