The companies Taqa Arabia, Abu Dhabi National Oil Company (ADONC), Emirates National Oil Company (ENOC), and Petromin are competing to acquire shares in Wataniya
Egypt is close to receiving the final bid for the acquisition of shares in Wataniya, the Minister of Planning and Economic Development, Hala El Said, announced during an interview with Asharq Bloomberg. The planning minister said the deal will be finalized within 48 hours.
The companies Taqa Arabia, Abu Dhabi National Oil Company (ADONC), Emirates National Oil Company (ENOC), and Petromin are competing to acquire shares in Wataniya.
The government will conclude selling the Jabal El Zeit wind power plant before the end of March 2024, El Said added.
In August 2023, Egypt received initial offers for the acquisition of shares in Wataniya ranging between $250 and $280 million, according to sources cited by Asharq Bloomberg.
Within the scope of Egypt willingness to provide dollar liquidity, the government recently sold some of its assets to investors under the framework of the state's IPO program.
Recently, The Egyptian Minister of Finance, Mohamed Maait said that Egypt’s initial public offering (IPO) program’s subscription volume has reached $3.5 billion as of February 2023.
In December 2023, ICON, a subsidiary of Talaat Mostafa Holding Group, successfully acquired 7 state-owned hotels in Cairo, Alexandria, and Aswan as part of Egypt's IPO program. These historic hotels are now under the ownership of a newly established company called Legacy Hotels.
ICON obtained a 39% stake in Legacy Hotels and has the option to increase its ownership to 51% through a capital increase. The total value of the deal is estimated at $800 million and will be financed using ICON's internal resources
