Banking and finance in Egypt

Al Kamel Law Office

Al Kamel Law Office fields 'a capable banking and finance practice in Cairo' and clients praise its 'first-class expertise and commercial as well as legal judgement'. Key partners Mohamed Kamel and Rasheed Kamel, along with newly promoted partner Shahira Khaled, work closely with international law firms to advise leading development finance institutions and banks on large project and corporate finance transactions.

Practice head(s):

Mohamed Kamel; Rasheed Kamel

Testimonials

Rasheed Kamel is a very experienced, calm and sensible adviser on complex issues.

Shahira Khaled is an outstanding young lawyer with great skills and judgement.

The Al Kamel team is full-service and pragmatic, and is a great partner to have in Egypt.

Shahira Khaled is knowledgeable and smart and extremely responsive. She knows how to resolve issues and understands the big picture of a deal.

The AKLO team is excellent and there is first-class expertise and commercial as well as legal judgment in their advice. 

‘The firm has a capable bank and finance practice in Cairo.

Key clients

Export-Import Bank of the United States

Lactalis – Halawa Group

Bayerische Landesbank

DEG-Deutsche Investitions- und Entwicklungsgesellschaft

Oesterreichische Entwicklungsbank AG

Nordea Bank ABP

Palm Hills Developments

Arab African International Bank

National Bank of Egypt

Work highlights

  • Acting as local legal counsel, alongside Mayer Brown as international legal counsel, to Export-Import Bank of the United States, U.K. Export Finance and Overseas Private Investment Corporation, SACE, S.p.A., on a proposed petrochemical project financing transaction with a total value of approx. $11bn.
  • Advising Palm Hills Development on the securitisation of a portfolio of approximately EGP2.5bn.
  • Assisting DEG-Deutsche Investitions Bank with a facility in the amount of $10m granted to Sekem Holding.

Al Tamimi & Company

Al Tamimi & Company climbs the ranking this year having worked extensively for the Egyptian government, including large bond issues, and international financial institutions. EBRD, China Development Bank and Standard Chartered are among its clients. Hossam Gramon's team provides ‘highly responsive, practical and commercial advice’ on capital markets, Islamic finance and syndicated lending.

Practice head(s):

Hossam Gramon

Key clients

Telecom Egypt

The Ministry of Finance

The European Bank for Construction and Development EBRD

Egypt Kuwait Holding

Goldman Sachs  International

Alex Bank

ElSewedy Education Company

China Development Bank

Standard Chartered

Emirates NBD

Work highlights

  • Advising Telecom Egypt on a $500m long-term facility agreement from a syndication of Islamic and conventional banks.
  • Acting as the local legal adviser to The Arab Republic of Egypt, represented by the Ministry of Finance, on issuing sovereign bonds worth $4bn.
  • Advising on an increase of the authorised amount of the global medium-term note programme of the Arab Republic of Egypt.

Helmy, Hamza & Partners (member firm of Baker & McKenzie International)

Helmy, Hamza & Partners (member firm of Baker & McKenzie International) acts for large domestic banks, including National Bank of Egypt, development finance institutions such as International Finance Corporation, and a range of corporate and global banks, on large financing transactions. Practice head Mohamed Ghannam and Lamyaa Gadelhak are highly active in project finance, capital markets transactions and Islamic finance.

Practice head(s):

Mohamed Ghannam

Key clients

The Central Bank of Egypt

African Export–Import Bank (AFREXIMBANK)

European Bank for Reconstruction and Development (EBRD)

Sixth of October for Development and Investment (SODIC)

Arab Petroleum Investments Corporation (APICORP)

Bank of Tokyo-Mitsubishi

National Bank Of Egypt

Arab African International Bank

Banque Misr

International Finance Corporation

Rand Merchant bank

Shinhan Bank

Export-Import Bank of India (EXIM Bank)

Work highlights

  • Advised a six-bank consortium led by National Bank of Egypt on a $100m, and EGP1.2m multi-currency bridge facility to Canal Sugar Company.
  • Advised Al Sharkiyah Sugar Manufacturing Company (Al-Nouran), as the borrower, on a senior Islamic istisna facility with an aggregate amount of EGP2.2bn and $33.1m, and a EGP360m working capital facility.
  • Acted as local counsel to African Export-Import Bank (Afreximbank) on disbursing the sum of $200m to the Egyptian General Petroleum Corporation (EGPC) to support EGPC’s investment in the Middle East Oil Refinery Company.

Matouk Bassiouny & Hennawy

At Matouk Bassiouny & Hennawy, 'responsiveness and commerciality are what distinguishes the firm compared to many others', according to one client. Mahmoud Bassiouny has an impressive client roster that includes Banque Misr, HSBC and Credit Suisse. The firm also advises borrowers on debt finance transactions and capital markets issuance, and acts for private equity investors. Senior associate Nadia Abdallah and counsel Ashraf Hendi are other names to note.

Practice head(s):

Mahmoud Bassiouny

Testimonials

‘Mahmoud Bassiouny is a pleasure to deal with and encapsulates the firm’s responsiveness and commerciality.

Hend El Kharboutly, a junior associate, shows significant promise. A strong communicator who always goes far above and beyond when it comes to getting transactions closed out.

Nadia Abdallah is one of the best lawyers I’ve worked with. She provides incisive advice and has exceptional transaction management skills.

Responsiveness and commerciality are what distinguishes this firm compared to many others. Mahmoud Bassiouny is a pleasure to deal with and encapsulates the firm’s responsiveness and commerciality.’

Key clients

EFG Private Equity

Lekela Egypt Wind Power BOO S.A.E.

Nareva Holding

Dubai Aerospace (DAE)

Syndicated lenders, led by Arab African International Bank, National Bank of Egypt, HSBC and Arab Bank

Export-Import Bank of China, Bank of China Ltd., Beijing branch and China Development Bank

Credit Suisse AG, London Branch and HSBC Bank Middle East Limited

EFG Hermes IB Limited

Coca Cola Bottling Company in Egypt S.A.E.

Middle East Glass Manufacturing Company S.A.E.

Uniboard for Paper & Cardboard Manufacturing Company S.A.E.

Financial Holdings International Ltd

Tanemyah Microfinance S.A.E

Work highlights

  • Assisting EFG Private Equity with negotiating and drafting asset acquisition documents and regulatory approvals.
  • Acting for Dubai Aerospace on the negotiations and drafting of the PDP funding agreement.
  • Acted for a syndicate of eight banks on extending a syndicated medium-term real estate facility agreement to Rooya Group, one of Egypt’s largest and fastest-growing real estate development companies.

Shalakany Law Office

Shalakany Law Office acts for an impressive roster of banking clients, among which are EBRD, HSBC, National Bank of Dubai and Bank of America. The firm is adept at project finance, trade finance, development finance, capital markets and general syndicated lending transactions. Practice head Aly El Shalakany and Mariam Fahmy are highly regarded.

Practice head(s):

Aly El Shalakany; Mariam Fahmy

Key clients

EBRD

Milbank

National Bank of Egypt

Emirates National Bank

Ahli Qatari Bank

National Bank of Dubai

Audi Bank

Bloom Bank

Commercial International Bank

Nordea Bank Abp, filial i Norge

First Abu Dhabi Bank P.J.S.C

Arab Banking Corporation

Citibank

Commercial Bank of Dubai P.S.C

Emirates NBD Capital Limited

HSBC Bank Middle East Limited

National Bank of Ras Al Khaimah P.S.C

Standard Chartered Bank

ASMA Capital Partners B.S.C.(c)

European International Bank

Bank of America

Work highlights

  • Acted for the lenders – Credit Agricole Corporate and Investment Bank and Credit Agricole Egypt – on a loan granted to Dairy Distributors Company for financing the acquisition of Greenland Group for Food Industries S.A.E. in Egypt.
  • Assisted EIB with several financings granted to Egyptian banks (i.e., NBE, Banque Misr and QNB) and governmental entities.
  • Acted for EBRD on a loan to be granted to the International Company for Agricultural Industries Projects (Beyti), an Egyptian company involved in the production of juice and dairy products, among other things.

Zaki Hashem & Partners, Attorneys at Law

Zaki Hashem & Partners, Attorneys at Law is proficient in a wide spectrum of financing transactions, including project finance, bond issuance, Islamic finance and trade finance, as well as regulatory matters. Capital markets partner Yasser Hashem, of counsel Ragia Omran, who is 'an exceptionally good lawyer' who leads on banking and finance, and project finance partner Sameh Kamal are key names in the market. Senior associate Peter Maurice stands out for his work on capital markets transactions.

Practice head(s):

Ragia Omran; Yasser Hashem; Sameh Kamal

Testimonials

Ragia Omran is an exceptionally good lawyer – to the point and diligent, with good commercial acumen.

Key clients

Attijariwafa Bank Egypt

Banque Misr

BIOMERIEUX

Commercial International Bank Egypt (CIB Egypt)

European University in Egypt “EUE”

Hang Seng Bank Limited (HASE)

CORPLEASE

Egypt Foods S.A.E.

Enppi

Holding Company for Investment & Development (an affiliated Company to Housing & Development Bank)

MM Holding For Paper and Packaging

Madinet Nasr for Housing and Development

Wadi Group

Vitas Egypt for Micofinance

Raya Conact Centre (RCC)

Société de Promotion et de Participation pour la Coopération Economique (PROPARCO)

British Embassy

The Industrial Fund for Developing Countries (IFU)

National Investment Bank

Natixis

Qatar Islamic Bank (“QIB”)

Qatar National Bank (QNB) (Head Office)

International Finance Corporation (IFC)

Mashreq Bank

Middle East Turnaround Investment (Haykala)

Morgan Stanley

National Bank of Egypt

Deutsche Bank

Dunia Finance L.L.C.

EFG Hermes

Egypt Factors S.A.E.

Egyptian Gulf Bank S.A.E.

Commercial International Investment Company (CIIC)

Beltone Group of Companies

Byblos Bank

CaixaBank, S.A

CI Capital Investment Banking

Abu Dhabi Islamic Bank – Egypt (ADIB)

AIG Egypt Insurance Company

Arab African International Bank (”AAIB”)

Arab Bank

Work highlights

  • Advised the joint lead managers – HSBC Bank plc, Citigroup Global Markets Limited, JPMorgan Securities, Natixis, Morgan Stanley, BNP Paribas and First Abu Dhabi Bank – on c. $3.25bn issuance under the Arab Republic of Egypt’s global medium-term note programme.
  • Acted for HSBC on the private placement of $2.57bn in notes issued by the Arab Republic of Egypt.
  • Advised Global Telecom Holding on increasing its issued capital by more than EGP11bn through a rights issue.

Zulficar & Partners Law Firm

Zulficar & Partners Law Firm handles a comprehensive range of finance work for international and domestic corporate, financial and governmental clients. Mona Zulficar and Ashraf Ihab count Banque Misr, National Bank of Egypt and China Development Bank Corporation among their many clients. Recent work includes advising on large syndicated loans, regulatory advice, bond issuances for Egyptian corporates and Islamic finance transactions.

Practice head(s):

Mona Zulficar; Ashraf Ihab

Key clients

Arab African International Bank

Commercial International Bank

Banque Misr

National Bank of Egypt

Credit Agricole Egypt

Central Bank of Egypt

Citi Bank

Arab Banking Corporation

African Export-Import Bank

National Bank of Kuwait

China Development Bank Corporation

Al Ahly Bank of Kuwait

The Bank of New York Mellon

The Bank of Nova Scotia – Egypt

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

The World Bank Group

GB Auto

Egyptian Mud Engineering & Chemicals Co.

Suez Canal Bank

EFG Herms

Work highlights

  • Advised National Bank of Egypt on a EGP1.3bn short-term credit facility agreement for Samcrete Egypt Engineers and Contractors.
  • Advised Citibank on a $550m syndicated term-loan facility agreement with Banque Misr.
  • Advised a syndicate of leading international banks, including HSBC as buyers, on a landmark repo transaction with the Central Bank of Egypt.

Dentons Egypt LLC

Dentons Egypt LLC has a track record of involvement in the financing of landmark projects. The practice is led by managing partner Michael Lacey who works closely with senior associate Ahmed Kamal and banking and asset finance consultant Frederique Leger to advise leading international banks and development finance institutions.

Practice head(s):

Michael Lacey

Key clients

China Development Bank

Emirates NBD Capital Limited

Standard Chartered Bank

Standard Chartered Bank (Hong Kong) Limited

European Bank for Reconstruction and Development (EBRD)

MUFG Bank Ltd

United Bank For Africa Plc

Credit Europe Bank N.V.

Work highlights

  • Assisting China Development Bank as lender with amendments to several facility agreements and issuing corresponding legal opinions concerning Banque Misr S.A.E. as borrower and Central Bank of Egypt as guarantor.
  • Advising Emirates NBD Capital Limited from an Egyptian law perspective on a loan facility, governed by English law, extended to African Export Import Bank and the review of all required CP documents.
  • Advising Standard Chartered Bank from an Egyptian law perspective on a loan facility, governed by English law, extended to African Export Import Bank and the review of all required CP documents.

Levari

Levari, which works closely with UK firm BDB Pitmans, has a new head of finance in Mohamed Shaaban, who joined from Commercial International Bank. Shaaban, Sherif Hefni and Mohamed Raslan advise leading Egyptian and international banks, financial institutions, investment banks and private equity funds on credit facilities and syndicated loans. They also handle extensive tax and capital markets work.

Practice head(s):

Sherif Hefni; Mohamed Raslan; Mohamed Shaaban

Marghany Advocates

At Marghany Advocates, managing partner Amir Marghany leads a team that is known for its high standard of client service and its involvement in innovative areas including fintech and cryptocurrency-related work. Among its clients are fast-growing players in the finance space such as Sigma Capital and Jazeera Capital Markets.

Practice head(s):

Amir Marghany

Work highlights

  • Advising Sigma on commercial and regulatory matters including a possible investment in expanding the company.
  • Assisting Jazeera Capital Markets with its communications and negotiations with Egyptian regulatory bodies with respect to its RGX trade license.

MHR & Partners in association with White & Case

MHR & Partners in association with White & Case is particularly strong in project finance, having recruited Ziad Gadalla from Helmy, Hamza & Partners (member firm of Baker & McKenzie International), but its broad finance practice acts for Egyptian and international corporations and financial institutions on a range of financing and capital markets matters. Sherief Rashed is a leading structuring expert for Islamic finance transactions.

Practice head(s):

Ziad Gadalla; Tarek Mohanna; Sherief Rashed

Key clients

Al Nowais

Carbon Holdings

Abu Dhabi Islamic Bank

ADES International Holding Ltd.

CI Capital

NI Capital

EFG Hermes

Tahrir Petrochemicals Company

Egypt Hydrocarbon Corporation (EHC)

Masdar Clean Energy (a Mubadala Company)

Sixth of October for Real Estate and Development (Sodic)

Egyptian Ethylene and Derivatives Company (Ethydco)

HSBC

Infinity Solar

Commercial International Bank

Banque Misr

European Bank for Reconstruction and Development (EBRD)

African Export Import Bank (Afreximbank)

Arab Petroleum Investments Cooperation

Arab African International Bank

Egypt Gulf Bank

United Real Estate Company

Work highlights

  • Advising Tahrir Petrochemicals Company on all aspects of its proposed petrochemical complex in Egypt, which will significantly enhance the industrial base of Egypt.
  • Assisted Ades International Holding plc on the issuance of a $325m high yield bond, 8.625% senior secured notes due 2024, and the refinancing of its existing $450m syndicated facility.
  • Acted for the sponsor group, comprising Phoenix Power Ventures, ib vogt GmbH and Infinity Solar, on the development and financing of the 50MW solar power generation plant in Aswan, Egypt as part of the feed-in tariff programme.

Shahid Law Firm

Shahid Law Firm has a strong finance practice that handles extensive project finance mandates, often in the energy sector, and acts for international financial institutions, as well as international and local banks. Girgis Abd El-Shahid, projects specialist Donia El-Mazghouny and Tarek Badawy are the key contacts. Clients include Export Import Bank of China and China Development Bank.

Practice head(s):

Girgis Abd El-Shahid; Donia El-Mazghouny; Tarek Badawy

Testimonials

Shahid Law Firm represents a wide variety of clients in Egypt in cutting-edge financing transactions.

Donia El-Mazghouny gives her clients an in-depth understanding of the Egyptian financial markets and a market-leading ability to navigate differences in local law that can have significant impacts on international financing transactions.

Jacqueline Saad is a cool and competent professional.

Key clients

FMO

Scatec Solar

EDF Renouvelables

Voltalia

Marubeni

Globeleq

OiLibya

Export Import Bank of China

China Development Bank

AlDahra Agricultural Company

Air Leisure

Louis Dreyfus Company (LDC)

Work highlights

  • Advising FMO (the Dutch development bank) on the first three-year Egyptian pound loan facility for the equivalent of $700,000, entered into with the First Microfinance Company Egypt.
  • Advising Voltalia on the implementation of the local security related to ots photovoltaic power facility in Egypt, as well as on the engineering, procurement and construction regulatory and labour requirements of the project.
  • Assisting Scatec Solar with the issuance of a bid bond concerning the tendering process to build, own and operate a solar photovoltaic power project of 200MW in Kom Ombo (Egypt).

Sharkawy & Sarhan

At Sharkawy & Sarhan, 'the team is commercial, responsive, and extremely knowledgeable across multiple sectors with a particular strength in oil and gas and renewables projects'. Ahmed Haggag leads a practice that frequently acts for international financial institutions including EBRD, as well as for large corporate borrowers. Senior associate Heba Raslan is another name to note.

Practice head(s):

Ahmed Haggag

Testimonials

They are a pleasure to deal with. Their recruitment of senior associate Heba Raslan, who splits her time between Cairo and London, is a standout point. She has excellent and deep knowledge of what is happening in the market and is able to meet and impress clients internationally.  This is an important differentiator for the firm.

Key clients

International Finance Corporation (IFC)

European Bank for Reconstruction and Development (EBRD)

The European Investment Bank (EIB)

Work highlights

  • Advised China Development Bank on Egyptian law issues concerning the $500m term facility granted to African Export-Import Bank.
  • Advised the European Investment Bank on Egyptian law issues concerning the €214m finance contract for the Kitchener Drain depollution project.
  • Assisted the European Bank for Reconstruction and Development with Egyptian law matters concerning the $150m facility granted to the National Bank of Egypt.

Ibrachy Legal Consultancy

Ibrachy Legal Consultancy is known for its work in project finance and cross-border syndicated financings. Practice head Ashraf Elibrachy is a key adviser to international financial institutions such as IFC and EBRD. Key partner Sara Hinton also acts for international banks and private equity funds.

Practice head(s):

Ashraf Elibrachy

Tarek Riad - Legal Consultants and Attorneys at Law

Tarek Riad - Legal Consultants and Attorneys at Law has a large number of international banks among its clients. Among these are Standard Chartered, Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank. Ahmed El Kosheri, who was the founding general counsel of the Arab Fund for Economic and Social Development, and Tarek F Riad are the key partners.

Practice head(s):

Ahmed El Kosheri