January 30, 2024
1 min read

Egypt exploring possibility of issuing bonds in AED, INR

The Minister stated that these issuances contribute to diversifying the debt portfolio to include different markets and currencies…reports Asian Lite News

The Egyptian government is mulling over the possibility of issuing bonds for the first time denominated in Emirati dirhams, Indian rupees, and Hong Kong dollars. The move is part of the ministry’s pursuit of a diversified financing strategy, encompassing multiple markets, investors and financing tools.

In a statement to the Emirates News Agency (WAM) on the sidelines of the Asian Financial Forum in Hong Kong, the Egyptian Minister of Finance Dr. Mohamed Maait highlighted ongoing talks with Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, with regard to prospects for issuing bonds in Hong Kong dollars.

The Minister stated that these issuances contribute to diversifying the debt portfolio to include different markets and currencies and attracting worldwide investors at low financing costs. He underscored the recent issuance of green bonds worth $750 million and sovereign sukuk worth $1.5 billion.

Minister Maait emphasised the Egyptian government’s keenness to boost cooperation with the UAE, especially in taxation, economic, financial, and investment fields, across all sectors.

He added that the Egyptian Ministry of Finance is also committed to smoothing any tax or customs hurdles Emirati businesses might face in Egypt. This effort is designed to encourage Emirati entrepreneurs to expand their businesses, invest more, increase productivity, and make the most of the competitive advantages offered by available opportunities.

Regarding the size of Emirati investments in Egypt, Maait stated that more than 1,700 UAE companies are investing around $29 billion (AED106.5 billion) in projects covering various sectors, including wholesale and retail, transport, storage, logistics services, financial sector, insurance, information and communication technology, real estate, construction, tourism, agriculture, and food security.

ALSO READ: Arab Health spotlights UAE at helm of health innovation

Previous Story

Sharjah gears up for Entrepreneurship Festival

Next Story

UAE’s Borouge 4 surpasses 50% completion milestone

Latest from -Top News

Hasina’s Defiant Words Before Ouster

Reportedly before leaving Hasina wanted to record a farewell speech to be aired on television, but military officials declined….reports Asian Lite News Following a violent student uprising last year, the Bangladeshi military

US Lawmakers Push AI Watchdog on China

The lawmakers stressed that “there is a strong national security need for better understanding, predicting, and preparing for the PRC’s AI progress…reports Asian Lite News Chairman John Moolenaar and Ranking Member Raja

Trump’s 51st State Pitch to Canada

The development follows a meeting between Trump and Canadian Prime Minister Mark Carney on May 6, where Trump praised Carney’s political success….reports Asian Lite News US President Donald Trump claimed that he

Azhar Acquittal Sparks Outrage in Bangladesh

Jailed for nearly 13 years for war crimes, Azharul was received by party leaders and activists at the jail gate by his radical supporters….reports Asian Lite News Once accused of committing crimes

Trump Warns Putin: ‘Playing with Fire’

Trump on Sunday made harsh remarks on both Putin and Ukrainian President Volodymyr Zelensky…reports Asian Lite News US President Donald Trump warned Russian President Vladimir Putin that he is “playing with fire”
Go toTop

Don't Miss

EAM call to Saudi counterpart, Indians evacuated from Sudan

The Ministry said that not only its own citizens but

India-Australia ties based on mutual trust, says Modi

Modi credits Indian diaspora in Australia as being a force