Skip to content Skip to Search
Skip navigation

Egypt to announce listing of state-owned companies shortly

Reuters/Amanda Perobelli
Borsa Istanbul announced a temporary halt to transactions in shares of several companies in the earthquake zone

Egypt’s cabinet will announce the country’s plans to list state-owned companies on the Egyptian Exchange (EGX) during 2023, Ahram Online reported, citing Prime Minister Mostafa Madbouly.

“In less than two weeks, the cabinet will fully announce the plan to offer all [mandated] companies on the Egyptian exchange in 2023,” he stated.

The step follows the recently launched State Ownership Policy Document that charts a roadmap to determine the state’s presence in economic activities and enhance the private sector’s participation in public investments.

The prime minister said the cabinet was discussing ways to activate the EGX and expand the participation of Egyptians in all public institutions.

The ownership document, approved in December, states that Egypt seeks to grant the private sector a more significant role in economic activities, increasing their contribution from 30 percent to 65 percent within three years.

Egypt offered the first state-owned company, Eastern Company, on the EGX under the IPO programme in March 2019.

The programme was halted due to the pandemic before it was resumed with the listing of payments firm e-finance on the stock market in October 2021.

In late December 2021, the cabinet said the country was planning to list shares of the three power plants, the newspaper said.

Latest articles

A welder at work in Ras Al Kaimah. The northern emirates will benefit from lower electricity tariffs under a new scheme for local manufacturers in the UAE

UAE to direct additional $6bn to local manufacturers

The UAE is to direct an additional AED23 billion ($6.3 billion) to local manufacturers as it strives to develop its homegrown sectors and diversify its economy away from a reliance on hydrocarbons. Abu Dhabi state oil company Adnoc will expand its local manufacturing procurement programme for critical industrial products by AED20 billion to AED90 billion […]

Workers at a Riyadh construction site. The Tonomus competition aims to find innovation in the sector

Saudi Arabia races to find technologies for futuristic cities

Saudi Arabia is urgently seeking new technologies for its construction and real estate sectors as it races to make good on its pledge to build futuristic multi-billion-dollar cities. Tonomus, a subsidiary of crown prince Mohammed bin Salman’s $500 billion signature Neom development, has joined forces with the Public Investment Fund to launch a competition offering […]

Riyadh Air Comac C919

Riyadh Air not buying from China’s Comac ‘for now’

Riyadh Air, Saudi Arabia’s new national carrier, will not consider China’s Comac for its narrowbody order to be announced later this year. However, the airline said it saw a future in Saudi Arabia for Comac, the Commercial Aircraft Corporation of China, as the Chinese alternative to Boeing and Airbus.  “The narrowbody order is in its […]

Organisations have protested US investment bank BlackRock’s participation in the bid to buy a stake in Malaysia Airports Holdings

Malaysian airport deal faces Gaza war backlash

Plans by a consortium, including the UAE’s largest sovereign wealth fund, to buy a stake in Malaysian airports have been hit by protests against the deal from local business organisations in the Asian country. As many as 22 organisations have called upon the Malaysian government to block US investment bank BlackRock’s participation in the bid […]