PRIVATIZATION WATCH- NBE to divest in 5-6 companies by year end, create opening for private sector investors: The National Bank of Egypt (NBE) is planning to sell up to EGP 1 bn in stakes from five or six companies by the end of the year, including Emisal Salts and Arco Steel, Co-Deputy Chairman Yehia Abu El Fotouh said. The bank is working with Banque Misr on the sales.

Positioning the divestments as the government ceding space to the private sector is good policy, particularly as the just-announced IPO of Aramco could pull oxygen out of regional markets (stymying stake sales of already-listed government companies) and as no IPO of a state-owned company is likely in the next three or more months from where we sit.

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