Palm Hills Developments (PHD) announces the completion of its first issue of Sukuk participation, according to the Islamic Sharia, at a value of EGP 3.251 bn, to finance the Badya project in cooperation with Sarwa Capital Holding for Financial Investments, Invest-Gate reports.

The issuance has a BBB- credit rating from the Middle East Rating & Investors Service (MERIS). Also, PHD and Palm for Urban Development Company, responsible for Badya project, have received a BBB+ credit rating.

For his part, Yasseen Mansour, PHD chairman, says “I am pleased to announce the successful completion of this issuance and to secure alternative financing means for Badya, the largest project in the company’s project portfolio on an area of ​​12.6 mn sqm in west Cairo. Moreover, this issuance is a strong testimony to the position of PHD as a leading company.”

Saeed Zaatar, managing director and CEO of Contact Financial Holding, comments, “We have a long-term vision regarding the Egyptian real estate sector in terms of providing the necessary financing tools to support the sector at various levels and we seek to provide all new and innovative financing solutions to support all economic sectors in Egypt.”

Alike, Ayman El Sawy, head of the Financial Sector at Contact Financial Holding Company and Chairman of the Board of Directors of Sarwa, says, “Through this issuance, we succeed in developing a new model for real estate developers in Egypt to help them grow and highlight the strength and stability of the Egyptian economy.”