Egypt’s Prime Minister Mostafa Madbouly announces that 32 Egyptian state companies will be listed on the Egyptian Exchange (EGX) and also sold for strategic investors over 2023, Invest-Gate reports.
In a press conference held following the weekly Cabinet meeting, Madbouly revealed that the 32 Egyptian state companies will either be listed on the EGX or sold for strategic investors within a year, that starts with the current quarter and lasts till Q1 2024, in accordance with the State Ownership document.
These companies work in 18 different fields, and the government will list 25% of these companies within 6 months.
Among the planned sales are stakes in banks, industrial, energy, insurance, and real estate companies.
As for real estate companies, they include El Nasr Housing and Development Company, Maadi Company for Development and Construction, El Mostakbal for Urban Development, and Misr Concrete Development Company.
The premier stresses that floating the companies is one of the strategic goals under the State Ownership Policy Document.
The document, approved by President Abdel-Fattah El-Sisi in December 2022, charts a roadmap to determine the state’s presence in economic activities and enhance the private sector’s participation in public investments.
The ownership document states that Egypt seeks to raise the role of the private sector in the country’s economic activities from 30% at present to 65% within three years.
It is worth noting that the national plan to float state companies dates back to 2018 when Egypt announced the names of 23 state companies whose stakes will be offered, including Banque Du Caire and Middle East Oil Refining (MIDOR). However, the plan was delayed due to the consequent global crises.
The Egyptian government’s privatization is part of a wider plan to more than double the private sector’s role in the economy and raise $40 bn by 2026.