Ayman Al-Sawy — Head of the Financial Sector at Contact Financial Holding — revealed that Sarwa Capital is currently working on issuing financing sukuk programme with a value ranging between EGP 1-1.2bn for Wadi Degla for Real Estate Development that are expected to be issued before the end of the second quarter (2Q) of this year.

He told Daily News Egypt that the company is working on three sukuk programmes with a total value of EGP 5-6bn, one of which is in the health sector, and they are scheduled to be completed during the current year.

Furthermore, he revealed that Sarwa will manage the issuance of future rights securitisation bonds in favour of an undisclosed private sector company — the first of its kind in the Egyptian market — as soon as the relevant law is passed.

He also stressed that the company is running a securitisation bond programme worth EGP 2bn for Palm Hills and expects the issuance of a first tranche valued at EGP 500m within two months.

With regards to the movable values ​​fund, Al-Sawy said that as soon as the tax treatment for movable funds is issued, the company will launch it before the end of this year.

Palm Hills Developments, in cooperation with Sarwa Capital — a subsidiary of Contact Financial Holding Company — has completed its first issuance of tradable and non-convertible Shariah-compliant Musharaka Sukuk worth EGP 3.251bn to finance the construction and building works of the Badia Project in Sixth of October City.

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