International law firm, Baker McKenzie has served as legal counsel for lenders in a dual-tranche, multi-currency facility extended to Giza Systems and VAS Integrated Solutions, both subsidiaries of Saudi Telecom Company. The facility comprises a US Dollar (USD 84 million) tranche and an Egyptian Pound (EGP 2,800 million) tranche.
This financing arrangement, characterized by murabaha and mudarabah structures, involved the collaboration of various banks. Notably, the Egyptian Pound tranche saw participation from 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. On the other hand, the USD tranche included Bank ABC Bahrain, Ahli United Bank Bahrain, and ADCB UAE among the participating banks.
Commenting on the successful completion of the deal, Fatima Alhasan, Banking and Finance Partner at Baker McKenzie in Bahrain (pictured), 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.”
The team at Baker McKenzie Bahrain was led by partner Fatima Alhasan and comprised counsel Victoria Long, associate Abdulrahman Almajthoob, and junior associate Marwa Abdulmalik. Additionally, partner Mohamed Elharmy and associate Hania Meshref from Helmy Hamza & Partners, Baker McKenzie Cairo office played a crucial role in handling the Egyptian law components of the transaction.