ArabFinance: Cairo for Investment and Real Estate Development’s (CIRA) board of directors approved, on November 26th, a shariah-compliant sukuk issuance worth EGP 600 million, according to a statement filed to the Egyptian Exchange.

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.

CIRA's board also gave the go-ahead to hire EFG Hermes Sukuk, a subsidiary of EFG Hermes, for the sukuk issuance.   

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.