Representation of Helier for Project Management and Real Estate Development LLC and Modern Architecture Engineering Office S.A.E. in connection with an advanced investment and contractual restructuring of the Alamein Tourist Village project, covering approximately 106,978 sq m.
The matter represents a subsequent investment phase following the transfer of the project’s rights, debts and contractual position from Shara General Contracting Company to Modern Architecture Engineering Office. The current mandate is aimed at reorganising and transferring the relevant rights, obligations and legal, contractual, financial, investment and administrative positions to Helier, while preserving the Engineering Office’s technical and implementation role.
El Roby Law Firm incorporated and structured Helier as an Egyptian limited liability company with issued and fully paid capital of EGP 100 million, and developed its corporate objects and management authorities to enable it to act as the investment vehicle responsible for managing the project’s economic interests, financing its development and organising the related commercial and operational relationships.
The firm also designed a contractual structure separating the project’s economic and investment position from the technical and implementation role of Modern Architecture Engineering Office. Under the proposed structure, the rights and positions falling within the agreed scope are to be transferred to Helier, while the Engineering Office will continue to undertake the technical and construction aspects of the project under a separate construction agreement.
The mandate includes a review of the project’s contractual and contentious history, including previous agreements, arbitration awards, settlements and the earlier assignment of rights, with the firm identifying the rights and obligations capable of transfer and excluding unsupported rights and historical liabilities that have not been expressly assumed.
The firm is also structuring the consideration for the proposed transfer of the relevant rights and positions, amounting to EGP 30 million, together with a separate EGP 2 million allocation for improvement and administrative settlement procedures. These amounts are being kept contractually separate from the financing of the required bank guarantee and the Engineering Office’s remuneration for construction and implementation works.
The firm is further preparing a separate construction agreement between Helier and Modern Architecture Engineering Office, structuring the bank guarantee required in favour of the landowning Association, and preparing the powers of attorney, approvals and supporting documents required to complete the transfer of the relevant rights and allocations and implement the new structure before the Association, competent authorities and relevant stakeholders.
The project has an estimated market value of approximately EGP 30 billion, separate from the EGP 30 million proposed assignment consideration, Helier’s EGP 100 million issued capital and the separate EGP 2 million improvement and settlement allocation.
The matter remains ongoing, with the firm continuing to finalise the assignment and construction agreements, supporting documentation and the procedures required to make the proposed structure effective against the relevant parties and authorities.