Cairo for Investment and Real Estate Development Approves EGP 600 Million Sukuk Ijarah

Egypt’s Cairo for Investment and Real Estate Development (CIRA) has approved the issuance of Sukuk Ijarah worth EGP 600 million for a maximum period of 48 months at its latest Extraordinary General Meeting (EGM), according to media reports.

The Sukuk Ijarah, which is Shariah-compliant, tradable and non-convertible, will be offered in a private placement for eligible institutions and individuals, according to a CIRA statement on the Egyptian Exchange on the 23rd of December 2020, as reported by media.

EFG Hermes has been appointed as the issuance manager of the Sukuk Ijarah issuance. In addition, Prime Capital has been selected as the financial advisor of the transaction. Furthermore, the sale of buildings and land plots of schools as part of the Sukuk transaction...