Egypts IPO Program
He noted that the bank’s previous assessment is now outdated, necessitating a new evaluation that reflects its current financial standing.
During a press conference, Madbouly confirmed that Wataniya and Safi will be listed on the stock market by mid-next year. Additionally, shares of state-owned Alexandria Bank and Banque du Caire will also be included in the upcoming offerings.
This announcement comes as part of the Egyptian government’s plan to offer stakes in more 32 state-owned companies. The plan includes state-owned companies and targets raising $6.5 billion by the end of 2024.
Their goal is to expand the range of products offered to cater to Egypt's unbanked and underserved populations.
The Saudi group submitted an official proposal to the Cabinet. The proposal outlines the development of approximately 10 hotels, with ratings varying from 4 to 5 stars, in the region of Sharm El-Sheikh, to create up to 3,000 hotel rooms.
Maait emphasized the pressing need for the private sector to assume a more prominent role in Egypt's economy, considering that nearly one million young individuals enter the labor market yearly while the government can only create around 100,000 new jobs
This evaluation is in preparation for one of the banks to acquire it, with preference given to the bank offering the higher price.
During his statement, Minister Maait emphasized the importance of bolstering multilateral cooperation to address the financing challenges faced by emerging economies due to geopolitical tensions worldwide
The new companies are reportedly affiliated with various entities, including the National Investment Bank, the Ministry of Finance, the Central Bank, the Ministry of Public Business Sector, and the Ministry of Transport
