Algeria plans sukuk issuance in June to fund projects
Algeria intends to issue its first sovereign Islamic bonds (sukuk) in June to fund infrastructure and other domestic projects, an official has revealed.
Arrangements for the first such investment tools in the North African OPEC member have reached 'very advanced stages', said Ruzaika Mikatli, director of the public debt office at the Algerian Finance Ministry.
'We hope that this process will be completed before the end of June…we have instructions from the high authorities in the country to accelerate this process,' Mikatli told Parliament this week.
In her comments, published by the local press, Mikatli noted that the 2025 budget law allows the Finance Ministry to issue sukuk for the first time in Algeria to enable citizens and foreigners to fund local projects.
She said a committee created by the Finance Ministry and other relevant establishments is working to issue 'simple Ijarah sukuk' on the grounds they are the most common and easiest to understand for professionals and citizens alike.
Algerian officials said in October that key projects targeted by the Sukuk issuance involve infrastructure, schools, hospitals and facilities that will contribute to boosting growth and improving life quality for citizens in the country.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
7 hours ago
- Khaleej Times
Kuwait Real Estate and IFA sign Dh198 million agreement with Darwish Engineering
Kuwait Real Estate Company, in collaboration with its subsidiary IFA Hotels and Resorts, has announced the signing of a contract with Darwish Engineering, one of the leading construction companies in the UAE, to develop the infrastructure works for its residential project 'Al Tay Hills' in Sharjah, with a total value of Dh198 million. The contract was signed through Qaryat Al Nakheel Real Estate, the executive arm of the project and a subsidiary of Kuwait Real Estate. The scope of work includes the design and implementation of core infrastructure, such as the construction of sewage networks, a wastewater treatment plant, two water pumping stations, in addition to road networks, stormwater drainage, and networks for electricity, telecommunications, and water. On this occasion, Khaled Esbaitah, Chairman of IFA Hotels and Resorts, stated: 'Our agreement with Darwish Engineering, a company with a strong track record in the construction sector, marks a significant milestone in our vision to develop integrated urban projects that elevate standards of quality and innovation in the real estate market.' He added: 'We are confident that this collaboration will bring a qualitative leap in the development of Al Tay Hills' infrastructure, enhancing its investment appeal and establishing it as a modern urban destination. We see this partnership as a pivotal step towards achieving our vision of building smart and sustainable residential communities.' Bahaa Al-Nahwi, General Manager of Darwish Engineering, emphasized that the contract to implement the infrastructure works for the 'Al Tay Hills' project represents a new strategic milestone that reflects their firm commitment to delivering integrated engineering solutions that elevate the standard of urban development projects in Sharjah. He noted that the company will mobilize all its expertise and technical resources to deliver this vital project according to the approved timeline and in alignment with the highest technical and engineering standards. Al Tay Hills is considered one of the largest residential projects in Sharjah, spanning over 6 million square feet and comprising 1,100 residential units, including villas and townhouses. It boasts a strategic location on Emirates Road and features the longest green river in the region, stretching 2.5 km. The first phase is expected to be delivered in Q1 2028. Since its launch, Al Tay Hills has recorded remarkable success, demonstrated by high investor and buyer interest, reflecting its prestigious position as one of the most prominent residential destinations in Sharjah. The increasing demand for luxury units that combine modern design with a prime location underscores the project's value. These results affirm the project's capability to meet the needs of customers seeking to invest in a comprehensive residential community offering a promising future vision.
Zawya
7 hours ago
- Zawya
Engaging Startups and Innovation at the Islamic Development Bank (IsDB) Group 2025 Annual Meetings in Algeria
The Islamic Development Bank (IsDB) Group's 2025 Annual Meetings ( reaffirmed the strategic importance of startups and youth-led innovation in driving inclusive and sustainable development. Through a series of high-impact engagements, The Islamic Development Bank Group emphasized how entrepreneurial ecosystems can address pressing global challenges while unlocking new pathways for economic transformation. 3rd IsDB Startups Innovation Pitch Competition: Catalyzing Change through Innovate Entrepreneurship Held from May 18 to 21, 2025, under the theme 'Diversifying Economies, Enriching Lives,' the 3rd IsDB Startups Innovation Pitch Competition provided a dynamic platform for emerging entrepreneurs to present innovative solutions in key sectors such as digital transformation, climate resilience, and the creative economy. The competition was preceded by a multi-day bootcamp that equipped participants with essential skills and mentorship. Notably, the event featured a strategic Innovation Lab Partnership with the Ministry of Knowledge Economy, Startups and Microenterprises in Algeria, and Algeria Venture, highlighting strong local engagement and institutional support for entrepreneurship. Innovate startups showcased their solutions to a global audience, fostering connections with investors, development partners, and policymakers. The pitch sessions not only elevated the visibility of promising ventures but also underscored the role of innovation in enhancing socio-economic resilience across IsDB member countries. Private Sector Forum: Investing in Innovation and Employment Alongside the pitch competition, the Private Sector Forum (PSF) convened key CEO's Governors stakeholders to discuss mechanisms for mobilizing private capital toward sustainable development. A central highlight was the launch of the next phase of the IsDB Group Private Sector Investment Lab, which aims to expand its membership base and scale up job creation efforts through enhanced private sectors collaboration. This initiative reflects the IsDB Group's continued commitment to bridging the financing gap for startups and SMEs while catalyzing impactful investment in high-potential sectors. Outlook: Key Focus Areas Emerging from the 2025 Annual Meetings Building on the insights and momentum from the Algeria-hosted Annual Meetings, the following areas are anticipated to shape the Bank's future direction: Startup Growth and Innovation: Continued emphasis on youth entrepreneurship as a driver of transformation, with increased support for startup ecosystems through incubation, mentorship, and financing platforms. Private Sector Engagement: A reinforced focus on enabling business environments through regulatory reforms, investment facilitation, and strategic partnerships. Climate Action and Sustainable Development: Highlighting startups advancing green technologies, clean energy, and climate-resilient solutions as vital contributors to achieving the Sustainable Development Goals (SDGs). For more information and ongoing updates on the IsDB Group's innovation and entrepreneurship programs, please visit the official websites of the: IsDB Group Annual Meetings (AM) Private Sector Forum (PSF 2025) Distributed by APO Group on behalf of Islamic Development Bank Group (IsDB Group).
Zawya
11 hours ago
- Zawya
Egypt: Domty logs 93% YoY lower consolidated profits in Q1 2025
Arabian Food Industries Company (Domty) generated consolidated net profits after tax attributable to the parent company valued at EGP 10.592 million in the first quarter (Q1) of 2025, according to the financial results. The recorded profits were 93.09% lower than EGP 153.302 million in Q1 2024. Earnings per share (EPS) plummeted to EGP 0.03 in Q1 2025 from EGP 0.44 a year earlier, while the net sales dropped to EGP 2.251 billion from EGP 2.282 billion. As for the standalone business, the company posted an annual plunge in net profit after tax to EGP 10.048 million at the end of March 2025, compared to EGP 153.141 million. Mohamed Omar El Damaty, Vice Chairman of Domty, commented: "The company is working on a comprehensive restructuring plan to implement the Board of Directors' resolution to demerge the company into two listed companies.' 'Within this framework, We are working to reduce the number of receivable days in the wholesale sector, which will take some time and considerable effort to achieve the goal of reducing the company finance expenses and thus improving the profitability, also we are working on more than doubling our marketing expenses throughout the year to facilitate the restructuring process and increase product turnover,' El Damaty added. He concluded: 'Finally, we expect gradual improvement starting the second quarter and a return to normal levels with the announcement of the official company demerger by the end of the third quarter, in order to open up investment opportunities that generate the highest returns for shareholders." © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
