Egypt’s Prime Minister Mostafa Madbouly on Sunday held a crucial meeting to accelerate the preparation of state-owned companies for public offerings and devise strategies to invigorate the Egyptian Exchange (EGX). The government views the EGX as a key platform for attracting private sector investment into its privatisation programme.
The meeting, held at the Cabinet headquarters, included Ahmed Kouchouk, Minister of Finance; Mohamed Shimy, Minister of Public Enterprise Sector; Hassan El Khatib, Minister of Investment and Foreign Trade; Karim Badawi, Minister of Petroleum and Mineral Resources; Mohamed Farid, Chairperson of the Financial Regulatory Authority; and Karim Awad, CEO of EFG Hermes Holding, among other officials.
Mohamed El Homsani, the Cabinet’s official spokesperson, reported that the Prime Minister reaffirmed the government’s commitment to a swift and professional execution of the privatisation agenda. This involves leveraging expertise from both public and private financial sectors, with Madbouly conducting regular weekly meetings to track progress.
El Homsani highlighted the meeting’s emphasis on boosting private sector investments as a proportion of total investments. Recent economic data indicate a growing private sector contribution to the economy, coupled with a significant reduction in public investments.
Discussions covered the readiness of companies for offerings in vital sectors such as telecommunications, banking, petrochemicals, pharmaceuticals, mining, oil and gas, tourism, airports, and real estate.
The meeting also addressed plans to develop and energise the Egyptian Exchange, positioning it as an investment hub for the government’s privatisation initiative. This involves listing shares of state-owned companies for trading on the EGX, alongside offering stakes to strategic investors.
