Zaki Hashem & Partners with NBE in Hyde Park Stake Acquisition  

Zaki Hashem and Partners has provided legal counsel to the National Bank of Egypt (NBE) in its acquisition of a 24% stake in Hyde Park Developments from the Egyptian Arab Land Bank. Hisham Okasha, Chairman of NBE, emphasized that this transaction aligns with the bank’s strategic investment objectives, aiming to bolster its investment portfolio through diversification across various economic sectors. 

Yahya Abu Al-Futouh, Vice Chairman of NBE, expressed satisfaction in finalizing the deal, seeing it as an opportunity to further stimulate the real estate market, a pivotal sector in the Egyptian economy. He noted that Hyde Park Developments, along with its three subsidiaries—Hyde Park Sports Facilities Management, Hyde Park Facilities Management and Maintenance, and Founders Real Estate Marketing—hold controlling stakes exceeding 99%, with NBE indirectly contributing to their operations. 

Ahmed Al-Saeed, CEO of Investments and Investment Trustees at NBE, highlighted Hyde Park Developments’ prominent position in real estate investment within new cities and urban communities. With a licensed capital of EGP 10 billion and a land portfolio surpassing 6 million square meters, the company is engaged in various projects, including Hyde Park in the Fifth Settlement spanning 1177 acres, the Tawny project in 6th of October City covering 31 acres, the Garden Lake project in 6th of October City over 69 acres, and the Hyde Park project in the North Coast across 240 acres. During the first nine months of 2023, Hyde Park Developments achieved revenues exceeding EGP 2 billion. 

The team of lawyers advising the National Bank of Egypt was led by Yasser Hashem, Managing Partner, and Osama Abdelmawla, Partner, and included Youssef E., Associate. 

The financial and tax due diligence were conducted by BDO Office, Muhannad Khaled Taha and Partners, while Al-Ahly Pharos Securities Brokerage Company facilitated the execution of the transaction.