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Thursday, 12 December 2019

Egyptian Armed Forces' companies should be listed on the stock exchange, Sisi says

'Egyptians will buy shares in these companies. It is an opportunity for them,' the President said during the inauguration of two factories at the Nasr for Intermediate Chemicals complex in Giza

Zeinab El-Gundy , Thursday 31 Oct 2019
Sisi
President Sisi speaks at the inauguration event of two new Nasr Chemicals factories. 31 October, 2019. (Photo: Al-Ahram)
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Egypt's President Abdel-Fattah El-Sisi said on Thursday the companies owned and operated by the Armed Forces should be listed on the stock exchange.

"Egyptians will buy shares in these companies. It is an opportunity for them," President El-Sisi said during the inauguration of two factories at the Nasr for Intermediate Chemicals complex in Abu Rawash, Giza.

Nasr for Intermediate Chemicals is part of the National Services Projects Organisation, which is owned by the Armed Forces.

The Armed Forces' economic activities have apparently expanded over the past years, varying from producing and supplying food commodities and various consumer goods to carrying out diversified economic and construction projects.

The President has discussed the topic of the army's perceived influence in the economy several times before. Last year, the President said that the military's economic activity made up only around 2-3 percent of the country's gross domestic products, dismissing speculation that the Armed Forces control as much as half of the economy.

In Abu Rawash El-Sisi added that the government has been working in the past three years to enlist public sector companies in the stock exchange.

In 2017, Egypt released a list of 23 state-owned companies to be enlisted on the bourse in an initial batch as part of the government's economic reforms programme.

"The Egyptian army does not do this role [building and operating projects] on the expense of the private sector. The private sector is welcomed to participate and to have partnership with the army," El-Sisi said at the inauguration of the two factories.

The president added that the private sector was working with the Egyptian army on various projects.

 

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