London/Cairo, 6 March 2008 -Baker & McKenzie has advised Orascom Construction Industries andAmiral Holdings Limited on the sale of 90% of their interest in theport of Sokhna to Dubai Ports World for US$670 million.
Sokhna Port is Egypt's first deep sea port on the Red Sea and hasfacilities to accommodate large container vessels and bulk carriers. Itis situated within the important North West Suez Economic Zone, andconsidered the most modern and first automated port in Egypt. It is theclosest container port to Cairo and the only privately owned port inthe Red Sea.
Orascom Construction Industries is a leading cement producer andconstruction contractor, and is active in emerging markets. Based inCairo, it employs more than 40,000 people in over 20 countries. AmiralHoldings Limited is a multi-national organisation, operating globallyacross a number of sectors.
Captain Ossama Al Sharif, CEO and President, Amiral Holdings Limitedand founder of Sokhna Port Development Company, said: "This has been acritical transaction which will shape the future of the port for yearsto come. Baker & McKenzie's team effort has greatly assisted usthrough the process at every stage; their advice has been instrumentalin the successful outcome reached.''
General Counsel of Orascom Construction, Hussein Marei, added: "Wetruly value the relationship we have with Baker & McKenzie, bothhere in Cairo and around the world. This has been an excellentopportunity to work with the London and Cairo teams on a verysuccessful transaction.''
The Baker & McKenzie team was led by Partners Michael Herington(London) and Mohammad Talaat (Cairo), and included associates DavidAllen (London), Tamer El Hennawy (Cairo) and Sarah Whitton (London).