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CIRA considers sukuk issuance

CIRA considers sukuk issuance

ArabFinance: Cairo for Investment and Real Estate Development (CIRA) is mulling a shariah-compliant sukuk issuance to finance its projects, according to the company’s statement filed to the Egyptian Exchange.

The statement comes after the local press reported that the company could issue sukuk worth EGP 600 mn.

The move would be the third corporate sukuk offering in Egypt, following Talaat Moustafa Group Holding’s EGP 2 billion issuance in April, and Sarwa Capital’s awaited EGP 2.5 billion sukuk. 

The company's total revenues exceeded the EGP 1 billion mark in the fiscal year 2019/2020.

CIRA is engaged in the investment in diversified sectors, including education, construction and real estate, health care, information technology, and support services.

The company is specialized in constructing, furnishing, and managing educational, medical, and residential units, as well as trading and supplying medical equipment for hospitals and oil fields service equipment.

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