Egypt’s Talaat Moustafa says unit to issue corporate sukuk

Arab Company for Project and Urban Development, part of Egyptian property developer Talaat Moustafa Group, plans to issue sukuk, or Islamic bonds, worth 2 billion Egyptian pounds ($123,893).

The company is finalising the required procedures to issue the sukuk, parent company Talaat Moustafa said in a statement on Sunday.

The move is part of Talaat Moustafa’s plans to diversify its financing sources by investing in bonds.