Saudi’s Al-Suwailem Issues USD 133 Million Sukuk for Mokattam Project
The project covers 2 million square metres, and is being developed with state-owned Al-Nasr Housing & Development.
Scope Global Engineering, a subsidiary of Al-Suwailem Group, is issuing SAR 500 million (USD 133 million) in sukuk to finance the Mokattam Corniche Development in Cairo.
The USD 1.7 billion project spans 2 million square metres, and is being developed in partnership with Al-Nasr Housing & Development, a state-owned company. Scope Global is securing USD 800 million from the Saudi Export Bank for essential building materials, while Al-Suwailem Group is providing USD 900 million in funding.
Half of the expected buyers are from outside Egypt, particularly from Saudi Arabia, Oman and Bosnia. Scope plans to sell 10% to 15% of the project this year, and invest EGP 7-10 billion in 2025.
The 2022 agreement for the project involves international consultants, including Hill International (project management), Foster + Partners (architectural design), Active Brains (soil studies), Savills (land use analysis), ICE (traffic consulting), and Sabour (local coordination).
- Previous Article Gaza's Population Now Has the World's Lowest Life Expectancy
- Next Article Saudi Arabia’s First Green Eurobond Draws Strong Investor Demand
