Sarie Eldin & Partners Legal Advisors, in collaboration with a group of financial, technical, and legal consultants, have had the honor to represent TMG in finalizing the acquisition of a majority stake in the Legacy for Hotels and Tourism Projects.
Legacy, owner of a group of prestigious historical hotels in Egypt, is owned by the Egyptian General Company for Tourism and Hotels (EGOTH) and the Egyptian Sub-Fund for Financial Services and Digital Transformation, a subsidiary of the Sovereign Fund of Egypt.
This significant transaction, valued at 800 million US dollars, comes in line with the Egyptian Government's efforts to enhance the investment climate and support the national economy.
Dr. Hani Sarie-Eldin, Founder and Managing Partner of Sarie Eldin and Partners Firm said, "Following this acquisition, TMG will work on developing the contracted hotels to match the standards of the world's most luxurious hotels and to maximize their profitability to attract more foreign tourism to Egypt."
For the past two months, Sarie Eldin & Partners have also been focused on the deal for Global Company's acquisition of a 30% stake in the Eastern Tobacco Company, valued at 625 million US dollars.
Dr. Hani added, "These two deals mark some of the most important acquisition deals that our firm has worked on this year."
Sarie Eldin and Partners Legal Advisors is honored to act as legal advisor to Export Development Bank , with participation of Housing and Development Bank, the United Bank, Mid Bank, Suez canal Bank , to grant Arkan Palm for Real Estate Developments a syndicated facility of up to EGP 1.5 billion to finance phase 1 of its project 205 in Sheikh Zayed City.
Sarie Eldin& Partners: A Historic Ruling that Saves the Egyptian Government an Estimated EGP 8 Billion in Settlements.
Cairo-8 July 2021- The Egyptian Court of Cassation, headed by Counselor Nabil Sadiq, reached a verdict in one of the most important economic cases of Egyptian history. The court ruled in Appeal (No.1968 of 91K) to overturn the judgment of the Court of Appeal in relation to the arbitration ruling rendered under the constitution of the International Chamber of Commerce (ICC), filed by the Damietta International Ports Company (DEPCO) against the Damietta Port Authority.
Dr. Hani Sarie-Eldin, Founder and Managing Partner at Sarie Eldin & Partners Legal Advisors stated, “A historic ruling in one of the most important economic cases, where our office was honored to represent the Damietta Port Authority in a case which lasted for 5 years over which several previous court judgments were rendered ending with this ruling in favor of Damietta Port Authority, saving the Egyptian Government an estimated EGP 8 Billion in settlements.”
Dr. Sarie-Eldin added, "The Egyptian Government respects its commitments, and welcomes serious foreign investments, preserving the rights of investors as well as its own national rights."
The dispute which lasted over 5 years caused the Kuwaiti company (DEPCO) to be in violation of its contract with the Damietta Port Authority which stipulated in the concession contract that the company will operate a container terminal in Damietta Port in an area of about one million square meters, and its inability to finance the project or conduct design work, excavation and dredging of the basin, building, equipping and construction of a new station.
The deadline for submitting applications for our 2019 Summer internship is now closed.
The Summer 2020 Student Internship Program application period will open on May 2020. Interns will be expected to start from June-Sep 2020 timeframe. However, due to the large number of applications we receive, we are unable to respond to all applications with feedback.
Thank you for your interest in our program and good luck.
Comment by Sarie-Eldin & Partners on the settlement agreement between the Ministry of Finance and Global Telecom Holding
It was a privilege for Sarie-Eldin & Partners Legal Advisors to represent the Ministry of Finance on the settlement of the tax dispute between the Egyptian Tax Authority and Global Telecom Holding, a company listed on the Egyptian Stock Exchange.
The firm commented on the signing of the settlement agreement as follows:
“The settlement was completed in a professional legal environment, with full transparency by both parties. The settlement was concluded in a manner that guarantees the rights of the Egyptian government represented by the Ministry of Finance and at the same time confirms the government's respect for investors and its commitment to create a positive atmosphere that helps them to freely expand their investments in a sound legal framework”.
The firm praised the positive efforts of the Ministry of Finance team and their outstanding competence in exercising their functional and technical duties.