{"id":582335,"date":"2023-03-07T00:00:00","date_gmt":"2023-03-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/07\/companies-no-longer-need-a-credit-rating-to-issue-bonds-sukuk\/"},"modified":"2023-03-07T00:00:00","modified_gmt":"2023-03-07T00:00:00","slug":"companies-no-longer-need-a-credit-rating-to-issue-bonds-sukuk","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/07\/companies-no-longer-need-a-credit-rating-to-issue-bonds-sukuk\/","title":{"rendered":"Companies no longer need a credit rating to issue bonds + sukuk"},"content":{"rendered":"

<\/p>\n

<\/p>\n

<\/p>\n

DEBT-<\/span><\/p>\n

Companies no longer need a credit rating to<\/span> issue<\/span> bonds + sukuk: <\/span>The Financial <\/span>Regulatory Authority (FRA) will allow companies to sell bonds and sukuk without first acquiring a credit rating, making it less expensive for firms to raise capital for growth and development, it said in <\/span>a statement<\/a><\/span>. <\/span><\/p>\n

Three caveats: <\/span>The value of debt cannot exceed the value of the company\u2019s net assets; <\/span>companies must publish a disclosure detailing the nature of the issuance ahead of a sale; and only and only \u201cqualified investors\u201d can buy in through private placements. <\/span><\/p>\n

M&A-<\/span><\/p>\n

Arab Developers Holding could sell subsidiary for USD 18 mn: <\/span>EGX-listed real estate firm <\/span>Arab Developers Holding\u2019s board of directors is mulling accepting a USD 18 mn bid from an undisclosed foreign company to acquire 100% of its subsidiary <\/span>Amer Syria<\/span>, according to <\/span>a disclosure to the bourse<\/a><\/span>(pdf)<\/a><\/span>. <\/span><\/p>\n

REAL ESTATE-<\/span><\/p>\n

Ora, Q Holding to build \u201csmart city\u201d in Abu Dhabi: <\/span>Naguib Sawiris\u2019 <\/span>Ora Real Estate <\/span>Development Group is partnering up with Abu Dhabi investment company Q Holding to develop a 20 mn sqm city in Abu Dhabi, according to a <\/span>joint s<\/a><\/span>tatement (pdf)<\/a><\/span> <\/span>yesterday. The city, described by the companies as \u201csmart and sustainable,\u201d will include residential areas, services, hotel establishments, and commercial spaces. <\/span><\/p>\n

ENERGY-<\/span><\/p>\n

EGPC kicks off first global tender to develop mature oil fields: <\/span>The Egyptian General <\/span>Petroleum Corporation (EGPC) launched its first international tender for the development of eight mature oil fields in the Gulf of Suez and Eastern Desert on Thursday, the Oil Ministry said in <\/span>a statement<\/a><\/span>. Interested parties have until 15 June to submit their bids, according to the <\/span>bidding procedures (pdf)<\/a><\/span> shared by EGPC.<\/span><\/p>\n

REMEMBER-<\/span> The ministry is planning to launch three international oil and gas exploration <\/span>tenders this year, Minister <\/span>Tarek El Molla said<\/a><\/span> last month.<\/span><\/p>\n

TOURISM-<\/span><\/p>\n

State to tap Italian partner to boost yacht tourism? <\/span>The Madbouly government met with <\/span>representatives from the Italian <\/span>Navigo Group<\/a><\/span> to discuss the future of <\/span>yacht tourism in Egypt<\/a><\/span>, according to a <\/span>statement<\/a><\/span>. The two sides agreed to draft an MoU outlining proposals for future cooperation to boost yacht tourism in Egypt. <\/span><\/p>\n

SUSTAINABILITY-<\/span><\/p>\n

CIRA Ed<\/span>ucation has published its first annual sustainability report<\/span>, laying out the <\/span>company\u2019s use of natural resources and what it is doing to boost sustainability at its facilities and operations. The education investment firm plans to reduce energy use and <\/span>emissions by 10<\/span>% and implement an enhanced waste and recycling plan by 2026, as well as implement one renewable energy project each year for the next three years. Check out the report <\/span>here (pdf)<\/a><\/span>.<\/span><\/p>\n

REMEMBER- <\/span>Corporates must now <\/span>publicly disclose<\/a><\/span> their performance on key environmental, social and governance metrics each year when they submit their annual financial statements. <\/span><\/p>\n

STARTUPS-<\/span><\/p>\n

<\/span><\/p>\n

Flat6Labs launched its <\/span>StartMashreq<\/a><\/span> initiative to support entrepreneurs across Lebanon, <\/span>Jordan, and Iraq<\/span>, it<\/span> said in <\/span>a s<\/a><\/span>tatement<\/a><\/span>(pdf)<\/a><\/span> yeste<\/span>rday. The program aims to support budding entrepreneurs from underprivileged and marginalized groups, including women and displaced people, through customized training programs and virtual incubation programs. The Dutch government and the International Finance Corporation are co-partnering with Flat6Labs on the initiative. <\/span><\/p>\n

Rabbit goes bulk: <\/span>Grocery delivery startup Rabbit has launched a bulk delivery service, <\/span>Gomla, it said in a <\/span>statement<\/a><\/span>(pdf)<\/a><\/span>yesterday. The new service allows customers to buy in bulk through the Rabbit app and receive their products the following day. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

There are some caveats.<\/p>\n","protected":false},"author":1,"featured_media":582336,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[557,93,72,519,76,183,697,91,371,599,6734,83,2396,95,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-egyptian-general-petroleum-corporation","tag-energy","tag-enterpriseam","tag-fawry","tag-financial-regulatory-authority","tag-fintech","tag-flat6labs","tag-oil-and-gas","tag-oil-ministry","tag-ora-developers","tag-q-holding","tag-real-estate","tag-remittances","tag-startup-watch","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"7270639a-278f-4c1c-9f11-4bde8b4c147b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/7\/Fawry-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[582315],"teaser":"There are some caveats.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.adb4ca20-309a-4978-923f-8be7d0a1b6b4.mp3"},"yoast_head":"\nCompanies no longer need a credit rating to issue bonds + sukuk - 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Sources told the press in December that the company\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":603092,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/15\/financial-regulatory-authority-issues-regulations-for-sukuks-in-egypt\/","url_meta":{"origin":582335,"position":2},"title":"Financial Regulatory Authority issues regulations for sukuks in Egypt","author":"enterpriseam admin","date":"15 April 2019","format":false,"excerpt":"REGULATION WATCH- The Financial Regulatory Authority (FRA) issued regulations governing the issuance and listing of sukuks, the market regulator said in a statement. The regulations stipulate that the shariah-compliant bond issuances be approved by a religious committee and issued through an independent body that monitors the issuance and reports violations.\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":604466,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/04\/fra-sets-framework-for-short-term-bonds-instruments\/","url_meta":{"origin":582335,"position":3},"title":"FRA sets framework for short-term bonds, instruments","author":"enterpriseam admin","date":"4 December 2018","format":false,"excerpt":"REGULATION WATCH- Aiming to create a market for corporate paper in Egypt, FRA sets framework for short-term bonds, debt instruments: The Financial Regulatory Authority (FRA) has defined the framework and regulations governing short-term debt instruments, including bonds, sukuks, and other securities with maturities of less than two years, FRA boss\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/232.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604567,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/06\/fra-sets-framework-for-egypts-sukuk-issuers\/","url_meta":{"origin":582335,"position":4},"title":"FRA sets framework for Egypt\u2019s sukuk issuers","author":"enterpriseam admin","date":"6 December 2018","format":false,"excerpt":"REGULATION WATCH- FRA sets framework for sukuk issuers: The Financial Regulatory Authority (FRA)has set the regulatory framework for sukuk issuers \u2014 who will operate special purpose vehicles (SPVs) that exclusively issue sukuks, the FRA announced yesterday. The framework outlines regulations for licensing and establishing SPVs, whose activities under the framework\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/12\/3306.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593235,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/21\/egypts-first-sukuk-issuance-coming-in-1q2020-green-bonds-coming-next-year\/","url_meta":{"origin":582335,"position":5},"title":"Egypt\u2019s first sukuk issuance coming in 1Q2020, green bonds coming next year","author":"enterpriseam admin","date":"21 November 2019","format":false,"excerpt":"Egypt\u2019s first sukuk issuance coming in 1Q2020? Egypt\u2019s first sukuk issuance is expected to see the light of day before the end of 1Q2020, Financial Regulatory Authority (FRA) boss Mohamed Omran said at a presser yesterday, according to Al Mal. Omran did not disclose any further details on the expected\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/738.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582335","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=582335"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582335\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/582315"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/582336"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=582335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=582335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=582335"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=582335"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=582335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}