Egypt receives $1.9 billion from sale of state-owned companies
Egypt started selling state-owned entities in response to its economic crisis. Gulf states have hinted that they may not support Egypt as much as they have in the past.
Egypt has signed $1.9 billion in deals to sell state-owned companies, the government announced on Tuesday as it continues to navigate the economic crisis.
Egyptian Prime Minister Mustafa Madbouly said the government has received $1.65 billion for selling shares in state-owned firms, as well as the equivalent of $250 million in Egyptian pounds, the state-owned news outlet Al-Ahram reported.
Among the investors was the United Arab Emirates’ sovereign wealth fund, ADQ, which bought $800 million in minority stakes in Egyptian Ethylene and Derivatives Company, National Drilling and Egyptian Linear Alkyl Benzene. Some other investors are Egyptian. The Alexandria-based Talaat Moustafa Group made a $700 million investment in state-owned hotels, according to Bloomberg.
Background: Egypt announced its intention to sell several state-owned firms last year in response to its economic crisis. Earlier this year, the government unveiled its plan to sell shares in the firms via direct sales to investors and on the Egyptian exchange.
