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    Local, Italian companies partner up to establish food retail chain in Egypt

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    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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          Ministry signs agreement to support Oman’s honey industry

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          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Turkey eyes $5bn bilateral trade with Qatar

            Turkey eyes $5bn bilateral trade with Qatar

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            Madayn working on major Oman industrial city projects

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            Iraq set to award new Faw Port deals

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            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

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            Miral’s premier Abu Dhabi waterfront project work on track

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              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

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              JGC lands $3.7bn Iraq refinery upgradation project deal

              Tadweer opens phase 2 of solar power plant at Al Dhafra

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              France to help Iraq generate electricity, will invest in education, science: Macron

              France to help Iraq generate electricity, will invest in education, science: Macron

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              Acwa Power inks finance deals for 900MW Dubai solar park

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

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                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

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                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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                COVID-19 vaccine could be available by autumn: Oxford University

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                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

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                Qatar’s hospitality sector peaks despite turbulent 2020

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                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

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                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Egypt raised $4 billion from bond issuance with very strong demand

              Daily News Egypt

              February 1, 2017
              in Economy, Finance
              0

              Egypt has successfully raised $4bn from its first public bond issuance, after the approval of a loan from the International Monetary Fund (IMF), according to Egypt’s Finance Minister Amr El-Garhy.

              The $4bn was distributed across 5-year, 10-year, and 30-year bonds at a face value of 6.125%, 7.5%, and 8.5%, respectively. The bonds were geographically distributed between North America (50%), Europe (40%), Asia, and the Middle East.

              El-Garhy explained that there was a very strong demand, and that the bonds had been covered several times, adding that Egypt is planning to be a frequent bond issuer depending on its needs and on the global market’s conditions as well. The combined order books for the bonds exceeded $13.5bn, which is almost 3.5 times the value needed by Egypt.

              Egypt is expected to receive the $4bn by the end of January or early February. This bond issuance is the biggest in Egyptian and African history, according to El-Garhy. Egypt has issued $1.5bn worth of government bonds earlier in 2015, he added, stating that the increase on demand for Egyptian bonds reflects the progress in the Egyptian economy after the economic reform programme was adopted.

              Egypt has been seeking to bridge its financial gap from a variety of funding sources, including grants, loans, aid, and the issuance of bonds, according to an IMF report.

              Moreover, El-Garhy explained that the Egyptian government and the ministry are currently studying the probability of issuing Chinese renminbi-denominated Panda bonds and Japanese yen-denominated Samurai bonds, following the strong demand on Egypt and the trust in its reforms.

              In regards to the capital gains and stamp duty taxes, El-Garhy stressed the government’s commitment to postponing the capital gains tax for the next three years according to the Supreme Council for Investment’s decision. Regarding the stamp duty tax, he explained that the Finance Ministry is still studying how and when to initiate it, and that he believes that it would not affect investors’ willingness to come into the Egyptian market.

              He added that the government is putting together plans to cut electricity and fuel subsidies for the coming three to five years, stressing the importance of this issue for the Egyptian economy and ensuring strong social stability conditions.

              Furthermore, El-Garhy explained that the Egyptian currency’s recovery following the flotation will take some time. He stated that it has only been two and a half months, but the government is very confident that Egypt will be in very good shape in the future and that the current exchange rate is not necessarily the genuine exchange rate.
              Daily News Egypt
              1 February

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