The programme, which will begin within two weeks in coordination with the cabinet’s State-Owned Companies Unit, is designed to prepare government-owned companies that have been temporarily listed on the Egyptian Exchange (EGX) to meet the regulatory, financial, and governance requirements for initial public offerings (IPOs), the FRA said in a statement on Monday.
The initiative comes as Egypt presses ahead with its state asset divestment programme to attract private investment, expand private-sector participation in the economy, and mobilize fresh capital through the stock market.
Egypt's IPO programme has emerged as a central pillar of its reform agenda under the International Monetary Fund (IMF) programme, designed to expand the role of the private sector, reduce the state's economic footprint, and attract fresh investment.
Under the State Ownership Policy Document, the government launched the programme in 2023 with plans to offer dozens of state-owned companies to investors, making it one of the most visible structural reform commitments linked to the IMF deal.
Chairman of FRA Islam Azam said the programme reflects the regulator's developmental role alongside its supervisory mandate and is being implemented in full coordination with the State-Owned Companies Unit, headed by Hashem El-Sayed.
"The FRA is working to transfer international best practices to targeted companies to help them complete listing and offering requirements under modern regulatory frameworks while ensuring continued compliance after listing," Azam said.
He added that strengthening governance and disclosure standards would enhance the competitiveness of Egyptian companies, increase the attractiveness of the Egyptian capital market to domestic and foreign investors, and diversify investment opportunities.
The programme, designed and delivered by the Financial Services Institute (FSI), the FRA's training arm, is the first national initiative dedicated to building the institutional and human capacity needed to support the government's IPO programme.
It aims to equip senior executives with the knowledge required to complete listing procedures, strengthen financial reporting and corporate governance practices, prepare offering documents, and meet post-listing obligations.
Training will be delivered in successive cohorts, beginning with companies that have already secured temporary listings on the EGX before expanding to other state-owned firms included in the government's listing pipeline.
The programme targets chairpersons and board members, chief executive officers, chief financial officers, finance and accounting executives, disclosure and investor relations officers, governance officials, and internal auditors responsible for listing and IPO processes.
According to the FRA, the curriculum combines regulatory instruction with practical case studies and simulations covering the full IPO process, from temporary listing to final listing and the commencement of trading. Experts from the FRA, the Egyptian Exchange, and FRA-licensed IPO advisers will lead the sessions.
The programme covers capital market regulations, listing requirements, financial and accounting readiness, governance and sustainability standards, disclosure obligations, prospectus preparation, public offering mechanisms, and post-listing compliance.
The State-Owned Companies Unit has so far secured temporary listings for 20 state-owned companies on the Egyptian Exchange, including three petroleum companies and one tourism company, most recently.
In June, the FRA hosted a meeting that brought together government entities, investment banks, financial advisers, and auditors involved in the state's IPO programme. Participants agreed that temporary listing should serve as a pathway to full public offerings by enhancing companies' operational readiness, raising investor awareness of investment opportunities, and safeguarding investors' interests.
Egypt’s IPO programme sits at the intersection of privatization, fiscal reform, and IMF oversight. As the government works through the seventh review of its $8 billion Extended Fund Facility (EFF) loan programme, the divestment agenda has become an important test of reform credibility, with both the fund and investors watching whether Cairo can translate pledges into completed transactions and broader private-sector participation.
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