Saudi Arabia, Iraq collaborate to enhance construction research, elevate cement industry

Saudi Arabia, Iraq collaborate to enhance construction research, elevate cement industry
Saudi Arabia, Iraq collaborate to enhance construction research, elevate cement industry

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Jeddah - Yasmine El Tohamy - RIYADH: Egypt is considering issuing bonds denominated in Emirati dirhams, Indian rupees, and Hong Kong dollars as part of its diversified financing strategy.

On the sidelines of the Asian Financial Forum, the North African country’s Minister of Finance, Mohamed Maait, told the Emirates News Agency that discussions are underway with Hong Kong’s Secretary for Financial Services and the Treasury Christopher Hui.

The objective is to explore prospects for issuing bonds denominated in the Special Administrative Region’s currency.

These endeavors aim to broaden the debt portfolio by involving various markets while attracting global investors at favorable financing costs, according to Maait, speaking at the event being held in Hong Kong.

He emphasized the importance of diversification and highlighted recent successful issuances, including green bonds worth $750 million and sovereign sukuk worth $1.5 billion. 

The minister expressed eagerness to enhance collaboration with the UAE, particularly in taxation, economic, financial, and investment domains. 

The commitment extends to addressing any tax or customs challenges Emirati businesses face in Egypt, fostering an environment conducive to expansion, increased investment, and utilizing competitive advantages.

Regarding Emirati investments in Egypt, Maait disclosed that over 1,700 UAE companies are investing approximately $29 billion across diverse sectors, such as wholesale and retail, transport, logistics, and finance, as well as insurance, technology, and real estate. 

Construction, tourism, agriculture, and food security are also receiving funding.

The Minister of Finance affirmed the government’s enthusiasm to encourage startups in various technological fields, including the financial, industrial, and service sectors.

The minister added that significant steps have been taken in digitizing business systems, which will impact all sectors, especially those with developmental priorities. 

He highlighted that developing technology in the tax system has helped to improve collection efficiency and integration of the informal economy, contributing to increased spending on developmental needs.

Simultaneously, Egypt is actively pursuing increased private sector involvement in state investments, aiming to raise the its contribution to 65 percent of the total. 

Prime Minister Mostafa Madbouly underscored the government’s commitment to encouraging private sector participation in various development and services projects during a meeting focused on collaboration efforts with the private sector on Jan. 28.

This aligns with Egypt’s broader strategy of leveraging business expertise and resources to implement key infrastructure projects for sustainable development.

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