{"id":630972,"date":"2018-03-06T04:15:21","date_gmt":"2018-03-06T04:15:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/06\/khaled-badawi-remarks\/"},"modified":"2018-03-06T04:15:21","modified_gmt":"2018-03-06T04:15:21","slug":"khaled-badawi-remarks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/06\/khaled-badawi-remarks\/","title":{"rendered":"Khaled Badawi remarks"},"content":{"rendered":"<p><strong>A more private sector oriented Public Enterprise Ministry:<\/strong> The opening session of the conference was an interview with Public Enterprises Minister Khaled Badawy, who we are pleased to say is taking a much friendlier tone toward the private sector than we\u2019ve heard from the 20-year-old ministry in \u2026 well, forever. The current central philosophy to the ministry, which comes off the back of the Egypt\u2019s wider reform agenda, is the need to bring private capital into public enterprises. Badawy would also like to see more private sector management principles ingrained in state companies, by making them more profit-oriented and reliant on key business indicators and avoiding production for production\u2019s sake.<\/p>\n<p><strong>The ultimate goal? To get state-owned companies outside the direct influence of bureaucrats and into the hands of investment professionals.<\/strong> He sees the long term plan for state managed assets to be placed under <strong>a sovereign wealth fund<\/strong>. Plans for an Egypt sovereign wealth fund are still down the road. Badawy named the bureaucratic old guard and its rigidity as a major challenge to reforming the sector. Egypt, however, has learned from the mistakes of privatization in the 1990s and is better equipped now to meet these challenges.<\/p>\n<p><strong>Key takeaways: <\/strong><\/p>\n<p><strong>Raising the private sector\u2019s involvement:<\/strong> Work on expanding the private sector\u2019s role in the economy will, in the short term at least, be through the state IPO program. Badawy confirmed that 10 companies currently have slated for listing, though he did not detail which ones, saying the Finance Ministry would be responsible for the program and will make the announcement. <strong>He sees the government holding a controlling stake of at least 51% in each company brought to market\u2014for the time being.<\/strong> Down the road, he expects all government owned shares in state-owned enterprises to be traded in the market through various investment vehicles, whether that\u2019s the EGX or a sovereign wealth fund.<\/p>\n<p><strong>Restructuring before selling stakes:<\/strong> But before we can make these companies attractive to investors, they need to be reformed.<\/p>\n<p><strong>Which sectors? <\/strong>Badawy pointed several times to textiles, steel, automotive (specifically, the components industry), logistics and construction. He also sees petrochemicals as an attractive sector considering the boom in natural gas Egypt has seen of late. Badawy noted that out of 121 state companies, 48 are losing money. Some of these, particularly textiles, have substantial assets \u2014 with the public sector textile companies having assets totaling almost EGP 100 bn. Some of these would need to be sold to help bring companies much needed liquidity to fund their restructuring.<\/p>\n<p><strong>Legislative reform is also in the works.<\/strong> The current laws governing the Public Enterprises Ministry will need to be amended to bring it line with the goals of other legislation, such as the new Investment Act and the upcoming Automotive Directive.<\/p>\n<p><strong>What\u2019s the status on a sovereign fund? <\/strong>Badawy told delegates that \u201cThe idea of the fund is being discussed internally and is in its early stages,\u201d he said, but we had been under the impression from senior policymakers that it was far more advanced than that. His comments came <a href=\"http:\/\/www.almalnews.com\/Story\/367510\/15\/%D9%88%D8%B2%D9%8A%D8%B1%D8%A9-%D8%A7%D9%84%D8%AA%D8%AE%D8%B7%D9%8A%D8%B7-%D8%AA%D8%AF%D8%B4%D9%8A%D9%86-%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%B3%D9%8A%D8%A7%D8%AF%D9%8A-%D9%82%D8%B1%D9%8A%D8%A8%D8%A7\">a day after<\/a> Planning Minister Hala El Said also said the government was interested in setting up a sovereign wealth fund, without providing more details.<\/p>\n<p><strong>Best quotes:<\/strong><\/p>\n<p><strong>\u201cGovernments should not, in my personal opinion, manage profit-oriented companies.<\/strong> If the government wants to own an asset, it should be through a sovereign fund managed by professionals.\u201d \u2014in response to a question on which sectors the government should directly manage.<\/p>\n<p><strong>Speaking on the public\u2019s aversion to privatization<\/strong>, Badawi said: \u201cWe had a problem approaching the IPO program, but we have passed that stage. The government has taken aggressive reforms over the past couple years. It had an impact on the mindset, and people took it well.\u201d<\/p>\n<p><strong>Layoffs could be part of the privatization program<\/strong>, but they\u2019re not they\u2019re not the raison d\u2019\u00eatre of the program.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A more private sector oriented Public Enterprise Ministry: The opening session of the conference was an interview with Public Enterprises Minister Khaled Badawy, who we are pleased to say is taking a much friendlier tone toward the private sector than we\u2019ve heard from the 20-year-old ministry in \u2026 well, forever. The current central philosophy to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":630973,"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":[11966],"tags":[72,11965],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-630972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-spotlight-efg-hermes-one-on-one-2018-in-dubai","tag-enterpriseam","tag-spotlight-efg-hermes-one-on-one-2018-in-dubai","wpautop","entry"],"acf":{"mongo_id":"10274e9d-75bb-490e-a5e7-289f91d57189","order":"0","is_powered_by":true,"section_story_id":"c636097b-32a7-4a56-8b07-8ff67e52f018","story_type":"1","photo_url":"https:\/\/ent.news\/2018\/3\/732.jpg","photo_position":"above","related_issue":[630944],"teaser":"","voice_url":""},"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>Khaled Badawi remarks - 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\/2018\/03\/06\/khaled-badawi-remarks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Khaled Badawi remarks\" \/>\n<meta property=\"og:description\" content=\"A more private sector oriented Public Enterprise Ministry: The opening session of the conference was an interview with Public Enterprises Minister Khaled Badawy, who we are pleased to say is taking a much friendlier tone toward the private sector than we\u2019ve heard from the 20-year-old ministry in \u2026 well, forever. 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The move to privatize the management of Upper Egypt for Transport, West\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574677,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/17\/public-enterprises-ministry-offers-transport-agriculture-projects-to-private-investors\/","url_meta":{"origin":630972,"position":3},"title":"Public Enterprises Ministry offers transport, agriculture projects to private investors","author":"enterpriseam admin","date":"17 September 2020","format":false,"excerpt":"Gov\u2019t wants to partner with private sector on transport, agriculture projects: A private sector investor will be handed the reins to manage and operate the Holding Company for Maritime & Land Transport\u2019s three passenger transport subsidiaries after they are merged into a single entity, Public Enterprises Minister Hisham Tawfik said\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574462,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/10\/beltone-ci-capital-and-efg-hermes-will-hold-stakes-in-the-commodities-exchange\/","url_meta":{"origin":630972,"position":4},"title":"Beltone, CI Capital and EFG Hermes will hold stakes in the commodities exchange","author":"enterpriseam admin","date":"10 September 2020","format":false,"excerpt":"Beltone, CI Capital and EFG Hermes will hold stakes in the new Egyptian Commodities Exchange (Egycomex), exchange boss Ibrahim Ashmawy tells us, though he did not outline who will own how much. Their shares will be part of a 49% ownership stake that will be held along with state banks\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/125.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598846,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/10\/public-enterprises-ministry-to-offer-ghazl-el-mahalla-football-club-to-private-sector-investors\/","url_meta":{"origin":630972,"position":5},"title":"Public Enterprises Ministry to offer Ghazl El Mahalla football club to private sector investors","author":"enterpriseam admin","date":"10 June 2019","format":false,"excerpt":"The Public Enterprises Ministry is planning to open state-affiliated football club Ghazl El Mahalla to private sector investment, minister Hisham Tawfik told Al Mal. The club could be operated through a JV in which the government would hold no more than a 24% stake, with the remaining 76% owned by\u2026","rel":"","context":"In &quot;Sports&quot;","block_context":{"text":"Sports","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/_newspack_sports\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/630972","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=630972"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/630972\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/630944"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/630973"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=630972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=630972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=630972"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=630972"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=630972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}