Latest news with #EGP1
Zawya
21-04-2025
- Business
- Zawya
Egypt's Aman Holdings to issue $98mln securitization bonds
Egypt's Aman Holdings is planning to issue securitization bonds worth EGP5 billion ($98 million) during 2025, a company executive has said. The company, which is controlled by the Cairo bourse-listed Raya Group, has also reached the final stage of completing the issuance of sukuk (Islamic bonds) worth EGP3 billion ($59 million). The planned issuance coincides with an expected boom in securitization bonds by companies in Egypt following a 36.2% decline in 2024 after Egypt's decision to raise rates by 8%. 'There will probably be three issuances with a value of EGP5 billion this year… we are currently working on one issue worth EGP1 billion ($19.6 million),' Ali El-Moraly, Aman's chief financial officer, told Zawya. El-Moraly did not mention dates for the new issue, but he noted that Aman has issued securitization bonds with a total value of EGP10 billion ($196 million) since it was founded in 2020. Aman, with a capital of EGP2 billion ($39 million), is 76% owned by Raya Group while 24% is held by the government-controlled National Bank of Egypt. The company has several affiliated firms including Aman for Project Finance, Aman for Consumer Finance, Aman for E-Payment and Aman for Securitization. Hossam Hussein, Chief Financial Officer for financial investments at Raya Holding, said Aman has reached the final stage of completing the issuance of EGP3 billion sukuk, adding that this plan was announced last year. 'The financial auditing section has approved the sukuk plan…only details of the issuance is left,' Hussein said. He revealed that it has been fully covered by several companies, but did not provide further details.
Zawya
04-02-2025
- Business
- Zawya
Egyptian Developers launches Attracta mall in El Shorouk City
Egyptian Developers announced on Monday the launch of Attracta, a four-story commercial mall in El Shorouk City within the company's long-term strategy to expand its investment portfolio to 20 billion Egyptian pounds ($394 million) over five years. Abdel Rahman Abu Zeid, Founder and Chairperson of Egyptian Developers, said the project will cover 13,000 square metres (sqm) and feature shops, offices, clinics, and recreational spaces. Construction is set to begin within three months of customer occupancy, with completion expected three years after the contract award. Abu Zeid said the private developer aims to create a diversified portfolio, leveraging its land bank of 40,000 to 60,000 sqm. It is also exploring expansion into new regions, including the North Coast and Ain Sokhna, to align with evolving market demands. CEO Makhlouf Abd Rabo said for Attracta, Egyptian Developers has partnered with InCommercial for mall management and operations; MH Architects for design and engineering consultancy; Maap for MEP consultancy and Setra for MEP implementation. He said the company's active projects include: Jaya Business Complex, with over 80 percent of units sold. Jaya East Mall El Shorouk, which is 90 percent complete, with finishing works in progress and 80 percent of units sold. Jaya Mark Mall El Shorouk, the second phase of Jaya East, where 60 percent of units have been sold. Rabo stated that the company plans to invest EGP1 billion ($20 million) in construction this year, funding all projects through self-financing. The developer is targeting EGP 3 billion ($60 million) in sales across its projects in 2024, driven by new project launches and additional phases in existing developments. (1 US Dollar = 50.27 Egyptian Pounds) (Writing by Eman Hamed; Editing by Anoop Menon) (
