{"id":611754,"date":"2023-12-12T00:00:00","date_gmt":"2023-12-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/12\/more-state-companies-lined-up-for-sale-in-1q-2024-says-sfe-chief\/"},"modified":"2023-12-12T00:00:00","modified_gmt":"2023-12-12T00:00:00","slug":"more-state-companies-lined-up-for-sale-in-1q-2024-says-sfe-chief","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/12\/more-state-companies-lined-up-for-sale-in-1q-2024-says-sfe-chief\/","title":{"rendered":"More state companies lined up for sale in 1Q 2024, says SFE chief"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The Sovereign Fund of Eg<\/strong><strong>ypt <\/strong><strong>(SFE) <\/strong><strong>is gearing up for new sales of state-owned companies in 1Q 2024<\/strong>, SFE chief Ayman Soliman told <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/f7hp3f6w\" style=\"\" rel=\"noopener\">CNN Business Arabia<\/a> on the sidelines of COP28 in Dubai. The privatization program will expand to include companies working in the infrastructure and financial services sectors, he said. Soliman didn\u2019t disclose which companies could be offered to investors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong><\/p>\n<ul>\n<li>There are <strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a0da43-f922-4a49-b3a9-839f397f8ce4\" style=\"\" rel=\"noopener\">35 companies<\/a><\/strong><strong> and assets<\/strong> currently on the privatization list, three of which have already sold stakes to private investors: <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d42b0c32-513b-4c59-9cd3-ee95c9515f06\" style=\"\" rel=\"noopener\">Eastern Company<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/053a8175-6db9-4185-ab3d-520dc017ac28\" style=\"\" rel=\"noopener\">Telecom Egypt<\/a>, and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7ace4d4a-08f1-4f2e-bc12-15379d392de7\" style=\"\" rel=\"noopener\">Al Ezz Dekheila<\/a>.<\/li>\n<li>The three transactions have brought in <strong>around<\/strong><strong> USD 1 bn<\/strong>, though only the Eastern sale was paid in FX.<\/li>\n<li>The government said in August it is aiming to raise <strong>USD 5 bn<\/strong> from the offering program <strong>between October and June 2024<\/strong>.<\/li>\n<li>The SFE aims to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5eebc811-7a6e-4798-ad07-f7d9fc6192ea\" style=\"\" rel=\"noopener\">finish by the year\u2019s end<\/a> the sale of a stake in a <strong>group of historic hotels<\/strong> that includes the Cairo Marriott, Marriott Mena House, the Winter Palace, and the Cecil.<\/li>\n<li>A stake in filling station operator <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ca37c4c6-6b0a-4553-8a56-b23310d43aec\" style=\"\" rel=\"noopener\">Wataniya<\/a> is also on offer.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WAIT, JUST THREE? It turns out those Elab, Ethyco, and EDC stake sales haven\u2019t <\/strong><strong>been finalized: <\/strong>ADQ\u2019s USD 800 mn acquisition of stakes in the three oil and petrochemical companies hasn\u2019t been completed, Soliman told the news outlet, refuting a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dff2db56-5a9e-4579-ae83-7f347fadb67c\" style=\"\" rel=\"noopener\">recent report in the local press<\/a>. The sales will be wrapped up before the end of the year, he said. The government had initially hoped to sign the final contracts <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a0da43-f922-4a49-b3a9-839f397f8ce4\" style=\"\" rel=\"noopener\">by the end of September<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they\u2019re buying: <\/strong>ADQ is in the process of acquiring a 35% stake of Egyptian Linear Alkyl Benzene (Elab), 30% in the Egyptian Ethylene and Derivatives Company (Ethydco), and 25% in Egyptian Drilling Company (EDC).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>RACE FOR MUBARAK HQ- <\/strong>The SFE is set to finalize before the end of the year a contract with a consortium that will be in charge of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/abf4a31b-be3f-4078-8e89-d6452b339536\" style=\"\" rel=\"noopener\">developing<\/a> the site of the former National Democratic Party (NDP) headquarters in Downtown Cairo, Soliman said. The fund has already decided which consortium is getting the contract and will make an announcement when the paperwork is signed. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Expect to see Gulf names involved:<\/strong> Several news outlets have reported that Gulf contractors are in line for the contract, including Al Manassa, which <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/abf4a31b-be3f-4078-8e89-d6452b339536\" style=\"\" rel=\"noopener\">quoted Elhamy El Zayat<\/a>, chairman of the SFE\u2019s tourism sub-fund, as saying that Emirati investors are involved. <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9b0db15a-e2b0-49ca-8a32-75eed33059ba\" style=\"\" rel=\"noopener\">Asharq Business has also reported<\/a> that Saudi Egyptian Developers and the UAE\u2019s Al Shafar General Contracting Group (ASGC) will bag the contract.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The privatization program will expand to include companies working in the infrastructure and financial services sectors<\/p>\n","protected":false},"author":1,"featured_media":611755,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7321],"tags":[299,369,10649,10595,72,6815,7128,81,370,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-611754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-adq","tag-ayman-soliman","tag-egyptian-drilling-company","tag-egyptian-linear-alkyl-benzene","tag-enterpriseam","tag-ethydco","tag-ma-watch","tag-privatization-watch","tag-sovereign-fund-of-egypt","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"2896c92b-d848-4e6a-bb3e-a76c82418f95","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/776.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt eyes more state asset sales in 1Q 2024, says sovereign fund chief","related_issue":[611749],"teaser":"The privatization program will expand to include companies working in the infrastructure and financial services sectors","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.f3314280-db34-4239-97f9-fa832af27d07.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>More state companies lined up for sale in 1Q 2024, says SFE chief - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/12\/more-state-companies-lined-up-for-sale-in-1q-2024-says-sfe-chief\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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plants + military companies\u2019 privatization from the SFE: The Sovereign Fund of Egypt (SFE) and the Electricity Ministry are nearly done with studies on how best to move forward with a stake sale in the Siemens \/ Orascom Construction \/ Elsewedy Electric combined-cycle power plant,\u2026","rel":"","context":"In &quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":583645,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/19\/sfe-open-to-selling-100-of-safi-wataniya-to-strategic-investors-soliman\/","url_meta":{"origin":611754,"position":1},"title":"SFE open to selling 100% of Safi, Wataniya to strategic investors -Soliman","author":"enterpriseam admin","date":"19 March 2023","format":false,"excerpt":"Local, regional and international investors have reportedly shown interest in the companies","rel":"","context":"In &quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Safi-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568014,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/15\/more-military-companies-up-for-privatization-in-historic-shift-for-the-economy\/","url_meta":{"origin":611754,"position":2},"title":"More military companies up for privatization in \u201chistoric shift\u201d for the economy","author":"enterpriseam admin","date":"15 December 2020","format":false,"excerpt":"Three more military-affiliated companies will open up to private ownership in 2021, Sovereign Fund of Egypt CEO Ayman Soliman told Bloomberg. The three unnamed companies join Wataniya Petroleum and the National Company for Producing and Bottling Water (Safi), which Soliman said will be open for full private ownership as early\u2026","rel":"","context":"In &quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/262.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":583643,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/19\/elab-first-up-for-sale-via-sfes-pre-ipo-fund-soliman\/","url_meta":{"origin":611754,"position":3},"title":"Elab first up for sale via SFE\u2019s pre-IPO fund -Soliman","author":"enterpriseam admin","date":"19 March 2023","format":false,"excerpt":"ALSO: eMethanex, Enppi and Midor could be back in the government\u2019s privatization plans","rel":"","context":"In &quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Enppi-petrochemicals-refinery-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567894,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/10\/the-first-two-military-owned-companies-line-up-to-sell-shares\/","url_meta":{"origin":611754,"position":4},"title":"The first two military-owned companies line up to sell shares","author":"enterpriseam admin","date":"10 December 2020","format":false,"excerpt":"Safi, Wataniya Petroleum are up first in Egypt\u2019s plan to partially privatize military-owned companies: The Sovereign Fund of Egypt (SFE) decided that Wataniya Petroleum and the National Company for Producing and Bottling Water (Safi) as the first two subsidiaries of the National Service Products Organization (NSPO) the fund will move\u2026","rel":"","context":"In &quot;IPO&quot;","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/197.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547008,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/sfe-pushing-ahead-with-stake-sales-to-strategics-courts-gulf-investors-as-it-lines-up-new-hotels-company-for-high-profile-sale-soliman\/","url_meta":{"origin":611754,"position":5},"title":"SFE pushing ahead with stake sales to strategics, courts Gulf investors as it lines up new hotels company for high-profile sale \u2013Soliman","author":"enterpriseam admin","date":"6 June 2022","format":false,"excerpt":"Sovereign Fund of Egypt head Ayman Soliman gets credit for being a straight shooter this morning after telling Bloomberg Asharq in an interview yesterday that stake sales are likely the order of the day for the state\u2019s privatization program in the foreseeable future. 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