What are the implications of the UAE's monopoly on issuing Egyptian sovereign bonds?

Emirati banks' issuance of Egyptian sovereign bonds and the arrangement and provision of loans, raised several questions about the significance of this step, especially after three Emirati banks, among an alliance that included 6 banks, dominated the offering of the first Islamic bonds to Egypt. A few days ago, Egypt chose six banks to manage the sale of its first offering of sovereign bonds amounting to $2 billion, during the second quarter of this year, according to the American Bloomberg News, which quoted unnamed sources. These banks are HSBC, Citigroup, Abu Dhabi Islamic Bank, Credit Agricole, Emirates NBD Bank and First Abu Dhabi Bank. Last August, the head of the coup authority, Abdel Fattah El-Sisi, approved the sovereign bond law, […]

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