The government confirmed its commitment to list several Armed Forces-affiliated companies on the Egyptian Exchange (EGX), including National Company for the Sale and Distribution of Petroleum Products (Wataniya), Silo Foods, ChillOut, and the National Company for Road Construction, Development and Management.
The confirmation came during a Wednesday meeting chaired by Prime Minister Mostafa Madbouly at the government headquarters in the New Administrative Capital to review the status of offering state-owned enterprises.
Attendees included Deputy Prime Minister for Economic Affairs Hussein Issa, Minister of Investment and Foreign Trade Mohamed Farid, National Service Projects Organization Director General Magdy Anwar, Armed Forces Financial Affairs Authority Deputy Head Ayman Mattar, Prime Minister Assistant and State-Owned Enterprises Unit Chief Executive Hashem El-Sayed, and Sovereign Fund of Egypt Acting Executive Director Noha Khalil.
Cabinet spokesperson Mohamed El-Hommosany stated the meeting discussed updates to the State Ownership Policy document. The revisions aim to reinforce the private sector’s role as a primary partner in achieving sustainable economic growth, creating jobs, raising the competitiveness of the national economy, and improving the business environment.
El-Hommosany noted that the meeting reviewed efforts by the cabinet’s State-Owned Enterprises Unit to draft an integrated national programme encompassing a comprehensive system to inventory, classify, and govern state companies. The proposed programme relies on implementing modern governance models and enhancing transparency to bolster investor confidence, stimulate the investment climate, and ensure the optimal economic management of state assets.
The government offering programme aims to maximise the economic value of state-owned assets and achieve sustainable returns from the offerings to positively impact the national economy, the spokesperson said. He added that the State Ownership Policy and the offering programme are now primary tools relied upon by the state to restructure its economic role, based on a vision of enhancing efficiency and flexibility while providing greater space for private sector participation across economic activities.
During the meeting, Farid outlined the measures taken by the Sovereign Fund of Egypt regarding the companies transferred to its jurisdiction, as part of state efforts to maximise asset utilisation and attract further investments.
Concluding the session, Madbouly directed the continuous monitoring of the procedures for offering the companies to ensure their implementation in accordance with specific presidential directives.
