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Zawya
23-06-2025
- Business
- Zawya
Egypt breaks ground as 1st African, Middle Eastern IGU Vice President
Arab Finance: Egypt has assumed the vice presidency of the International Gas Union (IGU) through the Egyptian Gas & Energy Association (EGEA), becoming the first country from Africa and the Middle East to hold this role, as per a press release. The position sets the stage for Egypt's upcoming IGU presidency of the 2028–2031 term. Khaled AbuBakr, chairman of EGEA, has taken on the role of IGU Vice President. He will participate in IGU meetings and represent the organization in global discussions, including the G7, G20, and UN Climate Change Conferences. The Egyptian leadership team also includes Mohamed Fouad, Secretary General of EGEA, who serves as Director of the Egyptian Presidency Team and Chair of the National Organization Committee for the 2031 World Gas Conference (WGC), to be held in Egypt. Karim Shaaban, Head of EGEA's Strategy and Planning Committee, is Vice Chair of the Coordination Committee and a member of the Executive Committee at IGU, where he contributes to overseeing committee work and preparing the Triennial Work Program. Fouad stated that EGEA's updated strategy covers low-carbon technologies, renewable energy, and natural gas to support a balanced energy transition. As part of its upcoming IGU presidency, Egypt is set to host the 31st edition of the World Gas Conference (WGC) in 2031, marking the IGU's centenary. The event will gather industry representatives and stakeholders to discuss sector developments, challenges, and trends. The hosting of the WGC is expected to highlight Egypt's energy initiatives and support its efforts to attract investment and strengthen its regional role in the energy sector. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Tahya Masr
22-06-2025
- Business
- Tahya Masr
Egypt Assumes Vice Presidency of the International Gas Union, Paving the Way for 2028 Presidency
For the first time ever, Egypt has officially assumed the position of Vice President of the International Gas Union (IGU) through the Egyptian Gas & Energy Association. This step paves the way for Egypt's upcoming presidency of the next triennium (2028-2031). This role reflects increasing international confidence in Egypt's capabilities to effectively contribute to shaping the future of global energy, marking it as the first country from Africa and the Middle East to hold this prestigious position. Eng. Khaled AbuBakr, Chairman of the Egyptian Gas & Energy Association (EGEA), has taken up the role of IGU Vice President. In this capacity, he participates in all meetings and activities of the IGU and the Executive Committee. He also represents the IGU in the ongoing gas debates, such as the G7, G20, and UN Climate Change Conferences, in addition to the major international conferences, to advance its strategic vision and enhance its global influence. Eng. Mohamed Fouad, Secretary General of EGEA, serves as the Egyptian Presidency Team Director for the IGU, in addition to his role as Chair of the National Organization Committee for the 2031 World Gas Conference (WGC), which is to be held in Egypt. Meanwhile, Eng. Karim Shaaban, Head of the Strategy and Planning Committee of EGEA, holds the position of Vice Chair of the Coordination Committee and a member of the Executive Committee of the IGU. His responsibilities include overseeing the work of the IGU's committees and contributing to the preparation and submission of the Triennial Work Programme (TWP) to the Executive Committee. In this context, Eng. Khaled AbuBakr, Vice President of the IGU and Chairman of EGEA, stated: 'From Egypt and Africa, we embark to power the whole world with secure and clean energy. This leadership role represents a significant step through which we intend to enhance energy security by developing gas policies and infrastructure, improving the Gas industry's resilience to price volatility, providing necessary investments, and accelerating the transition towards more sustainable energy sources. We are fully committed to coordinating with the Italian Presidency of the IGU to ensure the Union's objectives are achieved during this phase.' Abubakr added: 'Through this position, we aim to transform the Egyptian experience into an international model to be emulated. This role enables Egypt to strengthen international cooperation and attract investment, supporting its pursuit of sustainable development and solidifying its role as a regional energy hub. We deeply appreciate the Egyptian government's support in securing this nomination.' Eng. Mohamed Fouad, Secretary General of the Egyptian Gas & Energy Association (EGEA), also outlined the Association's expanded strategy, which extends beyond natural gas to include low-carbon technologies and renewable energy. This expansion stems from the EGEA's strong belief in the importance of a balanced and inclusive energy transition. Fouad added, "The Association has launched its new Advisory Board, comprising a distinguished group of senior leaders from both the public and private sectors, as well as international partners operating in Egypt's energy and gas sector. The private sector will provide deep insights into market trends and investment opportunities, while the public sector will ensure initiatives align with regulatory policies." For his part, Eng. Karim Shaaban, Vice Chair of the Coordination Committee and member of the Executive Committee of the IGU, and Head of the Strategy and Planning Committee of EGEA, stated: "Through this committee, we aim to enhance internal integration among the IGU's committees and working groups, ensuring its initiatives align with member states' priorities. We also contribute to preparing the program for the 2028 World Gas Conference and collaborate with the leadership of the R&D and Innovation Committee to formulate sessions for the International Gas Research Conference (IGRC). These efforts contribute to elevating the Union's standing in the global gas industry." As a result of winning the presidency of the International Gas Union (IGU) for the 2028-2031 term, Egypt is set to host the 31st edition of the World Gas Conference (WGC) in 2031, marking the IGU's centenary anniversary. This event stands as the global gas and energy industry's most significant gathering, convening top experts and decision-makers to delve into the sector's primary challenges and opportunities. Hosting the WGC will underscore Egypt's leadership in energy transition and technological innovation, along with its initiatives to establish a regional green energy hub, ultimately bolstering its standing as a prime destination for investment and tourism .
Al-Ahram Weekly
21-06-2025
- Business
- Al-Ahram Weekly
Capitalising on land - Economy - Al-Ahram Weekly
Egypt is using land as collateral to meet its financing needs In a much-publicised move, 174 km² of land in Ras Shukeir overlooking the Red Sea was allocated to the Finance Ministry by a presidential decree last week. According to a Ministry of Finance statement, the allocation does not entail selling the land but rather developing it while using a portion as collateral for sovereign sukuk (Islamic Bond) issuance. This will provide financing to meet state budget needs on favourable terms. The land used as collateral will remain under the full ownership of the Egyptian state represented by the Ministry of Finance and certain government-affiliated economic entities, the statement said. The upsides of the scheme are multiple, experts say. Using a tangible asset as collateral enhances investor confidence and potentially secures better issuance terms, economist Mohamed Fouad told Al-Ahram Weekly. Moreover, it will stimulate real estate, tourism, and public services development in the location, generating long-term revenue streams. It aligns with the government's objective to reduce public debt, lower debt-servicing costs, and manage fiscal pressure. According to the ministry's statement, the initiative will replace existing budget-sector debt with joint investments and reduce debt burdens and servicing costs. Earlier this year, the minister of finance said external debt repayments in 2025 stood at $16 billion. Egypt's foreign debt stood at around $155 billion in December 2024. Mohamed Hafez, a consultant and geoeconomics researcher at Nottingham Trent University in the UK, said the decision would help Egypt diversify its debt instruments and minimise borrowing costs. The land in question is currently idle but holds significant development potential, which makes the decision a smart move to leverage a prime asset and unlock its value through joint ventures in sectors like tourism, industry, energy, and real estate. 'The proceeds could help reduce debt-servicing costs and fund infrastructure, though the benefits will ultimately depend on whether real development follows or it turns into another fiscal stopgap,' Hafez said. Finance Minister Ahmed Kouchouk said Egypt plans to issue $2 billion in sukuk in 2025 via multiple offerings. It has appointed banks to oversee the issuance, Reuters reported in April. The sum partly addresses the country's external financing gap, Fouad said, adding that Egypt's Gross Financing Needs (GFN) stand at 40 per cent of GDP, the highest globally. Egypt is looking to roll over the maturity of its debt to reduce fiscal strain due to the heavy GFN. This would not be the first time that land has been used to generate revenue to help repay debt. In February 2024, the government concluded the Ras Al-Hekma deal, whereby the Abu Dhabi Sovereign Fund ADQ pumped in $24 billion in investments to develop prime land on the North Coast. Some $11 billion of UAE deposits with the Central Bank of Egypt (CBE) were swapped for investments. Hafez explained that though the arrangements involve asset monetisation for fiscal relief by converting land value into upfront cash, the two deals differ significantly in scope, structure, and implications. The Ras Al-Hekma deal was an equity-for-land deal with an immediate bailout component, whereas the Ras Shukeir plan is a debt instrument that keeps the asset in Egyptian hands, he said. Fouad said using land to resolve the issue of debt was 'a pragmatic, strategic approach' to the issue. Using underutilised assets to finance public obligations reduces the reliance on higher-cost borrowing, he said, explaining that it transforms unutilised state land into productive, revenue-generating infrastructure. The sukuk issuance is also good for book-keeping as the yields paid to investors will not be written down as debt service, but rather operational costs. Nonetheless, he noted that Egypt must avoid becoming a quasi-rentier state that relies on such rent-based sources of finance rather than being a productive economy. On a similar note, Hafez said that given the rapid shifts in the global and regional economic and geopolitical dynamics, as well as rising unpredictability that has undermined development plans in many developing economies, the strategy would be effective in unlocking dormant capital, such as from vast state-owned lands, he said. 'The key point here, however, is not to adopt this strategy as a standalone or quick win, but as part of a broader, deep structural reform agenda, which the government is already implementing,' Hafez stressed. According to Fouad, owing to the plan's assetbacked structure and Sharia compliance, demand from Islamic investors in the Gulf and global markets is expected to be strong. 'The Red Sea region's development appeal enhances investor interest,' he said, pointing out that Egypt's prior sukuk issuance of $1.5 billion in 2023 demonstrated active appetite. The 2023 issuance offered an 11 per cent yield that was aligned with market rates and sovereign bond benchmarks at the time, Fouad explained. The sukuk market is estimated at $850 billion, with an average annual issuance of $160 billion. Likely buyers of sukuk bonds, according to Fouad, are Islamic institutions and sovereign wealth funds in the Gulf Cooperation Countries (GCC) interested in yield and Sharia-compliant exposure. Global fixed-income investors seeking diversification and strong collateralisation are also potential buyers, as well as domestic and regional banks and insurance firms looking for compliant instruments with structured returns. To make the most of this initiative, Fouad recommended maximising land utilisation by structuring the sukuk with clear, revenue-generating development plans such as tourism projects. He also suggested diversifying maturities and currency exposure to enhance resilience and fiscal flexibility. Hafez warned that given the rapidly evolving regional geopolitical environment and its potential to unsettle the financial markets, the government should be prepared for possible under-subscription or high yields and avoid relying solely on optimistic interest rate forecasts. Moreover, success depends not just on raising funds, but also on converting land into sustainable, well-managed cash flows, he said. 'The government speaks of using the proceeds for productive projects, but this will require disciplined execution to ensure sukuk-funded developments drive real economic growth and do not become white-elephant ventures,' he stressed. * A version of this article appears in print in the 19 June, 2025 edition of Al-Ahram Weekly Follow us on: Facebook Instagram Whatsapp Short link:
Zawya
02-06-2025
- Business
- Zawya
Egypt urged to establish real estate regulatory authority to boost market transparency, attract FDI
Egypt - Mohamed Fouad, real estate expert and member of the British Egyptian Business Association (BEBA), has urged the urgent establishment of an independent Real Estate Regulatory Authority (RERA) in Egypt. He emphasized that such a body, modeled on successful international experiences in countries like the UAE and India, is crucial for creating a structured and transparent legal framework for real estate transactions. Fouad explained that RERA plays a central regulatory and legislative role in mature markets. It safeguards the interests of buyers, investors, and developers by issuing licenses, enforcing compliance, ensuring transparency, and overseeing project implementation according to approved timelines and budgets. 'In markets witnessing rapid urban expansion and increasing investment flows—such as Egypt—an independent regulatory authority is no longer optional; it's a strategic necessity,' Fouad stated. He highlighted that the absence of a unified regulatory entity in Egypt has led to overlapping roles between institutions, resulting in delivery delays, contractual disputes, and inconsistent enforcement. A RERA-style authority, he said, would bring order to the sector by clearly defining the roles and responsibilities of key stakeholders: the government, developers, and buyers. Such a body would also bolster investor confidence, both local and international, by ensuring accountability and reducing risks. Regulatory oversight would include developer classification based on financial and technical criteria, stricter controls on marketing and advertising, and protection of buyers from fraudulent or stalled projects. Fouad cited Dubai's RERA as a global benchmark, noting how it has transformed the city into a trusted international hub for real estate investment. He also pointed to India's experience, where the implementation of RERA reduced legal disputes by over 60% in its early years. Without an independent authority, Fouad warned, the Egyptian real estate market remains exposed to mismanagement, undermining its attractiveness to foreign investors—particularly Egyptians living abroad who demand a clear, reliable legal framework. He proposed that the new Egyptian RERA be established under the Prime Minister's office or the Ministry of Housing, in cooperation with the Central Bank of Egypt and the Financial Regulatory Authority. It should have wide-ranging legal and supervisory powers, including dedicated departments for licensing, compliance, evaluation, and dispute resolution. Fouad also stressed the importance of launching a unified digital platform to centralize information on licensed real estate projects. This platform would provide real-time updates on implementation status, developer credentials, licensing and contract details, and facilitate electronic applications and transactions—supporting Egypt's broader digital transformation strategy. In conclusion, Fouad reiterated that the creation of a Real Estate Regulatory Authority in Egypt is a national imperative. It is key to achieving transparency, safeguarding stakeholders' rights, and turning the Egyptian real estate market into a sustainable, globally competitive investment destination capable of attracting foreign currency and exporting real estate. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Daily News Egypt
01-06-2025
- Business
- Daily News Egypt
Egypt urged to establish real estate regulatory authority to boost market transparency, attract FDI
Mohamed Fouad, real estate expert and member of the British Egyptian Business Association (BEBA), has urged the urgent establishment of an independent Real Estate Regulatory Authority (RERA) in Egypt. He emphasized that such a body, modeled on successful international experiences in countries like the UAE and India, is crucial for creating a structured and transparent legal framework for real estate transactions. Fouad explained that RERA plays a central regulatory and legislative role in mature markets. It safeguards the interests of buyers, investors, and developers by issuing licenses, enforcing compliance, ensuring transparency, and overseeing project implementation according to approved timelines and budgets. 'In markets witnessing rapid urban expansion and increasing investment flows—such as Egypt—an independent regulatory authority is no longer optional; it's a strategic necessity,' Fouad stated. He highlighted that the absence of a unified regulatory entity in Egypt has led to overlapping roles between institutions, resulting in delivery delays, contractual disputes, and inconsistent enforcement. A RERA-style authority, he said, would bring order to the sector by clearly defining the roles and responsibilities of key stakeholders: the government, developers, and buyers. Such a body would also bolster investor confidence, both local and international, by ensuring accountability and reducing risks. Regulatory oversight would include developer classification based on financial and technical criteria, stricter controls on marketing and advertising, and protection of buyers from fraudulent or stalled projects. Fouad cited Dubai's RERA as a global benchmark, noting how it has transformed the city into a trusted international hub for real estate investment. He also pointed to India's experience, where the implementation of RERA reduced legal disputes by over 60% in its early years. Without an independent authority, Fouad warned, the Egyptian real estate market remains exposed to mismanagement, undermining its attractiveness to foreign investors—particularly Egyptians living abroad who demand a clear, reliable legal framework. He proposed that the new Egyptian RERA be established under the Prime Minister's office or the Ministry of Housing, in cooperation with the Central Bank of Egypt and the Financial Regulatory Authority. It should have wide-ranging legal and supervisory powers, including dedicated departments for licensing, compliance, evaluation, and dispute resolution. Fouad also stressed the importance of launching a unified digital platform to centralize information on licensed real estate projects. This platform would provide real-time updates on implementation status, developer credentials, licensing and contract details, and facilitate electronic applications and transactions—supporting Egypt's broader digital transformation strategy. In conclusion, Fouad reiterated that the creation of a Real Estate Regulatory Authority in Egypt is a national imperative. It is key to achieving transparency, safeguarding stakeholders' rights, and turning the Egyptian real estate market into a sustainable, globally competitive investment destination capable of attracting foreign currency and exporting real estate.
