Egypt’s state-owned companies given the green light to hire investment banks for land sales

EXCLUSIVE- Public Enterprises Ministry gives gov’t companies green light to hire investment banks for land sales: Several state-owned companies are in the process of selecting investment banks to manage advise them on how to divest unused land, Public Enterprises Minister Hisham Tawfik told Enterprise. Tawfik said the ministry is preparing a list of investment banks the companies can choose from, but did not provide any names. The investment banks will be mandated with preparing and marketing the land auctions, and property will be for sale only to Egyptians and Egyptian entities. The move is part of the ministry’s plan to sell 20 mn sqm of land held by state-owned companies to pay off EGP 38 bn-worth of debt. Tawfik said he expects 15 land plots to go on sale under the program within four months.