The Arabian Group for Urban Development and Projects Management, a subsidiary of Talaat Moustafa Group, issued securitization bonds on the membership fees of its clubs in Madinaty and Al-Rehab, worth EGP 400m. Iman Raouf, a partner in Al-Derini & Partners, the legal advisor for the issuance, said that the issuance is the first securitization on club membership fees, with the aim of providing liquidity for the company. Raouf added to Daily News Egypt that the Arab African International Bank (AAIB) participated in covering the subscription along with three other funds: the Arab African International Bank Fixed Income Fund Gozoor and the Diamond Money Market Fund. EFG-Hermes Holding played the role of financial advisor and promoter of the issuance. Talaat Moustafa Group Holding achieved an increase in its net profit after taxes by 27% during the first half of this year, compared to the same period in 2021. The group recorded a net profit in the first half of this year that amounts to EGP 1.09bn, compared to EGP 857m during the same period last year. The company's revenues increased in the first six months of 2022 by 29%. They recorded EGP 7.1bn, compared to EGP 5.5bn in the same period of last year. The sales of Talaat Moustafa Group Holding decreased during the first half of this year by 46.2%, compared to the same period last year.
