Egypt Names Walid Hegazy As New Financial Regulator Chief

Egypt has assigned Dr. Walid Hegazy as the new financial regulator chief on Thursday.

Egyptian Investment Minister Yehia Hamed has named on Thursday the financial and legal expert Dr. Walid Hegazy as the new chairman of the country’s Financial Supervisory Authority (EFSA), in place of Dr. Ashraf El-Sharkawy.

Dr. Hegazy is the Managing Partner of the Cairo-based Hegazy & Associates. He was previously the head of the Islamic Finance Practice Group at the international law firm Freshfields Bruckhaus Deringer LLP, and has also practiced law at Fulbright & Jaworski LLP in the U.S.A., Baker & McKenzie in Saudi Arabia, White & Case LLP in the U.S.A., Groupe Monassier (formerly Monassier & Agassi) in France, and Zaki Hashem in Egypt.

Dr. Hegazy has over 15 years of legal experience representing and advising clients on transactions and disputes involving the commercial laws and regulations of many Middle East countries, including: Egypt, UAE, Saudi Arabia, Qatar and Libya. Walid’s main areas of expertise include, Islamic banking and finance, project financing, corporate restructuring and corporate governance. Walid has S.J.D. (Doctor of Juridical Science) and LL.M. degrees from Harvard Law School. In 2011, Walid was named to the “Leading Lawyer 50” in the area of Islamic Finance by Lawyer Monthly Magazine.

Before launching Hegazy & Associates, Dr. Hegazy was heading the Islamic Finance Practice Group at the international law firm of Freshfields Bruckhaus Deringer. The other international law firms at which Dr. Hegazy practiced law include: Fulbright & Jaworski (Houston, TX), Baker & McKenzie (Riyadh, KSA), White & Case (New York), Groupe Monassier (Paris), formerly known as “Monassier & Agassi”, and Zaki Hashem (Cairo).

Dr. Hegazy’s experience includes advising:

One of the bidding consortiums in connection with the public schools project tendered by the Ministry of Finance and the General Authority of Educational Building.
BNP Paribas on a €7.2bn facility providing for the financing of the acquisition by Lafarge, the world’s biggest cement maker, of Orascom Building Material Holding, Egypt.
Saudi Telecom Company (STC) on its US$3.05bn acquisition of a 25 per cent interest in the telecoms operator Maxis (Malaysia) and a 51 per cent interest in the telecoms operator NTS (Indonesia).
Sorouh in connection with its US$1bn Mudaraba-based Sukuk issue in the UAE.
A major Saudi real estate investment group in connection with a SR1.2bn Murabaha facility.
A major Saudi real estate developer in connection with structuring and documentation of Shari&ah-compliant facilities for the financing of a mix use real estate project in Mecca.
A major Saudi real estate developer in connection with structuring and documentation of Shari&ah-compliant facilities for the financing of a mix use real estate project in Mecca.
Credit Suisse on a US$1.2bn lease-backed securitization based in Saudi Arabia, in which Walid developed an innovative Shari&ah-compliant structure based on the Islamic contract of Hawala (assignment of debt).
STC on a US$950m Musharaka-based Sukuk issuance as part of the Maxis and NTS Project.
STC on a US$450m Murabaha-based structured commodity facility provided by Al Rajhi Bank for the financing of a major M&A Project.
The Government of Saudi Arabia on developing Shari&ah-compliant structures for the financing of infrastructure projects.
Saudi British Bank (SABB) on structuring its model Murabaha agreement.
Advising the University of Maryland Medical School in connection with a major tender by Abu Dhabi’s Khalifa Bin Zayed Foundation.
Advising BAE Systems in connection with a number of projects in Abu Dhabi.
Advising Ingersoll Rand on legal issues relating to distributorship and agency laws in the UAE.
Advising Aetna in connection with the legal structuring of its business activities in the UAE.
Advising Prince Group on legal issues relating to UAE customs and import and export laws and regulations.

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