Builders of Egypt ’24: Public firms ready for EGX listing – minister

Minister of Public Business Sector, Mohammed Sheemy said on Sunday the government is open to partnering with the private sector, both domestic and foreign.

Speaking at the ninth edition of the Builders of Egypt Forum, Minister Sheemy outlined the government’s plans to offer shares in companies in sectors of construction, petrochemical, pharmaceutical, and tourism on the Egyptian Exchange (EGX). The government aims to attract both domestic and foreign investors through these listings, he noted.

The minister stated that the public business sector currently comprises six holding companies – Construction and Development (HCCD), Chemical Industries (CIHC), Metallurgical Industries, Tourism and Hotels (HOTAC), Pharmaceuticals (HOLDIPHARMA), and Cotton and Textiles (CTIHC) – with a total of 172 affiliated companies. The government is conducting a thorough assessment of these companies’ production capacity to determine their suitability for both the domestic market and export.

Minister Sheemy emphasised the strong capabilities of Egyptian companies and their potential to compete in international markets. He also highlighted the government’s efforts to support these companies by ensuring a stable supply of raw materials and implementing measures to facilitate exports.

The Builders of Egypt Forum, taking place under the rubric of Prime Minister Moustafa Madbouly, is bringing together government officials, business leaders, and representatives from Arab and African countries to discuss regional development opportunities. The Forum is organised by Exlnt Communications, an affiliate to United Media Services (UMS) and supported by the African Federation for Construction Contractors’ Association (AFCCA). It focuses on the construction and building sector, exploring ways for Egyptian companies to participate in infrastructure projects and expand their operations in foreign markets.

Attribution: Amwal Al Ghad Arabic