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2025 is almost over, where is the promised progress on privatization? The next phase of the Madbouly government’s privatization program has been pushed back from the last announced schedule — end of year — to 1Q 2026, a senior government official told EnterpriseAM. The delay comes as authorities eye a more favorable trading window, and as they finalize a new incentives package for companies planning to go public.
The exact dates are still being finalized, taking into account the year-end close and the rollout of the new stock market incentive package.
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REFRESHER- The government is working to boost liquidity on the EGX ahead of the next phase of privatization, which is being ramped up to include 50 state-owned companies across 14 sectors. The revamped program will also focus on ramping up private-sector participation through minority EGX listings rather than relying mainly on strategic sales.
4Q may not have been an attractive window regionally: Riyadh-based EFSIM Facilities Management pulled the plug on its planned IPO on the main market Tadawul earlier this week, a couple of months after Dubai-based online classifieds platform Dubizzle postponed its IPO.
What does this mean for the fifth and sixth reviews of our USD 8 bn loan program with the IMF? The delay is unlikely to affect ongoing discussions with the IMF, especially in light of Egypt securing FDI inflows after inking a USD 29.7 bn agreement with Qatari Diar to develop a North Coast project, the source said. The lack of progress on the divestment front has been a sticking point between the Fund and authorities.
IN CONTEXT- A mission from the Fund is currently in town conducting the latest reviews of our program.
The Gabal El Zeit power plant remains on the government’s radar, with officials still weighing a stock market listing against a strategic investor sale, our source said.
REMEMBER- Government sources told us in October that the privatization program will start picking up pace again in November with the sale of a stake in the Gabal El Zeit wind power plant — but we are yet to see that plan materialize. They also added that procedures are already underway to list 30-40% of the farm by year-end in a transaction expected to raise up to USD 400 mn.
