MBI has been coordinating with Dubai Economy (“DED“) as well as the Ministry of Economy (“MoE“) to obtain updates regarding the required disclosures and submission procedures (“Disclosures”) of the Ultimate Beneficial Owner and/or nominee director/controller (“UBO“). We understand that these Disclosures for new entity registrations or amendments to existing...
On 24 August 2020, the UAE Cabinet published Cabinet Decision no. 58/2020 on the Regulation of Procedures related to Real Beneficiaries (the “New Cabinet Decision”). The New Cabinet Decision requires companies licensed to carry on business in the UAE to maintain a Register of Partners (or Shareholders) and a Register...
The new Egyptian Banking Law, No. 194 of 2020 (the “New Banking Law”) was promulgated on 15 September 2020 and entered into effect on 16 September 2020 with a grace period for compliance with its provisions of one to three years (as applicable) from said date. The most prominent feature...
Matouk Bassiouny & Hennawy (“MBH”) acted as sole counsel to Palm Hills Developments (“PHD”) and Taaleem Management Services Company (“Taaleem”) in its joint venture to build a private university in PHD’s flagship project Badya, situated in West Cairo. We are pleased to announce that the transaction documents were successfully signed...
Matouk Bassiouny & Hennawy (“MBH”) acted as legal counsel to Arab African International Bank (“AAIB”), in the financing to SOREAL Real Estate Development, a subsidiary of Sixth of October Development and Investment Company (“SODIC”), a leading Egyptian real estate development company, for its Villette real estate project in New Cairo...
Matouk Bassiouny & Hennawy (“MBH”) has acted as legal counsel to Alta Semper Capital (“Alta Semper”), a frontier-markets private equity investor focused on consumer and healthcare opportunities, in increasing its investment in Macro Holding (“Macro”), the owner of Macro Pharmaceuticals, Egypt’s leading consumer healthcare company. The decision to increase its...
Matouk Bassiouny & Hennawy (“MBH”) acted as legal counsel to Ezdehar Management (“Ezdehar”), an Egypt-based private equity firm, in its minority stake acquisition of Al-Tayseer Healthcare Group (“THG”), an Egyptian healthcare investment platform, via Ezdehar Egypt Mid-Cap Fund (“Ezdehar Fund”), a fund comprised of contributions from international institutions including the...
Over the past couple of years Egypt has witnessed rapid legislative developments and a reformative wave in the spheres of cyberspace, information technology and regulation of internet activities. These developments are attempts to evolve the regulation of the online sphere, safeguard content available online, eliminate cybercrimes and provide protection for...
Setting an important precedent to nullify the first major ad-hoc arbitral award rendered in accordance with the provisions of the Unified Convention for Investment of Arab Capital in Arab Countries. On 3 June 2020, Cairo Court of Appeal delivered its judgement nullifying the ad-hoc arbitral award dated 23 February 2013,...
Matouk Bassiouny & Hennawy (“MBH”) acted as counsel to South Africa’s Investment Company Tana Capital in its minority stake acquisition in Alexandria Medical Investment Company, the majority shareholder of Mabaret Al Asafra Hospitals Group. The deal closed on 21 May 2020. The MBH team assisting on the Transaction was led...
