Egypt mulls issuing bonds in UAE, India currencies

The Egyptian government is considering issuing bonds in Emirati dirhams, Indian rupees, and Hong Kong dollars for the first time, WAM reported on Monday.

This step aligns with the goal of the Egyptian Ministry of Finance to diversify its financing strategy, which includes engaging various markets, investors, and financing instruments.

At the Asian Financial Forum in Hong Kong, the Egyptian Minister of Finance, Dr. Mohamed Maait, discussed the potential of issuing bonds in Hong Kong dollars with Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui.

The Minister emphasised that these bond issuances help diversify the debt portfolio across various markets and currencies and attract global investors at low financing costs.

He highlighted the recent $750 million in green bond issuance and the $1.5 billion in sovereign sukuk issuance.

Dr.  Maait stressed the Egyptian government’s eagerness to enhance collaboration with the UAE in areas like taxation, economics, finance, and investment across all sectors 

He also mentioned the Egyptian Ministry of Finance’s commitment to resolving any tax or customs issues that Emirati businesses may encounter in Egypt.

This initiative aims to motivate Emirati entrepreneurs to grow their businesses, invest further, boost productivity, and fully utilise the competitive benefits of available opportunities.

Dr. Maait revealed that over 1,700 UAE companies are investing approximately $29 billion (AED106.5 billion) in various sectors in Egypt that include wholesale and retail, transport, storage, logistics services, finance, insurance, ICT, real estate, construction, tourism, agriculture, and food security.