Wadi Degla Developments is planning nearly 2 billion Egyptian pounds sukuk issuance worth that will be managed by Contact Financial (previously known as Sarwa Capital) and Banque Misr investment arm Misr Capital, Contact Financial CFO Ayman El Sawy told Enterprise
The sale might go ahead in as little as one month but is still subject to regulatory approvals, market conditions, and rating and auditing processes, El Sawy said.
Wadi Degla is planning to use proceeds from the sale of the sharia-compliant bonds, which will likely be mudaraba sukuk, to finance the launch of new phases in projects including residential developments Neopolis in New Cairo’s Mostakbal City and Blumar El Sokhna.
Advisors: ALC Alieldean Weshahi & Partners will act as legal counsel, alongside Contact and Misr Capital, which are currently in a “strategic alliance” to work together exclusively on sukuk issuances under a mandate from the government to encourage a more active debt market, El Sawy told us.
