Hassan Allam Construction SAE and Al Ahly Pharos – الأهلي فاروس successfully concluded their first Musharaka Sukuk issuance

Hassan Allam Holding is proud to announce that Hassan Allam Construction SAE and Al Ahly Pharos – الأهلي فاروس successfully concluded their first Musharaka Sukuk issuance, with a value of EGP 2.8 billion, for Bab Masr Development SAE, a company fully owned by Hassan Allam Construction S.A.E.

This landmark transaction is a significant milestone in the evolution of Egypt’s debt capital market, particularly given its purpose to finance a greenfield mixed-use real estate project.

Bab Misr is a Mixed-Use Complex Project located in Mohandeseen. The project, developed by Hassan Allam Holding, spans 100,000 m² and includes 17 buildings dedicated to commercial, administrative, residential, medical, and garage spaces. It forms a key part of the development surrounding the Upper Egypt railway station, Egypt’s largest railway station.

Mohy-Eldin Abdin, Group CFO of Hassan Allam Holding, stated, “This Sukuk issuance marks a significant milestone in Hassan Allam Holding’s financing strategy. The strong participation of leading financial institutions, including the National Bank of Egypt (NBE) and the Suez Canal Bank as underwriters, with additional participation from Abu Dhabi Commercial Bank, Industrial Development Bank – IDB, and saib reflects strong investor confidence in both our vision and the broader potential of more diversified debt instruments. We are proud to have partnered with Al Ahly Pharos along with a strong syndicate of advisors and institutions who played key roles in the successful execution of this transaction.