Finance Egypt generates $5.6bn from stake sale in 14 companies By Pramod Kumar December 25, 2023, 6:45 AM 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.
Transport Tenders issued for high speed Abu Dhabi-Dubai rail link Tenders have been issued for the design and construction of central components in a high-speed rail link between Abu Dhabi and Dubai. Etihad Rail, the national rail company of the UAE, has sent out tenders for designing and constructing civil works and station packages for the line connecting the two cities as part of the […] 3 hours ago
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […] 2 hours ago
Construction Dubai Multi Commodities Centre announces “Crypto Tower” Dubai Multi Commodities Centre (DMCC) and software company Reit Development have announced plans to build a 17-storey “Crypto Tower” that they say will demonstrate the use of blockchain technology. Blockchain will be used for tenant interactions and transactions through the use of on-chain voting mechanisms, shared resources, smart contracts and other automated services. The 150,000 sq […] 2 hours ago
Mining Saudi development fund might invest $100m in Pakistan mining Saudi Arabia might invest more than $100 million in Pakistan’s mining infrastructure through its development fund to scale up operations to meet demand. Minister of industry and mineral resources Bandar Alkhorayef also confirmed that mining company Manara Minerals, a joint venture between Saudi sovereign wealth fund the Public Investment Fund and miner Ma’aden, is interested in investing […] 41 mins ago
