#Egypt approves first issuance of sukuk by Talaat Mostafa subsidiary
Egypt's Financial Regulatory Authority approved the first issuance of sukuk worth 2 billion Egyptian pounds ($127 million) by a subsidiary of Talaat Mostafa Group. The sukuk, issued by the subsidiary Arab Company for Projects and Urban Development, will be available for trading and for expedited payment but will not be transferable for shares. The new sukuk period is for 57 months, up to the end of 2024. Talaat Mostafa Group is Egypt's largest listed real estate developer.
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