Wadi Degla Developments is close to issuing a financing sukuk programme with a value of EGP 1.2bn, which is expected to be completed before the end of the current quarter, sources told Daily News Egypt.
The sources added that Tharwa Securitization, the issuance manager, is studying with the Financial Regulatory Authority, the required procedures, including the credit rating.
Wadi Degla Developments signed the initial agreement with Tharwa Securitization to manage and promote the issuance.
Ali El-Din Al Weshahi’s office will act as the legal advisor for the issuance.
The company plans to finance its expansion by launching new phases in its current projects, on top of which is its project in Mostakbal City and the new phase of Blumar Sokhna.
The company has completed the delivery of the entire first phase of the Blumar Sokhna project, which consists of 600 units, and the company has, currently, started delivering the units of the second phase, in addition to completing the construction work in each of the third and fourth phases. The project consists of 4 phases with a total of 2030 units. It varies between villas and chalets, with a total area of 720.249 square metres.
The land area in the company’s possession is currently 6 million square metres distributed over 16 projects, including residential projects such as Pyramids Walk, River Walk, Tijan Maadi, Tijan Zahraa Maadi, Canal Residence, Victoria Residence, Promenade Maadi, Promenade New Cairo and Neopolis, in addition to a number of resorts such as Marina Wadi Degla, Blumar Dome, Blumar Sokhna, Blumar Hills, Blumar Sidi Abdel Rahman, Murano and Mada Ain Sokhna.