CAIRO: Egypt has allocated a 174 square km plot on the Red Sea coast to the finance ministry for use in Islamic bond issuances and in efforts to lower the country’s public debt, the official gazette said on Tuesday.
The gazette did not elaborate on how the land would be used, but Egypt, which has been mired in a slow-burning economic crisis, signed a $35 billion deal with the UAE early last year to develop a 170-square-km tract along the Mediterranean coast.
Since then, Egypt has been seeking similar large-scale investments as it tries to overcome the economic crisis.
It has been in talks with Saudi Arabia, Qatar, and Kuwait in a bid to attract major investments, according to investment bankers and news reports.
In tandem, Egypt also plans to issue $2 billion in sukuks, or Islamic bonds, in 2025, Finance Minister Ahmed Kouchouk told Reuters in April.
Egypt allocates Red Sea land for issuing bonds and lowering debt
https://arab.news/6q2u6
Egypt allocates Red Sea land for issuing bonds and lowering debt
- 174 square km plot allocated on Red Sea coast to finance ministry
Second firm ends DP World investments over CEO’s Epstein ties
- British International Investment ‘shocked’ by allegations surrounding Sultan Ahmed bin Sulayem
- Decision follows in footsteps of Canadian pension fund La Caisse
LONDON: A second financial firm has axed future investments in Dubai logistics giant DP World after emails surfaced revealing close ties between its CEO and Jeffrey Epstein, Bloomberg reported.
British International Investment, a $13.6 billion UK government-owned development finance institution, followed in the footsteps of La Caisse, a major Canadian pension fund.
“We are shocked by the allegations emerging in the Epstein files regarding (DP World CEO) Sultan Ahmed bin Sulayem,” a BII spokesman said in a statement.
“In light of the allegations, we will not be making any new investments with DP World until the required actions have been taken by the company.”
The move follows the release by the US Department of Justice of a trove of emails highlighting personal ties between the CEO and Epstein.
The pair discussed the details of useful contacts in business and finance, proposed deals and made explicit reference to sexual encounters, the email exchanges show.
In 2021, BII — formerly CDC Group — said it would invest with DP World in an African platform, with initial ports in Senegal, Egypt and Somaliland. It committed $320 million to the project, with $400 million to be invested over several years.
