{"id":546705,"date":"2022-05-25T04:00:41","date_gmt":"2022-05-25T04:00:41","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/the-sukuk-market-has-been-quiet-in-1h-2022-other-things-were-keeping-an-eye-on-this-morning\/"},"modified":"2022-05-25T04:00:41","modified_gmt":"2022-05-25T04:00:41","slug":"the-sukuk-market-has-been-quiet-in-1h-2022-other-things-were-keeping-an-eye-on-this-morning","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/the-sukuk-market-has-been-quiet-in-1h-2022-other-things-were-keeping-an-eye-on-this-morning\/","title":{"rendered":"The sukuk market has been quiet in 1H 2022 + other things we\u2019re keeping an eye on this morning"},"content":{"rendered":"

Al Ahly Sabbour Developments<\/a><\/strong> could take a sukuk issuance to market<\/strong>, Al Borsa<\/a> quotes Managing Director Ahmed Sabbour as saying. Industry sources tell us the plans are still at an early stage, and company officials did not reply to requests for comment when we reached out. The developer is also in talks with the National Bank of Egypt for an EGP 850 mn facility to finance its Keeva project in Sixth of October<\/p>\n

It\u2019s been another quiet year for sukuk so far: <\/strong>Palm Hills Developments in March took its maiden EGP 3.25 bn sukuk issuance<\/a> to market in our first corporate sukuk sale of the year. The sale came after a very quiet 2021 for sharia-compliant debt issuances, which by our count witnessed a single EGP 2.5 bn<\/a> sale from Contact Financial Holding (formerly Sarwa Capital).<\/p>\n

Will we see any more issuances in 1H?<\/strong> Wadi Degla Developments\u2019s EGP 2 bn<\/a> sukuk sale and Amer Group\u2019s EGP 1.1 bn<\/a> offering \u2014 both quarterbacked by Contact \u2014 had been slated to take place during the first half of the year, Contact Financial\u2019s CFO Ayman Elsawy told us in January<\/a>.<\/p>\n

Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n