ADSERO - Ragy Soliman & Partners Advised On Egypt’s Landmark Local Sovereign Sukuk Program And First Issuance Of The Program

ADSERO - Ragy Soliman & Partners Advised on Egypt’s Landmark Local Sovereign Sukuk Program and First Issuance of the Program

ADSERO - Ragy Soliman & Partners are proud to have advised the Ministry of Finance (MOF) on Egypt’s first-ever sovereign domestic sukuk program, as well as on the first issuance under that program. The program size was set at EGP 200 billion.

The first issuance — a three-year, fixed-rate sukuk valued at EGP 3 billion — was oversubscribed 5x, reflecting strong demand from leading Gulf financial institutions, including Abu Dhabi Islamic Bank, Kuwait Finance House, Faisal Islamic Bank and Al Baraka Bank, in addition to local primary dealers.

The ADSERO - Ragy Soliman & Partners team was led by Hossam Gramon (Partner and Head of Banking and Project Finance), and Ibrahim ElMessery (Counsel), with support from Karima Seyam (Senior Associate), and Malak Zaki (Junior Associate), Marc Hany Georgy (Junior Associate), Mostafa Khaled Serry (Junior Associate), Nour ElKholy (Junior Associate), and Nour Osama (Junior Associate).

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