From the first quarter of 2023 until the first quarter of 2024, Egypt has announced plans to sell stakes in 32 state-owned companies, including three banks and two military-owned companies.
According to Middle East Monitor, this information was made public by Egyptian Prime Minister Moustafa Madbouly. “Our object is to float at least 25 percent of these companies during the first six months,” Prime Minister Moustafa Madbouly told reporters after a cabinet meeting on Wednesday evening.
This is part of the country’s effort to expand the ownership base and attract foreign investments at a time when the country suffers from a lack of hard currency.
He added that these companies could either have IPOs or sell major stakes to strategic investors. The Arab African International Bank, Banque du Caire, and The United Bank of Egypt are the three banks on the government’s list. The list also includes the National Co. for Natural Water in Siwa (SAFI) and the National Company for Petroleum – both owned by the military-affiliated National Service Projects Organization.
