Zulficar & Partners (“Z&P”) wishes to congratulate Hassan Allam Construction S.A.E. on the successful issuance of Sharia compliant Musharaka Sukuk for EGP 2.8 billion in favour of its fully owned subsidiary, Bab Misr for Urban Development S.A.E., to finance development of Bab Misr, its mixed-use real estate project located in the heart of Greater Cairo.
Z&P is proud to have advised on the structuring, negotiation, documentation, and issuance of the Sukuk issued by Al Ahly Sukuk, alongside Al Ahly Pharos Investment Banking, as financial advisor, lead manager, book-runner, and underwriter, Baker Tilly Mohamed Hilal & Wahid Abdel Ghaffar, transaction auditor, Middle East for Credit Rating and Investors Service (“Meris”), credit rating agency for the issue, Engineering Consultants Group (“ECG”) transaction independent engineer, and RSM Egypt, transaction independent financial advisor. Z&P wishes to congratulate all advisors for their dedicated collaboration and valuable contribution leading to the successful closing of the transaction.
The transaction sets a precedent with an innovative structure leveraging the growing debt capital market in Egypt to tap diversified project financing options for a green-field real estate project.
Z&P team was lead by Ashraf Ihab, our leading Banking & Finance expert, and Anwar Zeidan Founding Partner and Head of Capital Markets & Governmental Procedures Group, and included Tamima Yehia Counsel, Banking and Finance, Moustafa Amin Senior Associate, Abdel Rahman Fathy, Nahla El Kholy, and Mohamed Ramadan, Associates.
