Egypt says Gulf bond issuances still under review

Wam

Egypt is still evaluating the issuance of bonds in the Gulf markets as part of its broader strategy to diversify funding sources, according to finance minister Mohamed Maait.

Cairo has issued debt instruments in three tranches in November and December 2023 worth $1.5 billion, the minister told the UAE state-run Wam news agency on the sidelines of the eighth Annual Arab Fiscal Forum.

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However, details on the potential bond issuance in Gulf markets were not provided.

Last month, a local Egyptian newspaper reported that the country plans to issue bonds in UAE dirham, Indian rupees and Hong Kong dollars.

Maait said Egypt and the UAE were expanding the cooperation frameworks to prevent double taxation and combat income tax evasion.

The minister called on UAE businesses to leverage the measures implemented by the Egyptian government, including golden license, state ownership policy, and government offerings to boost production and exports across various sectors.