Press Releases

On July 1st, Dr. Hani Sarie-Eldin was bestowed the distinguished honor to present his observations and analysis to the Chatham House in London. He provided a comprehensive presentation entitled,ﾑEquity Financingﾒ, which focused on the stock market and private equity in Egypt and MENA countries. Dr. Sarie-Eldinﾒs presentation fit within the overarching discussion of the day, which was entitled ﾓInvesting in Emerging and Developing Markets: The role of domestic financial markets in low and middle-income countriesﾒ. Shedding light on the Egyptian economy, Dr. Sarie-Eldin first underscored its prowess in spite of a enduring financial downturn that has gripped the globe, noting that during the 2008/9 financial year GDP grew at 4.7%, with ICT, construction and trade soaring ahead at 15%, 16.4% and 6% respectively. He furthermore highlighted the robustness of the EGX, as it finished 2009 with a 38% increase over the previous year, and already at the end of Q1 2010, it grew by 10.4%. Turning to private equity, Dr. Sarie-Eldin stated that there are now 17 private equity firms operating in Egypt, and that Citadel Capital is the largest, with investments worth $8.3 bln and operations ongoing in 15 industries that span 14 countries. These facts and figures indeed indicate that financial times are looking up in emerging markets such as Egypt; thus representing new horizons for capital markets in the global economy. To continue to usher in a new financial era in Egypt, changes to the way business is conducted are indeed on the way. Dr. Sarie-Eldin explained that the EGX has adapted to meet new demands by introducing a new listing rule, which foresees that companies will be required to have a paid-in-capital of LE20mn (ﾀ2.56mn), float 10% of shares as well as maintain a free float of 5%. Yet another sign of the changing national economic landscape has been the growth of small and medium enterprises (SMEs), which has resulted in the recent launch of the NILEX, an exchange, in June of this year. Already five companies are listed on the exchange, with 40 more anticipated within the next three years. While these changes represent serious improvements toward a mature exchange environment, Dr. Sarie-Eldin bemoaned that the market ﾓis still dominated by individual investors, representing 65% of the market.ﾔ Moving beyond Egypt, Dr. Sarie-Eldin compared the state of play of private equity in the broader regional context. He explained that, ﾓsince 2000, almost 55% of private equity investments in MENA countries took place in non-GCC countries, with Egypt accounting for 33%...over that same period.ﾔ As well, he further noted that between 2004-2009, Egypt was able to boast 73% of all exit private equity amongst MENA countries. To sum up, Dr. Sarie-Eldin pointed out to the Chatham House audience that notwithstanding such tremendous accomplishments and stellar financial figures, impasses in both the Egyptian stock market and in private equity persist. Issues to be tackled within the stock market include transparency and market information, for instance, as well as a lack of investment education among retail investors, he affirmed. As concerns private equity, a lack of access to it for SMEs and start-ups remains an obstacle, and the broader regulatory environment must be strengthened, in particular relating to intellectual property rights, Dr. Sarie-Eldin concluded.

The Egyptian judiciary has rendered a landmark judgment on Saturday April 10th 2010 in favor of Orascom Telecom - represented by Sarie Eldin & Partners (SE&P) - against France Telecom in the widely followed dispute opposing two of the major international companies in the field of telecommunications. The Commercial and Investment Dispute Department of the Administrative Court in Egypt, headed by Counselor Hamdy Yassin Oukasha, has issued a reference judgment, circulated and broadcasted among all international media, in favor of Orascom Telecom, whereby the court has annulled the decision of the Egyptian Financial and Supervisory Authority's (EFSA)(dated 10.12.2010) pursuant to which the EFSA had previously approved the mandatory tender offer submitted by Orange Participations (owned by France Telecom) to acquire the shares of the Egyptian Company for Mobile Services (for a price of 245 EGP per share) along with the announcement for the said offer. The court's decision was founded on the comprehensive, probative and accurate legal defense brought forth by Sarie-Eldin & Partners. The significance of this ruling is further magnified insofar as the case relates to the first and largest acquisition of a publicly traded company operating in the field of Telecommunications in Egypt while putting to the test the implementation and enforcement of a fundamental chapter of the Capital Market Law. As a result of this much awaited ruling, plaintiff and respondent have immediately initiated negotiations and have reached an amicable settlement in connection with the matters that gave rise to the dispute.

The Global Law Expert, the premier exclusive guide to leading legal professionals globally, has nominated Dr. Hani Sarie-Eldin to be the recommended adviser in Egypt for the Corporate Governance law. The "GLE" always promotes just one exclusive lawyer in each practice area, per country around the world. The Global Law Expert announced today that Sarie-Eldin and Partners represented by Dr. Hani Sarie-Eldin is the recommended legal expert Firm in Egypt for Corporate Governance law. This site http://globallawexperts.com/CompanyProfile.aspx?PID=812 is used by business leaders, in-house council, high-net worth individuals, operation directors, investors, accountants, banks and other law firms across the globe when researching or finding legal counsel on a regional & international level. Being a well known leading recommendation service, the GLE also acts as a portal for the legal community & displaying relevant news, events and newsletters covering a variety of sectors and practice areas.

Sarie-Eldin and Partners is pleased to welcome Dr. Khaled Hamdy, who has joined the firm as a partner. Dr. Khaled Hamdy is the former Executive Director of the Egyptian Competition Authority in Egypt. He has been appointed to act for the Court of First Instance of Kafr El Sheikh as a Chief Judge and is recognized as the Commissioner in the "COMESA" Competition Commission. Dr. Khaled Hamdy has obtained his PhD in international law , from Ain Shams University in 2005 and his L.L.M degree in International Human Rights Law, from the Law Department and Human Rights Center, at the University of Essex, U.K. in 1999. His extensive experience is also strengthened and enriched by his work as a lecturer at the Ain Shams University and Helwan University, Faculty of Law. He is the author and has presented various academic research and publications specialized in Competition policy, Human Rights, Egyptian Judicial Systems and Criminal Justice.