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Egypt generates $5.6bn from stake sale in 14 companies

A trader at the Egyptian stock exchange in Cairo. Qatar has already invested over $5.5bn in Egypt's financial, real estate and energy sectors Reuters/Mohamed Abd El Ghany
A trader at the Egyptian stock exchange in Cairo. Potential 50 more state-owned companies have been included under the IPO programme

Egypt’s privatisation programme has generated $5.6 billion from the sale of complete or partial stakes in 14 state-owned entities, according to Prime Minister Mostafa Madbouly.

The International Finance Corporation (IFC) is conducting preliminary studies for the potential inclusion of 50 additional state-owned companies under its initial public offering (IPO) programme, Egypt Today reported, citing Madbouly.

The IFC has already prepared a study for the next phase, prioritising four sectors: management and operation of airports, telecommunications, banks, and insurance.

In June, the IFC announced that it would advise the Egyptian government’s asset monetisation programme, which will focus on harnessing private capital and manage state-owned assets.

As part of Egypt’s IPO programme, the state-owned Arab Company for Tourism and Hotels Investments, a Talaat Mostafa Holding Group subsidiary, recently acquired seven “historic” hotels in Cairo, Alexandria, and Aswan.

Egypt’s IPO programme is a list of 35 state-owned companies offered this year to strategic investors.

In August, the government announced plans to raise $5 billion by divesting shares of selected state-owned firms to strategic investors from October 2023 to June 2024.

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