Egypt

We are pleased to announce that Matouk Bassiouny & Hennawy (“MBH”) acted as legal counsel to Tamweely Financial Services in connection with an EGP 1,155,000,000 securitization transaction. The securitized portfolio consisted of microfinance contracts, representing the second issuance of AlAhly’s fifth securitization program, which has an aggregate value of EGP 5,000,000,000. This transaction marks another milestone in Tamweely Financial Services’ efforts to enhance liquidity and support the growth of the microfinance sector in Egypt. The MBH team advising on the securitization was led by Mohamed Abdel Fattah (Partner and Head of Capital Markets) and Imane Raouf (Partner), and included Abdel Reheem Ashraf (Senior Associate), Mariam Goubran (Associate), and Ahmed Ayman (Associate). Al Ahly Pharos acted as the financial advisor, Baker Tilly as the auditor, Al Ahly for Securitization as the securitization company, and Middle East Rating & Investors Service (“MERIS”) as the rating agency. We would like to extend our gratitude to all stakeholders involved and our dedicated team, whose hard work and commitment made this transaction possible. This landmark deal highlights our commitment to fostering innovation in the financial sector and supporting the growth of the microfinance sector in Egypt. For more about Matouk Bassiouny, visit https://matoukbassiouny.com/.

We are pleased to announce that Matouk Bassiouny has successfully obtained a significant costs judgment before the Abu Dhabi Global Market (ADGM) Court of First Instance in the first UAE ruling addressing wasted costs arising from the misuse of artificial intelligence (“AI”) in court documents. The Court ordered the opposing law firm to pay our client’s wasted costs of AED 282,508 on an indemnity basis, with the Defendant separately ordered to pay AED 245,000 in costs. The judgment criticised the filing of pleadings relying on non-existent or misapplied authorities, and confirmed that failure to verify AI-generated research before filing was “reckless” and “amounted to a breach of the Rules of Conduct” (para 59). The team advising on this case was led by Ahmed Tony (Partner), supported by Youssef Nassar (Senior Associate) and Alia Elraey (Associate), together with Counsel Sajid Suleman of Outer Temple Chambers. Commenting on the judgment, Ahmed Tony said: “This ruling sends a clear message that AI is a powerful tool, but it does not replace the lawyer’s fundamental duty to verify research and ensure accuracy in court filings. Our firm embraces AI tools to enhance efficiency and deliver better outcomes for our clients. However, we recognise that these tools must be used responsibly, with appropriate oversight and verification.” Led by Founding Partner and Group Head of Dispute Resolution, John Matouk, our International Dispute Resolution team brings extensive experience in representing clients before the ADGM and DIFC Courts in the UAE. Our team is common law qualified, with Ahmed Tony admitted in England and Wales, Youssef Nassar (Senior Associate) in New York, and Alia Elraey (Associate) in England and Wales. As part of our commitment to providing comprehensive legal services, we collaborate with specialist barristers to ensure our clients receive the highest quality representation throughout the litigation process. For more about Matouk Bassiouny, visit https://matoukbassiouny.com/. Case Reference: [2025] ADGMCFI 0032.

We are pleased to announce that Matouk Bassiouny (“MB”) acted as legal counsel to the shareholders of InfiniLink – a Delaware-Cairo-based silicon-photonics startup specializing in high-performance optical transceiver chiplets – in connection with the company’s full acquisition by GlobalFoundries (“GF”). Following the acquisition, InfiniLink’s design expertise and portfolio of optical transceiver chiplets (iOTC), silicon-photonics capabilities, and SerDes technologies will be integrated into GF’s silicon-photonics business. The MB team advising on the transaction was led by Mohamed Essam (Partner, Head of Corporate and M&A UAE and FinTech ECVC), and included Moustafa Rizk (Senior Associate), and Ahmed Hatem (Associate). For more about Matouk Bassiouny, visit matoukbassiouny.com.

We are pleased to announce that Matouk Bassiouny & Hennawy (“MBH”) acted as legal counsel to the National Bank of Egypt (“NBE”), together with a syndication of leading banks, including Commercial International Bank (“CIB Egypt”), Arab African International Bank (“AAIB”), Banque du Caire, Emirates NBD Egypt, and HD Bank, in connection with the first-ever syndicated loan to a Non-Banking Financial Institution (“NBFI”), Drive Finance, with a facility amount of up to EGP 5 billion. This landmark transaction marks a significant milestone for the Egyptian financial sector, enabling Drive Finance to further expand its consumer finance and factoring portfolios while reinforcing its role in shaping the future of Egypt’s financial services landscape. The MBH team advising on the transaction was led by Mahmoud S. Bassiouny (Regional Managing Partner and Group Head of Finance & Projects), and included Iman Nassar (Senior Associate), and Myriam Fahmy (Associate). For more about Matouk Bassiouny, check out our website at https://matoukbassiouny.com/.