Most international investors in recent years have shied away from the government's domestic securities amid fears of currency devaluation and concern about taking back money from a country suffering from a severe dollar shortage.
In just two weeks, a $35 billion investment deal with the UAE, an expanded $8 billion loan from the International Monetary Fund, a 600-basis-point interest rate hike and an exchange rate shift put the domestic fixed income market back into the spotlight.
After the positive developments, Moody's revised Egypt's outlook from negative to positive, attributing this to "significant official and bilateral support" and "policy steps taken" over the past days, but keeping the country's credit rating at Caa1, which still means sovereign debt carries very high risk. Goldman Sachs Farouk Sousse told clients in a note that the latest developments had revived "the near-term investment hypothesis in riskier Egyptian assets."Hungary intends to remain the number one European destination for Chinese investments, as these contribute significantly to the performance and transformation of the economy – declared Minister of Foreign Affairs and Trade Péter Szijjártó on Friday in Budapest.
In the shadow of Burj Khalifa, a Bentley parks with a 2-digit license plate. Its driver sips into a gold-dusted cappuccino while staying in 7-star hotels, dining at Michelin star restaurants and shops at the most iconic designer brands’ stores. This isn’t an unusual overlook of Dubai. But while this obsession with luxury may seem like extravagance for its own sake, is there something deeper at play?