Palm Hills Developments (PHD) is taking a EGP 3.25 bn sukuk issuance to market after its board of directors signed off on the sale, according to a company disclosure (pdf). The sale, which will be managed by Contact Financial Holdings’ sukuk arm, will finance the real estate developer’s Badya project.

PHD could issue our first corporate sukuk of 2022: The sale could go ahead this quarter, Sarwa Promoting and Underwriting head Ayman Elsawy confirmed to Enterprise last month. Last year was a quiet one for the sharia-compliant bonds, seeing only one EGP 2.5 bn sukuk sale from Contact Financing Holdings.

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