Hot News Headlines
SEARCH
Business News

Sukuk roadshow

CAIRO: Egypt next week will begin marketing sukuk with which it hopes to finance 10 large electricity, transport, supply and industry projects, the state Mena news agency reported yesterday.

A roadshow will visit the UAE, Saudi Arabia, Qatar, Bahrain, and Kuwait, Mena quoted Ahmed Al Gebali, an adviser to Egypt's Finance Minister, as saying.

Gebali did not give a value for the projects, saying feasibility studies were still underway.

Egypt's President Mohamed Mursi approved a sukuk law on May 11 that will allow the country to issue Islamic bonds.

The sukuk could help Egypt plug a budget deficit that has widened since a popular uprising that ousted President Hosni Mubarak in 2011.

Egypt said it aims to issue a debut sovereign sukuk early next year, according to a May 22 prospectus for a new $12 billion bond programme.

It has appointed HSBC Holdings and Qatar National Bank as joint lead arrangers and dealers.



default img Print Email Write comments  Bookmark and Share  
More Stories

click on image to view the digital edition