7 February 2024
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AG Middle East team advises solutions by STC and its subsidiary, Giza Systems, on a dual tranche USD and EGP Sharia compliant facility from ADIB-led bank syndicate

Addleshaw Goddard advised Arabian Internet and Communications Services Co. and Giza Systems on a dual tranche Sharia-compliant financing comprising a USD 84 million murabaha facility and an EGP 2.82 billion mudharaba facility for Giza Systems and VAS Integrated Solutions (solutions by stc's Egyptian-based subsidiaries). The facilities were made available by a syndicate of financiers led by Abu Dhabi Islamic Bank (Egypt). 

The transaction parties are located in Egypt and Saudi Arabia, with the AG team comprising members from three of our Middle East offices. This demonstrates our expanding presence and enhanced capabilities within Saudi Arabia and the broader region.

The cross-border team was led by Riyadh Partner Homam Khoshaim and Doha Counsel Alan MacRitchie, supported by Muscat associate Liam Mehigan. Ahmed Haggag from Sharkaway & Sarhan provided Egyptian law advice.