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- The latest developments in the status of a number of companies currently being processed for sale were reviewed
- Initiative is part of a broader effort to expand the number of publicly traded companies and attract greater investment
RIYADH: Egypt aims to accelerate the government offerings program procedures in 2025 to maximize the private sector’s economic role and attract more investments.
The announcement was made during a meeting of the Government Offerings Committee, chaired by Prime Minister Mostafa Madbouly, to follow up on the developments of the status of the offering of the four targeted companies affiliated with the Armed Forces, according to a statement by the Cabinet.
This aligns with Egypt’s plan to list over 10 companies in 2025 through public offerings or partnerships with strategic investors. The initiative is part of a broader effort to expand the number of publicly traded companies and attract greater investment.
The firms include National Co. for Petroleum Products Marketing and Distribution, Watanya, National Co. for Natural Water in Siwa, Safi, ChillOut Egypt, and Silo Foods for Food Industries.
The move confirms the country’s seriousness in completing this vital program within the framework of implementing the “State Ownership Policy” document, which primarily seeks to elevate the role of the private sector in various economic activities and raise its contribution, in addition to restructuring some state-owned assets.
This comes amid the difficulties the Egyptian economy has been witnessing with soaring inflation and lower-than-expected revenues, including a significant drop in earnings from the Suez Canal.
During the meeting, Madbouly said the offerings provide opportunities for companies affiliated with the public business sector, whether for public offering on the Egyptian Stock Exchange or for strategic investors, pointing simultaneously to the need to expand the companies offered by the ministry.
The latest developments in the status of a number of companies currently being processed for sale were reviewed, including Sidi Kerir Petrochemicals Co., MIDOR Middle East Oil Refinery, Al-Amal Al-Sharif Plastics, and Egyptian Group For Pharmaceutical Industries.
The steps taken to offer the Gabal El-Zeit wind power plant located in the area south of Ras Gharib were also examined during the meeting, as well as the status of several firms being studied with the Ministry of Public Business Sector as was the offering of stakes in several banks.
Mohamed El-Homsany, the official spokesman for the Cabinet, said the meeting discussed the current status of the government offerings program by reviewing the procedures and executive steps taken by the ministries and relevant authorities to offer the previously announced targeted companies, in addition to those being prepared for offering in several sectors.
Earlier this month, Madbouly announced that Egypt successfully repaid $38.7 billion in debts during 2024, including $7 billion in November and December, demonstrating its commitment to meeting financial obligations despite significant economic challenges.
As the North African nation continues to tackle its economic difficulties, the country is set to receive around $1.2 billion from the International Monetary Fund under a staff-level agreement for the Extended Fund Facility program. The deal, pending approval from the IMF’s executive board, aims to provide crucial financial support to stabilize Egypt’s economy.