Skip to content Skip to Search
Skip navigation

Egypt generates $5.6bn from stake sale in 14 companies

By Pramod Kumar
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.

Latest articles

Modern buildings in the city center of Riyadh, Saudi Arabia

Riyadh leads Saudi Arabia’s hot property market

Strong population and employment growth in Riyadh is driving a surge in real estate transactions as new properties cannot come on the market fast enough. A dramatic rise in the number of deals in the 12 months to the end of June was also visible in Jeddah and Dammam, according to a report this week […]

Adnoc LNG

Adnoc drops plan to upgrade UAE’s only LNG facility

An upgrade of the Das Island liquefied natural gas plant has been cancelled by Adnoc Gas, as it shifts priorities towards greenfield developments. “We have a funnel of exciting opportunities in which we can invest while at the same time exercising capital discipline,” Adnoc Gas said. Das Island’s liquefaction and export terminal, the only LNG […]

The new technology can help with tracking projects as contractors often have no idea how many workers are on site at one time and workers are frequently unsupervised

Saudi startup’s smart helmets upping safety on building sites

When Hassan AlBalawi first proposed a smart helmet that would track all employee movements on building sites, construction companies could not see the point.  “We were focusing on this problem of how to get technology into the construction field, measuring the drowsiness of construction workers. But it turned out the construction companies didn’t know or care,” […]

Aircraft, Airliner, Airplane

Kuwait Airways 2023 revenue soars 16% to $1bn

Increased passenger volume and flight operations increased revenues at Kuwait Airways by 16 percent in 2023. The topline reached KD335 million ($1.1 billion) last year, as the number of flights soared 26 percent year on year to 32,839, the state-run Kuwait News Agency reported, citing chairman Abdulmohsen Alfagaan. No details were shared on profit or […]