Egypt’s Prime Minister revealed that 32 state-run companies will be offered to the private sector through the Egyptian Exchange or selling stakes to strategic investors, or both together, through a year ending in March 2024.

Madbouly added, in a Wednesday press conference, that determining how the state will exit from these companies is a matter determined by the studies that investment banks are preparing at the present time.

The move aims to increase the participation of the private sector in the Egyptian economy to 65% over the coming three years.

The prime minister explained that the list includes about 32 companies distributed over 18 economic activities, including 3 banks, namely Banque du Caire, The United Bank, and the Arab African International Bank.

Madbouly said that the program will include two companies affiliated with the National Service Projects Organization (NSPO), the military-owned filling station Wataniya and the bottled water company Safi.

He indicated that at least eight companies will be offered over the next six months.

The list of companies to be offered includes El Nasr Housing and Development Company, Maadi Company for Development and Construction, El Mostakbal For Urban Development, Misr Technology Services (MTS), Misr Concrete Development Company, Helwan Fertilizers, and Egyptian Propylene & Polypropylene (EPP).

The list also includes companies: El-Nasr Mining, Egyptian Ethylene and Derivatives Company (ETHYDCO), Al Hafr Petroleum, Egyptian Linear Alkyl Benzene Co. (ELAB), Sinai Manganese, Egyptian Ferroalloys, Canal Company for Mooring and Lights, Port Said Container & Cargo Handling Company, Damietta Container & Cargo Handling Company, El Salhiya Investment and Development, and hotels owned by the Ministry of Public Enterprises Sector.

Moreover, the list includes Misr Insurance, Misr Life Insurance, Jabal al-Zeit wind station, Zaafarana wind farm, the Beni Suef power station, Chemical Industries Development (CID), Paint and Chemicals Industries – Pachin, Al Amal Al Sharif Plastics, شnd Misr Pharma.

The Egyptian government’s privatisation is part of a wider plan to more than double the private sector’s role in the economy and raise $40 bn by 2026.

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