{"id":620561,"date":"2024-05-22T00:00:00","date_gmt":"2024-05-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/22\/this-evening-wataniya-gets-seven-local-and-international-suitors-to-acquire-the-state-owned-fuel-retailer\/"},"modified":"2024-05-22T00:00:00","modified_gmt":"2024-05-22T00:00:00","slug":"this-evening-wataniya-gets-seven-local-and-international-suitors-to-acquire-the-state-owned-fuel-retailer","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/22\/this-evening-wataniya-gets-seven-local-and-international-suitors-to-acquire-the-state-owned-fuel-retailer\/","title":{"rendered":"THIS EVENING: Wataniya gets seven local and international suitors to acquire the state-owned fuel retailer"},"content":{"rendered":"

Good afternoon folks, happy almost-Thursday. <\/strong>The newscycle is starting to pick up as we come close to the end of this businessweek in Om El Donia. <\/p>\n

THE BIG STORY TODAY<\/p>\n

Gov\u2019t is working to get the SFE\u2019s industry sub-fund off the ground: <\/strong>The government is working with seven local investors across different industries to launch the Sovereign Fund of Egypt's (SFE) industry-focused sub-fund<\/a>, Planning Minister Hala El Said told Al Masdar<\/a> on the sidelines of the joint annual meetings of Arab financial institutions. <\/p>\n

Some of the discussions underway:<\/strong> The government is in talks with feeder industries to feed the National Egyptian Railway Industries Company\u2019s (NERIC) manufacture of railway and train supplies. In the meantime, discussions with industries focused on food, engineering, and building materials will wrap up in June, paving the way for a project launch in July.<\/p>\n

Gov\u2019t could also be making headway on the Wataniya stake sale: <\/strong>State-owned fuel retailer Wataniya has received seven international and local acquisition offers, El Said told Asharq Business<\/a>. The government is reportedly filtering the offers for the long-awaited stake sale and will select one soon.<\/p>\n

That\u2019s more than double the offers than we knew of:<\/strong> Prime Minister Mostafa Madbouly held a meeting back in February to look at offers<\/a> submitted for Wataniya. Last we heard, there were three final offers<\/a> remaining on the table for a 30% stake in the company, according to unconfirmed local media reports.<\/p>\n

ICYMI: <\/strong>Taqa Arabia \u2014 in which the military\u2019s National Service Projects Organization (NSPO) holds a 20% stake \u2014 is the only firm<\/a> to have publicly declared interest in the filling station operator, and Shell has reportedly also made a bid. Wataniya has been on the market for the last four<\/a> years.<\/p>\n

THE BIG STORY ABROAD<\/p>\n

Israel has recalled its ambassadors to Spain, Ireland, and Norway after the three <\/strong>European countries pledged that they would recognize Palestinian statehood<\/strong>, joining around 140 countries around the world that already recognize a Palestine state. Israeli Foreign Minister Israel Katz decried the trio\u2019s decision, saying that \u201cIreland and Norway intend to send a message to the Palestinians and the whole world today: Terrorism pays,\u201d he said in a statement<\/a> prior to Spain\u2019s announcement that it too would recognize the state of Palestine. Irish Prime Minister Simon Harris said he was \u201cconfident\u201d that more nations would soon follow suit. (Bl<\/a>oomberg<\/a> | <\/span>FT<\/a> | <\/span>Reuters<\/a>)<\/span><\/p>\n

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