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Banque du Caire, Safi + Wataneya to debut on EGX before IMF reviews: The government is planning to list stakes in Banque du Caire, Safi, and Wataneya on the EGX ahead of the IMF’s delayed fifth and sixth loan reviews, two government sources told us. The three IPOs are now expected to hit the EGX between August and September, one source added. The government is pushing to wrap up at least four IPOs by the end of the year after the IMF merged its next two program reviews.
We’re likely looking at listing stakes of less than 30% in each of the companies, with the aim of broadening ownership after talks with strategic investors failed to reach agreement. For Banque du Caire in particular, negotiations with Emirates NBD fell through due to a valuation gap, sources told us.
The government aims to drum up USD 5-6 bn in fresh investments by offering stakes in six companies on the EGX before 1Q 2026, one of the sources said. The plan is part of the broader structural reform agenda agreed with the IMF and is meant to bring in capital through the bourse.
Who else is on the list? Two maritime transport firms are on deck for listings, the source said. A sixth company is also in the pipeline, though details are still under wraps. Plans to list military-affiliated firms Safi and Wataneya date back two years, when they were named among 35 companies in the original privatization push. Both were added to the Sovereign Fund of Egypt’s pre-IPO fund last year for restructuring ahead of their listings.
Why this matters: The listings could add further momentum to an unusually active summer for the EGX after a long dry spell. Valu made its debut last month, and Bonyan has since kicked off its ongoing IPO. The anticipated state sales would also give a boost to the privatization program, which hasn’t seen a listing since United Bank went public late last year.
More state asset sales in the pipeline: Finance Ministry officials are working on a longer list of 11 state companies earmarked for listing in FY 2025-26, including five owned by the army’s National Service Projects Organization.
The Gulf is still interested: Sources said that some Gulf investments delayed by regional tensions could be back on the table soon. That includes planned Qatari and Saudi investments in the real estate sector — including a major North Coast project that could bring in as much as USD 3 bn from Qatar alone.
