{"id":562675,"date":"2021-06-02T04:00:51","date_gmt":"2021-06-02T04:00:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/02\/wadi-deglas-real-estate-arm-plans-to-tap-sukuk-market-next-month\/"},"modified":"2021-06-02T04:00:51","modified_gmt":"2021-06-02T04:00:51","slug":"wadi-deglas-real-estate-arm-plans-to-tap-sukuk-market-next-month","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/02\/wadi-deglas-real-estate-arm-plans-to-tap-sukuk-market-next-month\/","title":{"rendered":"Wadi Degla\u2019s real estate arm plans to tap sukuk market next month"},"content":{"rendered":"

<\/a> Wadi Degla Developments<\/a><\/strong> is planning a sukuk issuance worth nearly EGP 2 bn <\/strong>that will be managed by Contact Financial (previously known as Sarwa Capital) and Banque Misr investment arm Misr Capital, Contact Financial CFO Ayman El Sawy tells us. The sale might go ahead in as little as one month but is still subject to regulatory approvals, market conditions, and rating and auditing processes, El Sawy said. Wadi Degla is planning to use proceeds from the sale of the sharia-compliant bonds, which will likely be mudaraba sukuk<\/a>, to finance the launch of new phases in projects including residential developments Neopolis<\/a> in New Cairo\u2019s Mostakbal City and Blumar El Sokhna<\/a>.<\/p>\n

Advisors: ALC Alieldean Weshahi & Partners will act as legal counsel<\/strong>, alongside Contact and Misr Capital, which are currently in a \u201cstrategic alliance\u201d to work together exclusively on sukuk issuances under a mandate from the government to encourage a more active debt<\/sup> market, El Sawy told us.<\/p>\n

Contact and Misr Capital have five more sukuk issuances in the pipeline<\/strong>, four of which are for real estate developers, El Sawy said. The issuances will either take the form of ijara or musharaka sukuk, and are expected to go to market before the end of 3Q2021, he added.<\/p>\n

Some have predicted a big year for sukuk: <\/strong>Some EGP 5.1 bn of the sharia-compliant securities were issued last year, leading to a number of bold forecasts for 2021. Several market experts have predicted that EGP 20-25 bn<\/a> of sukuk could be issued this year, a fivefold increase on 2020.<\/p>\n

The next seven months will need to be big to hit that mark<\/strong>, given 2021 hasn\u2019t yet seen a single issuance. So far, only three companies have issued sukuk since the Financial Regulatory Authority put in place the regulatory framework in 2019<\/a>: Talaat Moustafa Group in April 2020<\/a>, Contact (back when it was called Sarwa) in November<\/a>, and private education outfit Cira in December<\/a>.<\/p>\n

REMINDER- A sovereign sukuk could be coming soon:<\/strong> A law<\/a> allowing Egypt to issue sovereign sukuk on local and international debt markets is also due to be put to a final House vote soon after getting committee-level approval last month<\/a>.<\/p>\n

Need a refresher on how sukuk work?<\/strong> We\u2019ve got you covered<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wadi Degla Developments is planning a sukuk issuance worth nearly EGP 2 bn that will be managed by Contact Financial (previously known as Sarwa Capital) and Banque Misr investment arm Misr Capital, Contact Financial CFO Ayman El Sawy tells us. The sale might go ahead in as little as one month but is still subject […]<\/p>\n","protected":false},"author":1,"featured_media":562676,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[88,72,2337,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam","tag-islamic-finance","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"214a971d-d6bf-4aff-9645-2e61b7391838","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/6\/37.jpg","photo_position":"above","related_issue":[562667],"teaser":"","voice_url":""},"yoast_head":"\nWadi Degla\u2019s real estate arm plans to tap sukuk market next month - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/02\/wadi-deglas-real-estate-arm-plans-to-tap-sukuk-market-next-month\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wadi Degla\u2019s real estate arm plans to tap sukuk market next month\" \/>\n<meta property=\"og:description\" content=\"Wadi Degla Developments is planning a sukuk issuance worth nearly EGP 2 bn that will be managed by Contact Financial (previously known as Sarwa Capital) and Banque Misr investment arm Misr Capital, Contact Financial CFO Ayman El Sawy tells us. 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The sharia-compliant mudaraba sukuk carries a seven-year tenor and will be used to finance the expansion of\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/263.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542709,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/12\/sukuks-are-back-on-the-menu\/","url_meta":{"origin":562675,"position":2},"title":"Sukuks are back on the menu","author":"enterpriseam admin","date":"12 January 2022","format":false,"excerpt":"This quarter could see our first corporate sukuk sale of the year: Palm Hills Developments (PHD) could close a EGP 3 bn sukuk sale this quarter, which is being managed by Contact Financial Holding\u2019s (formerly Sarwa Capital) sukuk arm, Ayman Elsawy, head of Sarwa Promoting and Underwriting, told Enterprise, confirming\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544893,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/27\/we-made-our-samurai-bond-debut-phd-closes-its-egp-3-25-bn-sukuk-offering\/","url_meta":{"origin":562675,"position":3},"title":"We made our Samurai bond debut + PHD closes its EGP 3.25 bn sukuk offering","author":"enterpriseam admin","date":"27 March 2022","format":false,"excerpt":"Egypt successfully closed its maiden Samurai bond issuance, selling USD 500 mn (c.JPY 60 bn) of the JPY-denominated bonds in Japan today, the Finance Ministry said in a statement Thursday. The ministry took the issuance to market despite the spillover from the Russian invasion of Ukraine, and the sale makes\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/357.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575456,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/15\/banque-misr-misr-capital-are-covering-guaranteeing-sarwas-upcoming-egp-2-5-bn-sukuk-issuance\/","url_meta":{"origin":562675,"position":4},"title":"Banque Misr, Misr Capital are covering + guaranteeing Sarwa\u2019s upcoming EGP 2.5 bn sukuk issuance","author":"enterpriseam admin","date":"15 October 2020","format":false,"excerpt":"DEBT WATCH- Sarwa Capital\u2019s upcoming EGP 2.5 bn corporate sukuk issuance will be covered and guaranteed by Banque Misr and Misr Capital, after the consumer- and structured-finance player signed an agreement with Banque Misr and its investment arm, according to an emailed statement. The issuance \u2014 which will be the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543600,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/09\/fra-announces-guidelines-to-encourage-responsible-sme-lending\/","url_meta":{"origin":562675,"position":5},"title":"FRA announces guidelines to encourage responsible SME lending","author":"enterpriseam admin","date":"9 February 2022","format":false,"excerpt":"The Financial Regulatory Authority (FRA) has set out responsible lending principles for non-bank SME financing products, according to a statement (pdf). The new responsible lending code (pdf) offers guidance on how to act in borrowers\u2019 best interests by making sure they are offered the most affordable and suitable options. The\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/114.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562675","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=562675"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562675\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/562667"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/562676"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=562675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=562675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=562675"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=562675"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=562675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}