Egypt is preparing to list 10 companies under the government’s IPO program in the first half of the upcoming fiscal year, while also studying how tax incentives could work in new geographic cities – including the new administrative capital, the Suez Canal area and others – can be provided. Alamein – for specific industries.
Egyptian Finance Minister Mohamed Maait said 10 companies will be listed under the government’s public offering program, but he did not reveal the names of the companies and sectors operating within it.
He added that the government plans to issue sukuk certificates broadly and that some of the funding will come from sukuks in the new fiscal year.
He noted that the value of the Sukuk issue has not yet been determined.
Maait’s statements came on the sidelines of his attendance at a session on the usefulness of sukuks in the transition to a green economy, held on Saturday as part of the Islamic Development Bank Group’s annual meetings in Sharm el-Sheikh.
“We have been talking about the issuance of sukuk in Egypt for about 15 years, and the subject has gone through many stages of discussion. What has happened in the last two years is the enactment of a law for sukuks and the development of its implementing regulations, and we are currently working on the preparations for that,” he said.
Maait stressed the importance of broadening the base of investors in sukuks, especially since the types of investors in sukuks are different.
He called for the creation of a suitable environment for sukuks that includes investors and international financial institutions such as the Islamic Development Bank Group.
The Ministry of Finance is examining the provision of tax incentives in the new geographic cities, including the new administrative capital, the Suez Canal area and El-Alamein, as well as industrial zones in the regions for specific sectors.
Edited translation by Al-Masry Al-Youm
Comments are closed.