ArabFinance: Cairo for Investment and Real Estate Development’s (CIRA) extraordinary general meeting ratified a shariah-compliant sukuk issuance of EGP 600 million, according to a statement released on December 23rd.

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

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