Fresh privatization targets for the new fiscal year: The Madbouly government expects to raise USD 4-5 bn from selling stakes in 11 state-owned companies during the fiscal year 2025-2026, as a part of its privatization program, a government source told EnterpriseAM.

Some Gulf suitors could be announced soon: Another government source told us to sit tight for announcements of Saudi and Kuwaiti transactions under the privatization program.

Who’s in? Five of the 11 companies are affiliated with the military’s National Service Projects Organization, our government sources tell us.

We have an idea which military-affiliated companies could be on the privatization block: The Sovereign Fund of Egypt (SFE) has already begun restructuring five military-affiliated companies — filling station operator Wataneya, bottled water company Safi, food manufacturer Silo Foods, fuel retailer Chill Out, and the National Roads Company — in preparation for offering them by 2026.

As things stand: The state has so far raised some USD 6 bn across 21 transactions under the program, according to a cabinet statement out this week.

More to come? The SFE is conducting a comprehensive review of the privatization program that could see it expand the program to 40-60 state-run companies, up from the current list of 35.

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