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Wednesday, 3 January 2018

On the horizon

The Finance Ministry will meet next week with the five banks selected to manage Egypt’s upcoming USD 4 bn eurobond issuance, Minister Amr El Garhy tells Al Mal. The two sides will discuss the plan for the issuance, including the timing of the roadshow and the appropriate tenure of the bonds. As we noted yesterday, the ministry has selected HSBC, Citigroup, JPMorgan Chase & Co, Morgan Stanley, and National Bank of Abu Dhabi to manage the issuance. Al Tamimi & Co. and Dechert LLP have been chosen as legal advisers.

The National Elections Commission will detail the timeline and procedures for the May 2018 presidential elections in press conference on Monday, 8 January, Al Mal reports.

Conflicting reports about Pence’s Middle East trip: Reports over US Vice President Mike Pence’s planned visit to Israel and Egypt are conflicting, with US officials confirming the postponed trip is still on, and Israeli officials saying the visit is not on their schedule. Pence was expected to fly into the region last month, but his visit was delayed soon after President Donald Trump publicly recognized Jerusalem as the capital of the state of Israel.

The Trade and Industry Ministry announced plans to launch an SME development program during 1Q2018, which will aim to aid job creation and increase the sector’s contribution to national GDP.

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