Egyptian Prime Minister Mostafa Madbouly convened a meeting on Sunday to review the progress of the initial public offering (IPO) process for "Safi" and "Wataniya," two companies affiliated with the Armed Forces. The review is part of his oversight of the ten government companies slated for public offering, either through the stock exchange or to a strategic investor. The government plans to list at least 10 companies on the stock market by mid-2025. As part of a broader privatisation initiative, the government intends to offer both direct investment opportunities and stock market listings. Four of the companies set for stock market launches are affiliated with the military, including "Wataniya" and "Safi," along with "ChillOut Egypt," and "Silo." Madbouly referenced the previous month's announcement regarding the government's intention to offer the ten state-owned companies, emphasising that these offerings align with the "State Ownership Policy Document" and the Egyptian government's commitment to bolster the private sector's role and its contribution to economic growth. He also stated that the government will closely monitor the offering procedures for these companies throughout 2025, and establish a clear timeline for their implementation. Finance Minister Ahmed Kouchouk underscored the significance of monitoring the ten previously announced companies, as it reflects the state's adherence to the State Ownership Policy Document and its dedication to private sector development. He stressed that this is a crucial aspect of the broader economic reform program. Kouchouk also highlighted that the offering of "Safi" and "Wataniya" signifies a positive step towards the state's commitment to empowering the private sector and fostering an improved investment environment. Minister of Investment and Foreign Trade Hassan El-Khatib affirmed that his ministry, through the Sovereign Fund of Egypt, is actively overseeing the offering process for government companies in coordination with various relevant authorities. Major General Magdy Anwar, Director-General of the National Service Projects Organization of the Armed Forces, presented the efforts made by the organisation to ensure that the Armed Forces-affiliated companies are prepared for the offering process, in accordance with the established schedules. The meeting was also attended by representatives from the Sovereign Fund of Egypt, along with other relevant stakeholders. In addition to the military-affiliated companies, the government plans to offer stakes in the Gabal Al-Zeit wind power station, Alamal Alsharif Plastics, Egyptian Group for Pharmaceutical Industries (EGPI), and Chemical Industries Development (CID). Following the recent IPO of United Bank, Alexbank and Banque du Caire are also expected to follow suit in the near future, according to the Prime Minister.
