Press Releases

The funds obtained through the loan will give Etisalat "a competitive edge by having the latest network technology", Mr. Amir Ghannam, Syndicated Loans Manager at National Bank of Egypt, stated. He continued by explaining that the funds will be specifically used to help the Emirates?based mobile phone provider comply with the latest 3G requirements and, for example, future 4G enhancements in the local Egyptian market. Ghannam also pointed out the important role this particular loan played for the anking sector, highlighting the size of the deal, which required the participation of 28 various banks, both local and international. As legal counsel, SE&P was tasked with negotiating and reviewing both the facility agreement as well as the security documents. Commenting on SE&P's part in the sealing the deal, Mr. Maki Badawi, director of legal affairs for Etisalat, lauded the law firm's approach and involvement. While working with SE&P on the transaction document as well as in instances where views were exchanged, he noted the "high level of professionalism" the firm consistently demonstrated as well as their ability to "work in a collegial, team"oriented fashion". He continued by stating that SE&P "manifestly understands how to go about such deals; they were always available to answer any questions and discuss urgent issues". Yet, in Badawi's eyes, what struck him the most was the firm's ability "to align its own thinking with their client's", which for him was critical in ensuring the success of a deal such as this one. Dr. Ramy El Borai, Partner at SE&P, explained that in the lead role as an advisor to Etisalat, the most formidable challenge that arose during this particular transaction related to the nature of the job at hand. "Syndications are, all other things being equal, a difficult process and taking up the gauntlet of reconciling the interests of the borrower with those of several lenders is challenging, to say the least", he underscored. He also noted the severe time constraint the firm faced when handling the transaction, which he described as "extremely aggressive". So as to supersede these hurdles, El Borai stated, it was crucial to impose deadlines for responses and comments that were received from the various parties, and abide by them in a timely fashion. Nevertheless, El Borai explained that SE&P has been very active on the banking and finance front, which as Badawi confirmed, allowed the firm to successfully handle the transaction, thereby scaling back the degree of the perils posed by the obstacles that arose. He went on to note that SE&P had already been involved in numerous similar transactions, whether advising lenders or borrowers, many of which were "high profile" syndications that took place in the Egyptian market over the past two years. For example, he noted that while the 2009 Egyptian Nitrogen Products Company financing loan was worth a total of more than USD1 billion, which was nonetheless slightly less than the Etisalat loan, the complexity of the ENPC transaction had surpassed all others. El Borai, who was supported by Amira Sherif, Head of Banking & Finance Department, as well as Mahmoud Gharabawy, a junior SE&P associate, attributes the success of the transaction to the firm's ability to work with as a team. For this transaction, he noted, it was particularly critical, as there were a number of fronts to oversee, not least of which was addressing the comments and views of 28 different banks simultaneously. Thanks to the firm's deft associates with robust experience, Mr. Badawi affirmed that he would be delighted to team up with Sarie-Eldin & Partners in the future.

With the legal guidance of Sarie-Eldin & Partners (SEP), Egypt Hydrocarbon Corporation (EHC), a petrochemical firm, signed a $289 million on November 22, 2010 to expand operations in "Ain Sohkna" for a chemical complex through a consortium of local banking institutes, which included ﾓBanque Misrﾔ, Commercial International Bank and ﾓAhliﾔ United Bank. * DSC01053.jpg with caption "From left to right: Mr. Mohamed El-Ghannam "Partner" at Baker & McKenzie, Mrs. Amira Sherif "Senior Associate and Head of Banking & Finance Department" at Sarie-Eldin & Partners, Mr. Waleed Hassouna "Deputy General Manager" at Banque Misr, Mr. Mohamed Younes "Head of Credit Department" at Banque Misr, Mr. Mohamed Abbas "Vice President" at Banque Misr, Dr. Hani Sarie-Eldin "Managing Partner" at Sarie-Eldin & Partners, Mr. Basil El Baz "Chairman & CEO and C.I.B. Head Office" at Egypt Hydrocarbon Corporation (EHC) Company and Ms. Omayma Farahat "Senior Manager and Head of Corporate Banking" at Banque Misr." The deal was described as ﾓone of the most important this yearﾔ for SEP, according to Amira Sherif, SEP Senior Associate and Head of the Banking and Finance Department, who was in charge of structuring, reviewing, and negotiation of the loan. Sherif further explained that what made the deal so significant was neither the size nor that it was dealt with in foreign currency, but because "it is a model project finance transaction in one of the most promising industries,ﾔ she highlighted. Walid Hassouna, Deputy General Manager, Head of Project Finance, Syndications, and Structured Finance, Corporate Banking Group of "Banque Misr" added that this transaction was "one of the few that was closed under international standards while still in the local market". Commenting further on its importance, the EHC project, he stated, will "cater to a product with a huge deficit in Africa and help transform Egypt into a hug in the mining grade ammonium nitrate". Hassouna explained that his bank was in charge of assembling a team for the transaction, and that "Banque Misr" had "a preference toward working with SEP due to their strong previous experience with similar transactions". He continued: "SEP is an excellent legal council when it comes to commercial baking and lending thanks experience, especially when it comes to highly structured deals". * DSC01040.jpg with caption "From left to right: Mr. Mohamed Abbas "Vice President" at Banque Misr and Mr. Basil El Baz "Chairman & CEO" at Egypt Hydrocarbon Corporation (EHC)" Emphasizing additional strong suits SEP brought in closing the deal, Hassouna added, "their distinct blend of legal and commercial thinking allowed us to move quickly". Sherif was not shy in addressing the issue of time constraints as a main hurdle: "Time was of the essence in this transaction", and in fact, it was carried out in "record time". Racing against the clock, as the lendersﾒ legal counsel, SEP was charged with ﾓthe preservation of their interests, finding the solutions to points of conflict between the business requirements and interests of the lenders and the borrower as well as ensuring that all relevant regulations were correctly implemented and reflected in the documents,ﾔ she explained. Sherif went on to add, ﾓProject Finance is not directly addressed as a model in the existing regulations,ﾔ creating a further obstacle. As such, SEP was required to think quickly on its feet and ﾓcreate the structure, making use of available regulations and addressing the specific aspects for which none had been adoptedﾔ, which illustrates the firmﾒs ability to adapt and react swiftly to distinct challenges. Basil El-Baz, EHC chairman and CEO, noted that such deals ﾓcan require up to five years to hammer outﾔ, but thanks to SEP, shouldered by the banking trio, the agreement was wrapped up in just three short years. * DSC01022.jpg with caption "From left to right: Mr. Mohamed Abbas "Vice President" at Banque Misr and Mr. Basil El Baz "Chairman & CEO" at Egypt Hydrocarbon Corporation (EHC)" Notwithstanding such impasses, Sherif stated that SEP was able to further crystallize its ﾓtechnical knowledge of the mechanics and requirements of the Borrowerﾒs Industryﾔ through the EHC transaction. She concluded by mentioning the pleasure of having collaborated with the local Egyptian banks under this transaction, and that the Borrowerﾒs team has ﾓremarkable experienceﾔ as well as a "solid and very effective finance arm". "Our involvement has allowed us to support and participate in this very important industry and its impact on the Egyptian economy", she added. Furthermore, she pointed out that clearly, last, but not least, the involvement of Dr Hani Sarie Eldin, Managing Partner of SEP, as well as her associate Mahmoud Gharabawy were absolutely instrumental in ensuring that the transaction was seamlessly managed and brought to a close.

"Developing Innovative Strategies to do more with less and add value to the business"Dr. Hani Sarie Eldin will participate at the upcoming IQPC Corporate Counsel Exchange Conference 2010 which will be held in Netherlands this month. Dr. Sarie-Eldin will host and chair a roundtable discussion on Mergers and Acquisitions. (Detailed Agenda) Venue: Steigenberger Kurhaus Hotel : The Hague / Netherlands Dates: 24 : 26 October 2010 City: The Hague / Netherlands

"Competing for Investment, Investing in Competitiveness"Dr. Hani Sarie-Eldin, was selected, by Euromoney, to participate as a guest speaker in a panel discussion or workshop about Project Finance, titled: "Challenges and Its Importance to the Economy, hosted by Banque Misr". The session discussed the Egyptian project finance market and available opportunities, the project finance from a development perspective and its importance to the economy, the banks appetite and major credit concerns, and finally the BM role in exploring and supporting project finance deals.

Dr. Hani Sarie-Eldin, being a former Chevening scholar, was nominated by the British Embassy in Cairo, to be the guest speaker for the "Chevening Award Ceremony" event 2010. The event was held at the British Embassy premises on 19th July 2010 at 19:30 pm; all Chevening alumni have attended this important ceremony and were awarded by the British Ambassador.