ArabFinance: Palm Hills Development Company (PHDC) announced that its extraordinary general meeting (EGM) has approved to obtain financing for the A1-1 area spanning 1.131 million square meters (sqm) in Badya project through the issuance of sharia-compliant sukuk worth EGP 3.251 billion, according to a statement filed to the Egyptian Exchange (EGX).

The sukuk will be issued in collaboration with Sarwa Sukuk Company, the statement highlighted.

Earlier this month, sources revealed that Sarwa Sukuk was getting ready to launch the Sukuk issuance program worth around EGP 3.2 billion for Palm Hills in the first quarter (Q1) of 2022.

On February 16th, Palm Hills Development announced that its board of directors approved financing Badya project by the issuance of Sharia-compliant Sukuk worth EGP 3.251 billion through Sarwa Sukuk Company.

Palm Hills is an Egypt-based company that focuses on real estate investment in the new cities and urban communities, land reclamation and cultivation, and other activities associated with the Company’s operations.

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