Helmy, Hamza & Partners advises on the first sukuk issuance in Egypt

Helmy, Hamza & Partners, member firm of Baker & McKenzie International, recently advised Arab Company for Projects and Urban Developments S.A.E., a subsidiary of Talaat Moustafa Group Holding, on the issuance of a sukuk program with a value of EGP 2 billion with final maturity at the end of 2024. The arranger and advisor on this case was EFG Hermes Promoting and Underwriting, one of EFG Hermes affiliates.

“We are extremely delighted to have represented Arab Company and acted as the legal counsel on this important transaction. This is the first sukuk issuance in Egypt which makes it a landmark transaction in particular given its successful and timely closing despite the global COVID-19 situation,” commented Mohamed Ghannam, managing partner and head of capital markets at Helmy, Hamza & Partners.

Arab Company for Projects and Urban Developments S.A.E is a private company operating within the real-estate sector under TMG Holding, providing real-estate property investment, development and management.

Helmy, Hamza & Partners counsel team from Cairo office that advised on this transaction under the supervision of Partner Mohamed Ghannam was co-led by partner Lamyaa Gadelhak, co-head of banking & projects and counsel Mostafa El Sakaa – Capital Markets. Helmy, Hamza & Partner’ team also included senior associate Mohamed El Harmy, associate Farah Abdel Rahman and capital markets specialist Sameh B