According to Egypt Prime Minister Mostafa Madbouly, the country is expected to expedite its IPO programme and propose ownership stakes in at least ten state-owned businesses in the upcoming year.
Among the businesses that will float its shares are Wataniya, Safi, Silo Food, and the 580-megawatt wind farm Gabal El Zeit, according to a Facebook post from the Egyptian Prime Minister’s office.
The PM office further stated that the forthcoming offerings will also include shares of Banque du Caire and state-owned Alexandria Bank.
PM Mostafa Madbouly’s announcement reflects fresh attempts by the government to sell off some of its holdings to strengthen the nation’s private sector and financial capacity.
The public and private offering of 330 million shares, or 30% of Egypt’s issued capital, was concluded earlier in December 2024 by United Bank.
The United Bank offering brought in 90 million Egyptian pounds, or 4.57 billion. In addition, CID Pharma, Misr Pharma, and Alamal Alsharif Plastics will go public in 2025.
PM Mostafa Madbouly stated that despite geopolitical tensions and regional crises, Egypt had a successful year of tourism growth.
“This year, we will exceed 15 million tourists despite all the challenges that have affected the arrival of tourists in the region, but Egypt is on a good track in this area, and the numbers will be better next year,” PM Mostafa Madbouly noted.
“We are working in the tourism sector strongly, and we are moving ahead to increase hotel rooms, and improve the tourist experience in Egypt,” he added.
The progress of the Saudi Arabia-Egypt electricity connection project was also highlighted by the PM’s office in the Facebook post.
He also mentioned that the Badr converter station is 65% finished, with the first wiring phase of the project anticipated to be finished before the upcoming summer.
According to the prime minister, Egypt’s inflation rate dropped significantly over the previous two years, to 25.5% in November. The rate of inflation in Egypt reached a record high of 38% in September 2023.