Egypt is targeting economic growth of approximately 4.1 percent to 4.2 percent this year, according to Minister of Planning and Economic Development, Hala Elsaid. The minister made the announcement on Tuesday, expressing optimism about the country’s economic prospects.
Elsaid revealed that the government plans to sell its stakes in the military-owned National Company for Producing and Bottling Water (Safi) and the fuel retailer Wataniya. The sales are expected to take place in either October or November. Three out of seven potential investors have been shortlisted to acquire the offered stakes, raising expectations for successful transactions.
In an effort to diversify revenue streams and promote tourism, Elsaid disclosed that an international consultant has been appointed to advise on the transformation of several ministerial premises in Downtown Cairo into boutique hotels. The consultant is expected to submit a report within three months, outlining the feasibility and potential of this venture.
The Egyptian cabinet announced on May 8th that offers from investors to purchase shares in Wataniya and Safi were being accepted. These sales are part of the government’s Initial Public Offering (IPO) program, which aims to attract strategic investors by selling stakes in 32 state-owned companies across various sectors.
By implementing these measures, Egypt seeks to boost economic growth, attract investment, and enhance its tourism sector. The government’s focus on privatization and diversification reflects its commitment to creating a favorable business environment and unlocking the potential of the Egyptian economy.
