On the sidelines of the Egypt – OECD Country Program conference on Tuesday, the MPED minister updated media on the progress of the sales of Wataniya Petroleum, Jabal Al-Zeit, and Safi
Egypt’s privatization program continues to move forward, with Minister of Planning and Economic Development (MPED), Hala El-Said, announcing that the government is close to finalizing 3 major stake sales/acquisitions with private-sector investors within the petroleum, power, and water sectors.
On the sidelines of the Egypt – OECD Country Program conference on Tuesday, the MPED minister updated media on the progress of the sales of Wataniya Petroleum, Jabal El-Zeit, and Safi.
Wataniya Petroleum, owned by the National Service Projects Organization (NSPO), will be sold to the winning bidder within a month to 6 weeks, explained El-Said.
“The companies are still in the stages of due diligence on the company, as the winning bid will acquire the company that was recently established by the government as part of the restructuring process carried out by the deal’s advisors on Wataniya, with the agency retaining the strategic stations of a special nature under the name Wataniya,” El-Said said to media.
Jabal El Zeit wind farms and power station is expected to see its sale finalized before the end of 2023. The minister did not disclose who has won the bid, however, she highlighted that the deal is within the government’s strategy to exit from certain sectors to make way for private-sector investors and organizations.
The deal for Egypt’s National Company for Natural Water in Siwa (Safi) is still in the air, with El-Said being quoted as saying it will require some more time. The MPEDMin did note that 2 strategic investors are expected to complete their due diligence by the end of October.
In recent months, various local media have cited sources reporting that the Administrative Capital for Urban Development (ACUD) could be finalizing its IPO on the Egyptian Exchange as soon as the first half of 2024, as well as a 10-15% stake in Telecom Egypt to be sold to investors which is expected to close by the end of the year.
During the International Monetary Fund and World Bank meetings earlier this month, IMF’s Managing Director, Kristalina Georgieva, stated that Egypt was making good progress on a number of fronts, including privatization and public finance.
