Unfazed by the continuing conflict in the Gulf, the Madbouly government is pressing ahead with its IPO program with plans to list 20 state-owned companies this year, targeting USD 6 bn in proceeds, a senior government official told EnterpriseAM. To build momentum, 13 pharma, logistics, industry, and finance companies will file for temporary listings this month, giving them each six months to get their paperwork and finances in order before the actual trading begins.

The wildcard: Banque du Caire, the nation’s most-anticipated IPO in a decade, is on the runway for an April listing. We’d expect policymakers to pull back if valuations remain — or investor appetite dries up — in the face of a drawn-out war in the Gulf.

Misr Life Ins. has already completed its temporary listing on the exchange, with the government planning to put about 20% of its share up for grabs soon, we were told.

The government will also renew the temporary listings for Port Said Container & Cargo Handling and Damietta Container & Cargo Handling to push them toward the finish line. We were also told to expect additional stake sales in a number of already listed firms, including Heliopolis Housing and Development.

Why this matters: By pushing ahead with its plan to advance its privatization push through the EGX despite recent market volatility — after airstrikes on Iran kicked off a regional war on Saturday — the state is signaling that its reform agenda is here to stay, whatever the difficulties. Importantly, temporary listings open up a six-month window that will allow these companies to get IPO-ready in preparation for the return of more favorable market conditions.

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