Egypt’s PM follows up plans for sale of 2 military-owned companies shares

Egypt’s Prime Minister Moustafa Madbouly chaired on Sunday a high-level meeting to oversee the planned sale of stakes in two military-owned companies; Wataniya and Safi.

The meeting, attended by Minister of Finance Ahmed Kouchouk, Minister of Investment and Foreign Trade Hassan El-Khatib, and representatives from the Sovereign Fund of Egypt, signals the government’s commitment to strengthening the role of the private sector in the national economy.

During the session, Prime Minister Madbouly highlighted that the privatisation effort aligns with the objectives of the State Ownership Policy Document, which aims to enhance private sector contributions to Egypt’s economic activities.

He emphasised that some shares of four military-affiliated companies – Wataniya, Safi, Silo Foods and ChillOut are slated for sale in 2025, with timelines for the offering to be finalised shortly.

Minister Kouchouk highlighted the significance of the move within Egypt’s broader economic reform agenda. The sale of stakes in Safi and Wataniya demonstrates the government’s unwavering commitment to fostering a conducive investment environment, he noted.

Meanwhile, Minister El-Khatib said the Ministry of Investment and Foreign Trade, in collaboration with the Sovereign Fund of Egypt, will diligently oversee the offering process, ensuring transparency and efficiency.

Attribution: Amwal Al Ghad English