Egypt will list five state-run firms, including two military-owned, on the Egyptian Exchange by month’s end, a Finance Ministry official told Al Manassa. The announcement comes ahead of October talks with the IMF on stalled reform reviews.
The source, who requested anonymity, said the new batch of listings will include Banque du Caire, following the collapse of a planned sale to a strategic investor. It will also include the National Company for Petroleum Products Marketing and Distribution (Wataniya), and the National Co. for Natural Water in Siwa (SAFI)—two companies affiliated with the Armed Forces. Two additional firms, Alamal Alsharif Plastics and Misr Pharmaceuticals, are also slated for flotation.
In December 2024, Prime Minister Mostafa Madbouly had announced the government would list 10 new companies on the stock exchange in 2025, half of them owned by the military. These included Wataniya, SAFI, Silo Foods, ChillOut, and the National Company for Roads.
Talks between Egypt and the IMF over the fifth program review faltered in May after Egyptian authorities reportedly resisted demands to curb the state’s footprint in strategic sectors.
The IMF has since voiced concerns about delays in the privatization program, prompting spokesperson Julie Kozack to confirm that the Fund had agreed to merge the fifth and sixth reviews, now expected to be completed this fall.
According to the source, the government aims to raise between $2.5–$3 billion from the upcoming batch of offerings, with plans to announce another wave of companies for sale to private, Arab, and foreign investors once those deals are finalized.
“The IMF has made it clear that Egypt must implement the agreed privatization roadmap, withdraw from certain economic sectors, and eliminate subsidies on fuel and electricity before the end of the year,” the source said.
Between March 2022 and June 2025, the government executed 19 privatization deals, generating $5.86 billion in total, amounting to just 48% of the target. Authorities have since appointed ten investment banks and legal advisors to manage the listing of ten more companies.
