Egypt’s Madbouly assigns Deputy PM Eissa to lead restructuring of state-owned firms

Egyptian Prime Minister Moustafa Madbouly has tasked Deputy Prime Minister for Economic Affairs Hussein Eissa with overseeing the restructuring of state-owned enterprises and authorities, a key component of the government’s economic reform agenda.

The meeting, held Wednesday at the Cabinet headquarters in the New Capital, included Hashem El-Sayed, Assistant Prime Minister and CEO of the State-Owned Companies Unit. Madbouly emphasised that implementing reforms in state-owned companies is a top priority and directed that all necessary measures be implemented promptly, noting Eissa’s extensive experience in managing these critical files.

“The restructuring of economic authorities and state-owned companies will be Dr. Eissa’s direct responsibility in this phase,” the prime minister said.

El-Sayed said the unit is preparing 60 companies for restructuring, with 40 planned for transfer to the Sovereign Fund of Egypt (TSFE) and 20 set for listing on the stock exchange (EGX).

The officials also reviewed procedures following the dissolution of the Ministry of Public Business Sector under a presidential decree, including management of companies formerly under the ministry’s oversight.

Attribution: Amwal Al Ghad English