Egypt’s Talaat Moustafa to issue its first sukuk in April

Egyptian property developer Talaat Moustafa Group, plans to issue sukuk, or Islamic bonds, worth 2 billion Egyptian pounds ($126.5 million) in April.

CEO and Managing Director Hisham Talaat Moustafa said on Monday that his company is seeking to diversify its financing sources by investing in bonds market to finance assets with recurring yields.

The real estate market in Egypt is currently stable and the company seeks to achieve sales just the same as the end of last year, Moustafa further added in a press conference.

TMG achieved sales of 20.4 billion pounds by the end of 2019, out of a total of 24 billion pounds targeted by the company earlier at the beginning of the year.