CAIRO: The head of Egypt’s Financial Regulation Authority (FRA) said on Tuesday he expected the government to start its program of initial public offerings in September, and that two or three companies should be listed by the end of the year.
The country’s first offering of green bonds by a private company is expected to take place on Wednesday with value of $100 million, FRA chairman Mohamed Omran also told a press conference.
Omran did not name the companies expected to issue shares this year, nor the company due offer green bonds.
FRA sources previously told Reuters that state-owned Banque du Caire was one of four listed companies that had been instructed to sell shares by the end of the year.
In Egypt, companies are allowed to list on the exchange before actually offering shares to be traded.
An Banque du Caire IPO would represent the biggest sale of Egyptian state assets since 2006.
The company was one of several state firms earmarked several years ago for share sales that have faced repeated delays, partly due to the coronavirus pandemic.
Egypt expected to launch IPO program in September
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Egypt expected to launch IPO program in September
- In Egypt, companies are allowed to list on the exchange before actually offering shares to be traded
Saudi-Japanese Ministerial Investment Forum witnesses the signing of 12 MoUs
RIYADH: The Saudi-Japanese Ministerial Investment Forum saw the signing of 12 memorandums of understanding across a wide range of sectors, including space, finance and agriculture.
The event aimed to enhance bilateral investment and trade cooperation, facilitate access to new investment opportunities, and review joint initiatives in key industries, including energy, machinery, and equipment, according to the Saudi Press Agency.
This cooperation will further strengthen the investment partnership between Saudi Arabia and Japan, particularly within the framework of the Saudi-Japanese Vision 2030, which aims to deepen economic collaboration and foster long-term strategic ties between the two nations.
The Kingdom has long been a key partner for Japan from an energy security perspective, serving as a stable and reliable supplier of crude oil for many years.
This relationship aligns with Japan’s strong commitment to supporting Saudi Arabia through the sharing of expertise and the transfer of advanced technologies that contribute to sustainable economic development.
The forum also explored ways to strengthen efforts to develop economic ties between the two countries and enable the private sector to capitalize on investment opportunities.
The forum was held under the umbrella of “Invest in Saudi Arabia” in the presence of Prince Faisal bin Bandar bin Sultan, president of the Saudi Esports Federation, the Minister of Investment Khalid bin Abdulaziz Al-Falih, and the Minister of Communications and Information Technology Abdullah bin Amer Al-Swaha.
Among the attendees from Japan was the country’s Minister of Economy, Trade and Industry Ryosei Akazawa along with the participation of a number of government officials, as well as representatives from major Saudi and Japanese companies.
In an interview with Al-Ekhbariya, Al-Falih said: “Japan is our third largest trading partner and one of the largest investors in the Kingdom, with investments exceeding SR25 billion ($6.67 billion), if I recall correctly.
“However, our ambition is to see this mutual trade and investment, particularly Japanese investments in the Kingdom, grow.”
He added: “Specifically, we are looking to focus on promising sectors targeted by the new Japanese Prime Minister, sectors that align perfectly with the Kingdom’s Vision 2030: the technology sector, the gaming sector, electronics, and digital content; the green energy sector, and renewable energy, which the Japanese need.”
The minister went on to note that the Kingdom was the first country to export carbon-free ammonia products to Japan.
In his speech during the forum, Al-Falih stated that Saudi Arabia is preparing to begin exporting green hydrogen to Japan soon, Al-Eqtisadiah reported.
