Egypt witnessed EGP 2.5bn worth sukuk issuance during 2021, conducted by Contact Holding, while the offering of Palm Hills sukuk was postponed to January 2022, according to an official source. 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.
