Egypt May Add 8 More State-owned Companies to its IPO Program

Egypt is looking to add eight more state-owned enterprises to its list of 32 companies to be listed under the government’s initial public offering program, according to the Minister of Finance, Mohamed Maait.

The minister made these remarks during his participation in the Financial Sector Conference in Riyadh, the capital of Saudi Arabia, according to Ahram Online.

The government launched proceedings to offer two military-owned companies, the National Company for Producing and Bottling Water (Safi) and Wataniya Petroleum, starting next Wednesday.

In addition, four enterprises will be available through investment banks in 2023.

Moreover, Maait said the government is targeting $10 billion in net foreign direct investment (FDI) inflows in the FY2022–23. year ending June 30, up from $8.6 billion in the FY 2021–22.

However, the first seven months of the current fiscal year showed signs of improvement. The initial surplus rose to EGP 33.7 bn, up from EGP 15.2 bn in the corresponding course of FY2021/2022, Maait added.

PM follows up on status of “Housing for All Egyptians” initiative

Prime Minister Mostafa Madbouli has emphasized the necessity of continued follow-up of projects that are being implemented to provide suitable housing units for various segments of citizens nationwide, especially those living on a low income, within the framework of the “Housing for All Egyptians” presidential initiative.

Madbouli made the remarks during his meeting on Monday with Minister of Finance Mohamed Maait and Minister of Housing, Utilities and Urban Communities Assem el Gazzar, among other senior officials.

The meeting discussed the status of the “Housing for All Egyptians” initiative.

The meeting also probed means of confronting the rise in prices of building materials especially amid the current global crisis that has cast its shadow over various sectors.

A few days away from the Euromoney Egypt Conference 2022 launch on 7 December in Cairo

The conference will review 2022 as well as the year ahead to get a clear picture of the Egyptian finance and investment narrative

Cairo, Egypt: The 25th edition of the Euromoney Egypt Conference will be held under the auspices of, and opened by, His Excellency Dr. Moustafa Madbouly, Prime Minister of Egypt. His Excellency Dr. Mohamed Maait, Egypt’s Minister of Finance, will also be participating along with other high-profile local and international speakers such as: H.E. Dr. Amr Talaat, Minister of Communications and Information Technology, Government of Egypt; Ayman Soliman, Chief Executive Officer, The Sovereign Fund of Egypt; Dr. Mohamed Farid Saleh, Executive Chairman, Financial Regulatory Authority (FRA); and Ahmed Kouchouk, Vice Minister of Finance for Fiscal Policies, Government of Egypt.

Delegates will have the opportunity to meet with and hear from senior representatives from the Egyptian Government, as well as local and international investors, financiers, and business leaders.

The conference will review 2022 as well as the year ahead to get a clear picture of the Egyptian finance and investment narrative and ask the questions:

  • Is the country still fragile or has the freeing of the Egyptian pound been a lasting turning point? The markets seem to think so. But can this trend continue and what else lies ahead for this pivotal Arab nation?
  • Can Egypt’s shift towards sustainability and low carbon energy be maintained and what opportunities does this present for global capital? All these key questions will be answered and many more. This event provides a significant opportunity to stay ahead of the curve in what is going to be a roller-coaster year in the global economy.

The lead sponsors of the conference are Mashreq Bank and Standard Chartered. The co-sponsor is Citibank. Find out more through the conference website, where you can view the full agenda:

ECEA launches in grand ceremony held at the new administrative capital

In presence of ministries of finance, public business sector