What
Qatar Islamic Bank (QIB) and Kuwait Finance House (KFH) have concluded due diligence on the United Bank of Egypt, which is owned by the Central Bank of Egypt (CBE), four sources familiar with the deal told Asharq Business.
What are we waiting for?
One of the sources said they’ve been done with due diligence since the end of last December. But a familiar source told Asharq Business that the deal hasn’t been sealed until now because it’s tricky to calculate the EGP-USD exchange rate, expecting the deal to be valued at an equivalent of EGP 22 billion in hard currency.
Some Context
Recently, Egypt has offered some of its assets to investors to secure dollar liquidity, and has raised approximately USD 5.6 billion from selling stakes in 14 companies, including several in 2022. The current plan is to raise an additional billion dollars from selling other assets in the future.
