Palm Hills is expected to launch its first sukuk offering in January 2022, with a value of EGP 3bn, and to be followed by another offering with a value of approximately EGP 2bn before the middle of the year, according to an official source.
The Financial Regulatory Authority recorded only one sukuk issuance worth EGP 2.5bn during 2021 by Contact Holding.
This contradicted the very optimistic expectations among money market workers to see EGP 20bn worth issuances this year. In 2020, there were three sukuk issuances with a total value of EGP 5.1bn.
In addition to the sukuk of Palm Hills, the Wadi Degla Developments also intends to issue sukuk with an initial value of around EGP 2bn, which will be managed by Contact Holding and Misr Capital.
On the other hand, the Egyptian government is preparing to issue its first sovereign sukuk offering during the second half of this fiscal year.