Leading global law firm Baker McKenzie has acted as lenders' legal counsel on the US Dollar tranche of a dual tranche multi-currency facility comprised of a US Dollar (USD 84 million) and an Egyptian Pound tranche (EGP 2,800 million) made available to Giza Systems and VAS Integrated Solutions, ultimate subsidiaries of Saudi Telecom Company.
The financing structure, characterized by a distinctive murabaha and mudarabah structures involved the collaboration of multiple banks. The participating banks in the Egyptian Pound tranche included ADIB Egypt, Bank ABC Egypt, Crédit Agricole Egypt, Emirates NBD Egypt, Arab Bank Egypt, Abu Dhabi Commercial Bank (ADCB) Egypt, Ahli United Bank Egypt and Al Baraka Bank Egypt. The banks participating in the USD tranche are Bank ABC Bahrain, Ahli United Bank Bahrain, and ADCB UAE.
Commenting on the successful completion of the deal, Fatima Alhasan, Banking and Finance Partner at Baker McKenzie in Bahrain, stated: "We are pleased to have played a pivotal role in facilitating this groundbreaking Sharia-compliant syndicated facility which will further support the Giza System Group's expansion plans. This transaction underscores our commitment to delivering innovative legal solutions to our clients, ensuring their success in complex financial landscapes."
The team at Baker McKenzie Bahrain led by partner Fatima Alhasan, demonstrated great expertise throughout the transaction. The team comprised counsel Victoria Long, associate Abdulrahman Almajthoob, associate Hania Meshref (Baker McKenzie Cairo) and junior associate Marwa Abdulmalik. Additionally, partner Mohamed Elharmy from Helmy, Hamza & Partners, Baker McKenzie Cairo office played a crucial role in handling the Egyptian law components of the transaction.
The financing structure, characterized by a distinctive murabaha and mudarabah structures involved the collaboration of multiple banks. The participating banks in the Egyptian Pound tranche included ADIB Egypt, Bank ABC Egypt, Crédit Agricole Egypt, Emirates NBD Egypt, Arab Bank Egypt, Abu Dhabi Commercial Bank (ADCB) Egypt, Ahli United Bank Egypt and Al Baraka Bank Egypt. The banks participating in the USD tranche are Bank ABC Bahrain, Ahli United Bank Bahrain, and ADCB UAE.
Commenting on the successful completion of the deal, Fatima Alhasan, Banking and Finance Partner at Baker McKenzie in Bahrain, stated: "We are pleased to have played a pivotal role in facilitating this groundbreaking Sharia-compliant syndicated facility which will further support the Giza System Group's expansion plans. This transaction underscores our commitment to delivering innovative legal solutions to our clients, ensuring their success in complex financial landscapes."
The team at Baker McKenzie Bahrain led by partner Fatima Alhasan, demonstrated great expertise throughout the transaction. The team comprised counsel Victoria Long, associate Abdulrahman Almajthoob, associate Hania Meshref (Baker McKenzie Cairo) and junior associate Marwa Abdulmalik. Additionally, partner Mohamed Elharmy from Helmy, Hamza & Partners, Baker McKenzie Cairo office played a crucial role in handling the Egyptian law components of the transaction.
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