In a first-of-its-kind transaction in post-revolution Egypt, Crowell & Moring's Cairo office has advised the Abu Dhabi Islamic Bank-Egypt in connection with a landmark Islamic Finance facility extended to Maridive and Oil Services S.A.E. MOS (MOIL.CA). Abu Dhabi Islamic Bank- Egypt was the Initial Mandated Lead Arranger (IMLA) and the global coordinator in the deal, coordinating the financing with Abu Dhabi Islamic bank (UAE), Arab African International Bank, Banque du Caire and Arab International Bank. The deal is the first Islamic Ijara structure syndication to take place in the Egyptian market, and, valued at $150 million, is considered one of the largest in the challenging Egyptian banking market. As legal counsel to the initial mandated lead arranger, Crowell & Moring advised the facility providers (the banks) on the structuring and documentation of the transaction. Partner Walid Hegazy, who led the Crowell & Moring team, commented, “This is an important development for our clients, our Cairo office and for Egypt. This Shari'a-compliant facility will open doors for new Islamic finance deals and business ventures, as well as providing a boost for the economy that Egypt greatly needs to prosper. We are thrilled to work with the prestigious Abu Dhabi Islamic Bank and honored to be a part of building something that will impact generations to come in our country. Crowell & Moring looks forward to further developing our presence in Egypt and is excited about the long term potential of the region's most populous country." The Cairo-based lawyers that worked on the deal are recognized to be among the most knowledgeable Islamic finance lawyers in the region. For the past two years, they have been selected by Islamic Finance News as the “Best Islamic Finance Firm" in Egypt. The team advising on the deal included Walid Hegazy, Sherif el Khouly, Hussein Azmy, Adnan Gaafar, and Ibrahim el Salamoni of Hegazy & Associates. In Egypt, Crowell & Moring operates in collaboration with and through Hegazy & Associates, a leading Egyptian law firm based in Cairo. Crowell & Moring and Hegazy & Associates established their strategic association in 2009 to provide a broad range of legal services to meet the needs of a diverse international, regional, and Egyptian client base, including multinational and domestic corporations, government authorities, banks, and financial institutions. Crowell & Moring is one of only a handful of US or UK law firms to establish a presence in Egypt.
