Middle East Bonds
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President Abdel Fattah el-Sisi has brought much-needed strong leadership back into the heart of Egyptian government. His task now is to rebuild the country’s economy. -
While Egypt’s banking sector remains strong despite the upheavals of recent years, the loan to deposit ratio is exceptionally low, even by emerging market standards. The message? Corporate Egypt needs to start borrowing again.
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Foreign direct investment is returning to Egypt, with $8bn expected in 2015 — double the volume attracted last year. While the new investment law will make it easier for foreign companies, the trick will be encourage new inflows — which have been poor since the Arab Spring.
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Depending on which statistics you read, up to 75% of Egypt’s workforce is employed in the SME sector, making it a crucial part of the country’s economy. Getting finance into the sector is therefore crucial.
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The sun is beginning to shine again on Egypt’s tourism sector as visitors start to return in number after the 2011 revolution. As the tourists return so will investment, aided by the government sponsored tourism private equity fund that could ultimately reach $1bn in size.
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With $16bn needing to be spent a year between now and 2020 to plug its infrastructure gap, Egypt has its work cut out. One of the most ambitious projects is to widen the iconic Suez Canal which could cost $200bn over the next 15-20 years.
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A sharp sell-off in European government debt scuppered Emirates NBD’s attempt at a $500m five year on Wednesday, leaving investors skittish and the UAE bank with a $350m print.
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Middle East issuance has accounted for nearly 38% of CEEMEA bonds printed so far this year, and that surge is shaking up the CEEMEA league table.
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A sharp sell-off in European government debt scuppered Emirates NBD’s attempt at a $500m five year on Wednesday, leaving investors skittish and the UAE bank with a $350m print.
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Emirates NBD took advantage of a quiet CEEMEA primary market on Wednesday and opened books on a benchmark dollar deal.
