TAQA Arabia acquires 10% stake in Quick Fuel to manage 172 Wataniya stations

Prime Minister Mostafa Madbouly witnessed the signing of an agreement between the National Service Projects Organization and TAQA Arabia, listed on the Egyptian Exchange, to transfer a stake in 172 Wataniya-branded fuel stations to a newly established company, Quick Fuel for Petroleum Products Trading and Distribution.

The agreement comes after the completion of a restructuring program for the stations, preparing them for a new phase of development, operation, and expansion in partnership with the private sector. The move falls within the framework of Egypt’s state privatization program and the State Ownership Policy Document.

According to the agreement, TAQA Arabia will acquire a 10 percent stake in Quick Fuel and will assume responsibility for managing and operating the company under a management contract. Through this role, TAQA Arabia will oversee daily operations, implement development plans, improve service quality, and enhance operational efficiency across the network.

The deal also gives TAQA Arabia the option to acquire an additional 15 percent stake in Quick Fuel in the future, once the company is offered on the Egyptian Exchange. This step is expected to support the government’s plans to broaden ownership, attract new investors, and deepen private sector participation in the capital market.

Madbouly said the agreement aims to develop and operate the Wataniya station network under Quick Fuel, stressing that the transaction reflects the government’s commitment to expanding private sector involvement in economic activities.

He added that the partnership provides a strong model for cooperation between state entities and private companies, helping improve the management of state-owned assets and create greater value for the Egyptian economy.

Mohamed Farid Saleh, Minister of Investment and Foreign Trade and Chairman of The Sovereign Fund of Egypt, said the agreement is part of the government’s efforts to raise the private sector’s contribution to economic activity and maximize the efficiency of state-owned assets.

He noted that the transaction is aligned with the objectives of the State Ownership Policy Document and the government’s broader plan to expand company ownership bases, support private sector-led growth, and improve Egypt’s investment environment.

Pakinam Kafafi, CEO of TAQA Arabia, said the management and operation of 172 fuel stations under Quick Fuel represents a strategic milestone in the company’s expansion within the petroleum products distribution and marketing sector.

She added that the deal will help TAQA Arabia expand its services and geographic footprint, while leveraging its operational expertise in the energy sector to improve customer experience and raise the efficiency of station operations.

The Sovereign Fund of Egypt managed the offering process as the transaction advisor. The advisory team for the National Service Projects Organization included CI Capital as exclusive financial advisor, ADSERO – Ragy Soliman & Partners as legal advisor, and Grant Thornton as accounting and tax advisor. Zulficar & Partners acted as legal advisor to TAQA Arabia