Egypt’s military-affiliated investment arm, Future of Egypt for Sustainable Development, has sharply increased its stake in Engineering Consultants Group (ECG), acquiring 2.7 million shares in a deal exceeding 236 million Egyptian pounds (roughly $4.9 million).
The acquisition raised the fund’s ownership from 1.368% to 12.891%, according to a disclosure submitted to the Egyptian Exchange. The average purchase price was 87.276 pounds per share. Brokerage firms Arabeya Online, Ahly Pharos, and EFG Hermes facilitated the transaction.
ECG’s top shareholder remains Rowad Holdings Group, along with its affiliates, which hold 28.3%. The fund now ranks as the second-largest shareholder, followed by Aly Youssef Alami, who owns 7.76%.
This move is part of a pattern of accelerated acquisitions by Future of Egypt in Egypt’s stock market. In September, the fund secured an 8.775% stake in International Co. for Medical Industries after purchasing 5.06 million shares worth 22.77 million pounds. It also bought 111.1 million shares in Mansoura Poultry, in a deal valued above 212 million pounds.
Earlier, in January, the fund acquired 52.6% of Egypt Commodity Exchange, granting it operational control of the bourse, an informed source from the Ministry of Supply previously told Al Manassa. In August, it expanded further by purchasing 89.66% of Arab Company for Land Reclamation.
These aggressive purchases come at a time of increasing pressure from the International Monetary Fund, which has called on Egypt to curtail the economic dominance of military-owned enterprises. In response, the government has pledged to list five state-affiliated companies, including the National Company for Petroleum Products Marketing and Distribution/Wataniya and the National Company for Natural Water Packaging/Safi on the Egyptian Exchange.
