Barakat, Maher & Partners in association with Clyde & Co advises Gulf Insurance Group

Barakat, Maher & Partners in association with Clyde & Co has advised Gulf Insurance Group K.S.C.P. (GIG), a leading insurance provider in the Middle East and North Africa, on its merger with AIG Egypt, marking the first merger in Egypt’s private-sector insurance industry.

GIG is amongst the largest and most diversified insurance groups in the Middle East and North Africa and has been present in the region for over 60 years. This landmark transaction will galvanise other market players to merge and consolidate their portfolios, driving growth in Egypt’s insurance industry, which is a key pillar of the country’s economy. 

Sameh Dahroug comments: “We are proud to have successfully advised GIG on this deal. This is the first merger in Egypt’s private-sector insurance industry. As the first of its kind, the deal presented many structural and regulatory challenges, which our team navigated to ensure a successful closing. The expertise of our merger and acquisition (M&A) and capital market teams was crucial in achieving this significant accomplishment.”

Farid Saber, Group Chief of Operations of GIG comments: “We want to thank the Clyde & Co team in Egypt for their guidance and expertise throughout this complex transaction. Navigating a new route for the first time always poses unique challenges, particularly when a deal is spread over a period of time where the legal and regulatory landscape is ever-changing. This is where you realise the value of your consulting partners.”

Alaa ElZoheiry, Managing Director of GIG Egypt remarks: “We express our deepest gratitude for the exceptional work done by Clyde & Co Egypt to finalise this deal between GIG Egypt and AIG Egypt. We are grateful for the dedication, and truly appreciate all they have done to bring this transaction to a fruition.”

The Barakat, Maher & Partners in association with Clyde & Co team was led by partners Sameh Dahroug and Mostafa Elsakaa. They were supported by associates Walid Enany and Omar Mahmoud. 

Since the opening of the Cairo office in February 2023, the team has been a transactional powerhouse advising local and international companies on both the debt and equity sides of their transactions. This includes a number of complex M&A transactions, private equity, anti-trust, competition, regulatory and corporate matters, joint ventures (JVs), restructurings, separations and carve-outs, together with initial public offerings (IPOs) and securitization deals. 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, 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.