Egypt's public enterprise ministry prepares offerings in subsidiary companies: Minister

Ahram Online , Sunday 28 May 2023

The Egyptian Ministry of Public Enterprise is preparing a comprehensive roadmap offering investment opportunities within its subsidiary companies, according to a statement on Sunday.

Esmat meeting a delegation from Aluminium Bahrain.
Esmat meeting a delegation from Aluminium Bahrain. (Ministry of Public Enterprises Sector).


The roadmap will provide details regarding the nature of the activities, geographical locations, investment values, and project information, Minister of Public Enterprise Mahmoud Esmat announced during a meeting with Shaikh Daij Bin Salman Bin Daij Al Khalifa, chairman of Aluminium Bahrain.

The plan will be presented in meetings with the business community and potential investors, Esmat added.

Esmat also outlined the ministry’s privatization strategy based on the State Ownership Policy Document, which determines the state's presence in the economy.

For his part, Shaikh Daij revealed that his company is considering partnering with Egypt's Metallurgical Industries Holding Company to produce bauxite, a key raw material in manufacturing.

To attract more foreign investments and bolster the private sector, the Egyptian government has been implementing various initiatives, including the 22 recent decisions by the newly restructured Supreme Council for Investment.

These decisions involve proposals for legislative amendments, such as reducing the establishment costs for companies, streamlining approval procedures and their durations and expanding the issuance of the golden license programme.

Egypt is also actively executing a privatization programme, which involves offering 32 state-owned companies operating across 18 sectors to strategic investors within a year. This effort, implemented as part of an economic reform programme with the International Monetary Fund (IMF), has an estimated value of $40 billion.

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