Barakat, Maher & Partners in association with Clyde & Co have successfully advised on the mortgage portfolio of Bedaya

Barakat, Maher & Partners in association with Clyde & Co have successfully advised Capital for Securitization on the EGP 1,637,000,000 securitization bonds issuance for the mortgage portfolio of Bedaya Mortgage Finance Co. (Bedaya). The Financial Regulatory Authority approved the issuance on 26 March 2025.

EFG Hermes acted as the financial advisor, lead arranger and underwriter, the National Bank of Egypt (NBE), Arab African International Bank, Banque Misr, and Al Baraka Bank as the underwriters, Abu Dhabi Commercial Bank (ADCB) acted as the custodian and the National Bank of Egypt (NBE) acted as the Subscription Receiver.

This issuance marks the fourth tranche in the programme, with an expected total value of EGP 10 billion. It follows the successful closures of the first three issuances, valued at EGP 843 million on 29 December 2023 and EGP 1,414,500,000 on 10 October 2024 and EGP 1,780,500,000 on 25 December 2024. We acted as the lead legal advisers on all four issuances.

Bedaya is a joint venture (JV) between EFG Hermes, GB Capital, and Talaat Moustafa Group. It is the first non-bank mortgage provider offering digital mortgage financing facilities and offers seamless mortgage financing solutions for clients looking to purchase residential and commercial properties in Egypt.

Our team was led by partner Mostafa Elsakaa. He was supported by associates Walid Enany, Omar Mahmoud and Mahmoud Toraya.

Mostafa Elsakaa comments: “This is a crucial milestone in the development of the real estate finance sector in Egypt where prominent Egyptian institutions like EFG Hermes and Bedaya are showing a steadfast commitment towards promoting financial inclusion, in line with Egypt Vision 2030, contributing to achieving sustainable growth and supporting the macroeconomy. We have been the legal advisor for the whole transaction including the first three issuances and we appreciate the trust our clients have placed in us and delighted to have contributed to this successful partnership".

Two years since opening our Cairo office, our team has established itself as a transactional powerhouse, advising local and international businesses across a wide range of sectors. We have successfully handled complex M&A transactions, including advising on the first merger in Egypt’s private sector insurance industry, as well as handling private equity, anti-trust, competition, regulatory and corporate matters. Our teams expertise also extends to joint ventures (JVs), restructurings, separations and carve-outs, together with initial public offerings (IPOs) and securitization deals including three closings for Capital for Securitization on the mortgage portfolio of Bedaya, the third issuance valued at EGP 1,780,500,000 on 25 December 2024 and the first two issuances, valued at EGP 843 million on 29 December 2023 and EGP 1,415,500,000 on 10 October 2024. As well as closing the successful securitization deal, Capital for Securitization on the microfinance portfolio of Erada Microfinance valued at EGP 718 million in January 2025.

The team has proven capabilities in FinTech, venture capital, artificial intelligence (AI) and financial non-banking services. The Cairo office is also active in employment, and cross-border disputes and arbitration.

With over 30 years of experience in the Middle East and Africa (MEA), Clyde & Co is one of the largest international law firms with over 80 partners and over 540 staff operating through 10 offices and associated offices in Abu Dhabi, Cairo, Cape Town, Dar es Salaam, Doha, Dubai, Jeddah, Johannesburg, Nairobi, and Riyadh. Clyde & Co supports international and local organisations throughout the wider region with a full-service offering of local specialists across most business sectors and services of law, including commercial, commercial disputes, corporate, cyber risk, data protection & privacy, employment & immigration, finance, global recoveries, insolvency & reorganisation, intellectual property, international arbitration, projects & construction, real estate, regulatory & investigations, and technology, outsourcing & data.