Arab Finance: Egypt-based systems integrator Giza Systems and its subsidiary VAS Integrated Solutions have sealed a Sharia-compliant syndicated bank facilities agreement worth a total of EGP 5.5 billion with several banks, led by Abu Dhabi Islamic Bank-Egypt (ADIB Egypt), as per an emailed press release.

Guaranteed by the Arabian Internet and Communications Services Company, this agreement marks the largest Sharia-compliant syndicated bank facilities deal in Egypt.

The facilities were divided into a $84 million tranche and an EGP 2.82 billion tranche.

ADIB Egypt, Bank ABC-Egypt, Credit Agricole-Egypt, Emirates NBD-Egypt, Arab Bank-Egypt, Abu Dhabi Commercial Bank-Egypt (ADCB Egypt), Ahli United Bank-Egypt, and Al Baraka Bank-Egypt will participate in the EGP facilities, while Bank ABC-Bahrain, Ahli United Bank-Bahrain, and ADCB-UAE will offer the USD facilities.

ADIB led the transaction and its investment banking arm ADI Capital served as the financial advisor.

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