CIRA issues sukuk of EGP 600M

ArabFinance: Cairo for Investment and Real Estate Development (CIRA) issued shariah-compliant ijara sukuk worth EGP 600 million, according to a statement released on December 29th.

The sukuk, tradeable on the Egyptian Exchange, will be non-convertible to shares with a tenor of seven years.

The issuance was covered 2.3 times, the statement highlighted.

Both CIRA and the sukuk received an A rating and a stable outlook by the Middle East Ratings and Investor Services.

The sukuk aims to finance CIRA's current and future K-12 and higher education projects, CEO Mohamed El Kalla said in the press release.

The move marks 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.

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