Egypt’s Prime Minister Mostafa Madbouly announced that the government plans to list at least 10 companies on the Egyptian Stock Exchange in 2025 as part of an ambitious privatization initiative. Among these, four are affiliated with the military, including Watanya, Safi, ChillOut Egypt, and Silo, which are expected to be launched by mid-2025.
The privatization programme aims to offer both direct investment opportunities and stock market listings, contributing to Egypt’s broader economic reforms. The government is also looking to list companies such as Alexbank and Banque du Caire, which are expected to follow the recent IPO of the United Bank. The United Bank’s IPO raised EGP 4.6 billion (approximately $92.14 million) and was oversubscribed, highlighting strong investor demand.
Madbouly emphasized that military-affiliated companies Watanya and Safi are top priorities for the government, aiming to finalize their offerings in the first half of 2025. Watanya operates fuel and service stations, and it is wholly owned by the Armed Forces’ National Service Projects Organization, which also holds a stake in TAQA Arabia, a potential bidder for Watanya.
In addition to these companies, other state-owned enterprises like the Gabal Al-Zeit wind power station, Alamal Alsharif Plastics, Egyptian Group for Pharmaceutical Industries (EGPI), and Chemical Industries Development (CID) will also offer stakes as part of the ongoing privatization efforts.
This initiative aligns with the Egyptian government’s agreement with the International Monetary Fund (IMF) as part of a $57 billion bailout package. The goal is to reduce the state’s role in the economy, which has faced challenges in recent years. Egypt’s privatization programme aims to generate significant revenues, with the country targeting $6.5 billion by the end of this year. The government also aims to complete the offering of stakes in up to 40 companies and banks across various sectors by December 2024, extending the original timeline set for March 2024. The sectors targeted for this fiscal year’s offerings include banking, airports, medical supplies, plastics, glass, and petrochemicals.
