The Egyptian government is considering the possibility of issuing bonds for the first time denominated in Emirati dirhams, Indian rupees, and Hong Kong dollars, the Egyptian Minister of Finance, Dr. Mohamed Maait, told the Emirates News Agency (WAM).
The move would be part of the ministry’s pursuit of a diversified financing strategy, encompassing multiple markets, investors and financing tools.
Speaking on the sidelines of the Asian Financial Forum in Hong Kong, Maait highlighted ongoing talks with Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, concerning the issuing of bonds in Hong Kong dollars.
The minister also reportedly emphasised the Egyptian government’s keenness to boost cooperation with the UAE, especially in taxation, economic, financial, and investment fields, across all sectors.
To foster this relationship, Maait stressed the Egyptian Ministry of Finance’s commitment to smoothing any tax or customs hurdles Emirati businesses might face in Egypt.
Currently, more than 1,700 UAE companies are investing around $29 billion (AED106.5 billion) in projects in Egypt, 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.
