News

Egypt suffers ratings downgrade

Fitch, Egypt, liquidityRatings agency Fitch has downgraded its outlook for Egypt in light of changes to external liquidity and reduced access to bond markets that Fitch states will leave the country vulnerable to global shocks. Fitch’s outlook on Egypt’s long-term foreign currency issuer default rating has been revised to negative from stable, although the IDR has been affirmed at B+. The rating agency also referred to a drop in foreign reserves. The Central Bank of Egypt’s foreign currency reserves in October stood at US$2 billion, having peaked at $9 billion in February. October also saw a currency devaluation, interest rate hike and a $3m billion loan deal with the International Monetary Fund, moves which Fitch states could lead to a recovery of sorts, although the drop in reserves still means that “portfolio holdings remain a significant liability”. ©2022 funds global mena

Executive Interviews

INTERVIEW: ‘Financing is the blood of Iran’s economy’

Amid a fresh wave of American sanctions, Romil Patel spoke to Meysam Hamedi, director of financial markets and instruments at Iran’s Securities & Exchange Organization (SEO).

INTERVIEW: Totally mega

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

INTERVIEW: Protecting the investment

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.

EXECUTIVE INTERVIEW: A natural interest in the topic

Since 2016, Guillermo Ortiz has been a chairman of Latin America’s BTG Pactual. The former central banker of Mexico talks to Nick Fitzpatrick.

Roundtables

Middle East Investor Roundtable 2020: Dimensions of diversification

Investors in the Middle East consider the tools that will be needed to navigate the Covid-19 crisis, the continued appetite for dividend and why it’s all about tech. Chaired by Romil Patel.

South Africa asset management roundtable: Global rebound on ice

Experts discuss the investment implications of the coronavirus pandemic, a delayed rebound in global growth and dealing with South Africa’s energy issues head on. Chaired by Romil Patel in Cape Town.

South African roundtable: Taking the bull by the horns

Our panel discusses Chinese investment in Africa, financial institutions’ contribution to economic sustainability and regulatory concerns. Chaired by Romil Patel in Cape Town.

ROUNDTABLE: Hooked to the global caravan

With the MENA region at a tipping point, our panellists talk about economic diversification, the impact of regulation and the delayed Saudi Aramco listing. Chaired by Romil Patel in Dubai.