Prime Minister Mostafa Madbouly held a meeting in the New Capital to follow up on plans to list several state-owned companies on the Egyptian stock exchange, including companies affiliated with the Armed Forces. The meeting was attended by Deputy Prime Minister for Economic Affairs Hussein Eissa, Minister of Investment and Foreign Trade Mohamed Farid, Director General of the National Service Projects Organization Major General Magdy Anwar, Deputy Head of the Armed Forces Financial Affairs Authority Major General Ayman Matar, Assistant Prime Minister and CEO of the state-owned enterprises unit Hashem El-Sayed, Acting Executive Director of the Sovereign Fund of Egypt Noha Khalil, along with other officials.
Discussions focused on updates to Egypt’s State Ownership Policy Document, which is intended to further increase private sector contribution to the economy, support sustainable growth, create jobs, and improve the competitiveness of the Egyptian economy and business environment, Cabinet Spokesperson Mohamed el Homosany said.
Officials also reviewed government efforts to establish a national program for the classification, governance, and management of state-owned companies through the Cabinet’s state-owned enterprises unit. The proposed program aims to modernize governance standards, improve transparency, strengthen investor confidence, and maximize the value of state assets.
The meeting emphasized that the government's IPO program is designed to increase the economic value of public assets and secure sustainable returns that would benefit the national economy. Officials described the State Ownership Policy and the IPO program as key tools in restructuring the state’s role in economic activity while expanding opportunities for private sector involvement.
The government reaffirmed its commitment to listing several military-affiliated companies on the Egyptian exchange, including Wataniya Petroleum, Silo Foods, ChillOut, and the National Company for Road Building and Development. Officials also reviewed steps being taken by the Sovereign Fund of Egypt regarding companies transferred to the fund as part of efforts to attract more investments and improve the use of state-owned assets.
At the conclusion of the meeting, Madbouly directed officials to continue monitoring the procedures related to the planned offerings to ensure they are implemented in line with relevant presidential directives.