{"id":695575,"date":"2026-04-23T00:00:00","date_gmt":"2026-04-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=695575"},"modified":"2026-04-23T04:09:50","modified_gmt":"2026-04-23T04:09:50","slug":"egx-could-soon-welcome-up-to-10-state-owned-oil-assets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/04\/23\/egx-could-soon-welcome-up-to-10-state-owned-oil-assets\/","title":{"rendered":"EGX could soon welcome up to 10 state-owned oil assets"},"content":{"rendered":"

Good morning, wonderful people, and happy THURSDAY to you all. <\/strong>We\u2019ve got another week in the books (all of us now have 69.3% of the year left to hit our budgets\u2026), and with it, we\u2019re closing on a busy note. <\/p>\n

<\/a> UP FIRST- <\/strong>GPC<\/strong>, Enppi, and Petrojet are just three of the big oil and <\/strong>oil-related assets that the <\/strong>state IPO <\/strong>committee thinks could make credible offerings on the EGX<\/strong>, a senior government official tells EnterpriseAM. GPC \u2014 the state\u2019s primary exploration and production arm \u2014 could be first in line, potentially followed by Enppi (sound familiar?<\/a>), Petrojet, Petromaint, and the Egyptian Drilling Company. As many as 10 petro-related companies could be in line.<\/p>\n

What they\u2019re doing now: <\/strong>The committee is reviewing each company on a case-by-case basis to resolve law-related hurdles and bottlenecks, including updating decades-old articles of association and securing general assembly approvals. <\/p>\n

IN CONTEXT- This push is part of a race to meet the government\u2019s target of \u201clisting\u201d 30 <\/strong>state companies by the end of June.<\/strong> The state has already moved forward with the temporary listing of 12 public business sector firms<\/a> \u2014 including El Nasr Housing and the National Company for Asset Management \u2014 giving them a six-month window to finalize their paperwork before any potential transaction.<\/p>\n

From The Dept. of Caveats: <\/strong>While preliminary \u201clistings\u201d on the EGX could be in the cards as early as summer, that\u2019s an administrative step. There\u2019s no way the market, in its current state, has the liquidity to support a sudden influx of big names. Instead, look for investment bankers to bring a series of offerings to market, one by one, to broaden and deepen the pool of potential investors. Listings could also presage stake sales to strategics. <\/p>\n

A particularly welcome investment<\/p>\n

Kuwaiti<\/strong> franchise giant <\/strong>Alshaya<\/strong> Group opened its first global talent center in Cairo to <\/strong>manage its tech and customer service operations across MENA<\/strong>, according to a press release (pdf)<\/a>. The facility will serve as a central hub for IT solutions, digital marketing, and multilingual customer service, covering MENA, Turkey, Central and Eastern Europe, Greece, and Cyprus, it said. <\/p>\n

The Communications and IT Ministry has been pushing hard to turn Egypt into a global <\/strong>destination <\/strong>for what the industry now calls \u201cglobal capabilities centers\u201d \u2014 what we called \u201coutsourcing\u201d a generation ago. <\/strong>Last year alone, Egyptians doing digital, back-office, and customer service work for the rest of the world brought a staggering USD 7.4 bn<\/a> into the country, of which USD 4.8 bn came from outsourcing services.<\/p>\n

Why it matters: <\/strong>We\u2019re not sure we see the outsourcing sector growing as fast as the good people at ITIDA do (AI will challenge its prospects worldwide), but two thoughts there. First, these are real, meaningful jobs \u2014 and many of them will survive whatever happens with AI. And perhaps more significantly in this case: Alshaya is investing more in Egypt, just two years after it had to close stores and brands<\/a> as it grappled with the FX crisis of the day. <\/p>\n

***<\/strong><\/p>\n

WISH THIS MORNING\u2019S ISSUE was a podcast? We\u2019ve got you. Tap or click here<\/a><\/strong> to listen to Morning Drive, a 10-minute version of today\u2019s issue crafted for you to enjoy with your morning coffee, while getting the kids ready for school, or while stomping around the house wondering where the [redacted] you left your [redacted] reading glasses.<\/strong>***<\/strong><\/p>\n

\n

Changing the rules for margin trading <\/p>\n

T<\/strong>he <\/strong>Central <\/strong>Bank<\/strong> of Egypt has tightened the rules on margin <\/strong>trading<\/strong>, according to a circular (pdf)<\/a> published last night. The biggest changes include setting stricter ceilings on how margin-trading is financed, restricting financing to local currency borrowing for EGP-denominated securities<\/strong>, and introducing a 10% cap on how much of a client\u2019s portfolio can come from securities outside the EGX100. <\/strong>Brokerages will also have to report clients\u2019 margin borrowing to iScore. <\/p>\n

The main takeaway: <\/strong>The central bank wants to protect local lenders \u2014 the move ensures that if the already-volatile market takes a hit, banks will stay in the clear, protected by these new regulations. The Financial Regulatory Authority has steadily made margin trading easier by loosening regulations over the past decade, but adoption has been relatively shallow \u2014 a few years back, a small minority of investors traded on the margin. The CBE has in the past explored ways of backstopping brokerages<\/a> ; the new regulations fit its wider pattern tightening regulations<\/a> to make sure nothing happening outside of banks might impact the stability of the banking system. <\/p>\n

Looking ahead: <\/strong>Local lenders have six months to comply with the updated regulations. We\u2019ll be watching to see if the concentration rules could see liquidity shift to blue-chip names. <\/p>\n

\n

Data point<\/p>\n

<\/a> EGP 4 tn \u2014 that\u2019s how much we transferred via our mobile <\/strong>wallets last year<\/strong>, as the country\u2019s digital payment ecosystem matures, according to CBE data (pdf)<\/a>. By the end of the year, the total number of registered mobile wallets in the country reached 60 mn, nearly 4x higher than the 15.2 mn recorded in 2019. The data does not specify the ratio of active users to dormant accounts.<\/p>\n

Youth driving adoption: <\/strong>The surge in adoption is largely driven by younger users. Some 19 mn wallet holders are aged 15-35, compared with 17 mn users aged 36 and above. Meanwhile, prepaid cards continue to dominate the physical payment space, accounting for 50.5% of all issued cards in the country.<\/p>\n

\n

PSA-<\/p>\n

<\/a> You\u2019re losing an hour of sleep tonight: <\/strong>We\u2019ll be moving our clocks 60 minutes forward at midnight as we welcome daylight saving time this Friday, the cabinet said in a statement<\/a>. <\/p>\n

BUT ON THE BRIGHT SIDE<\/strong>- We have <\/strong>a long weekend to look forward to <\/strong>after Prime Minister Mostafa Madbouly announced<\/a> Thursday, 7 May, as an official holiday for the public and private sectors in observance of Labor Day, which falls on Friday, 1 May. We will be on the lookout for similar statements from the central bank and the EGX. <\/p>\n

\n

\n

WEATHER- It is a little warmer in Cairo today<\/strong>, but just a temporary break from an otherwise perfect spring week, with a high of 30\u00b0C and a low of 18\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s single degree cooler in Alexandria<\/strong>, with a high of 29\u00b0C and a low of 17\u00b0C.<\/p>\n

It will stay warm over the weekend before returning to spring conditions. <\/strong>Expect the mercury to remain at a high of 30-32\u00b0C in the capital and 27-28\u00b0C for our friends on the Mediterranean.<\/p>\n

\n

\n

<\/a> <\/p>\n

Meet EnterpriseAM MENA+, our new flagship newsletter<\/strong> covering the flows of capital, people, and ideas across the Middle East \u2014 and beyond it.<\/p>\n

MENA+ covers AI and tech \u2014 and geopolitics, the war for talent<\/strong>, which BSD is on top (and who's gunning for them), the changing energy economy, new corridors to India and China, and much, much more.<\/p>\n

What\u2019s with the \u201c+\u201d in MENA+? <\/strong>We think one of the most powerful stories in the region is the *export* of ideas and capital not just to neighboring regions (Asia, the Stans) but to international financial centers. MENA countries are jockeying for position in the new global economy now taking shape, and we're going to shape that conversation.<\/p>\n

Tap or click here to get your own copy<\/a><\/strong> delivered to your inbox every Monday, Wednesday, and Friday at 12pm UAE | 11am KSA | 10am Egypt.<\/p>\n

\n

\n

\n

The big story abroad<\/p>\n

U<\/strong>S forces <\/strong>have attac<\/a><\/strong>ked<\/a><\/strong> at least three Iranian-flagged tankers in Asian waters<\/strong>, signaling that Washington\u2019s naval blockade is active despite its ongoing ceasefire with Tehran. Partly laden with crude, the vessels were rerouted from their locations off the coasts of India, Sri Lanka, and Malaysia.<\/p>\n

Meanwhile, in the Strait of Hormuz<\/strong>, traffic halted after Tehran attacked three ships<\/a>, escorting two of them into Iranian waters. The attacks do not constitute violations of the truce, since the vessels were not flying US or Israeli flags, White House Press Secretary Karoline Leavitt said. <\/p>\n

Oil <\/strong>jumped <\/strong>in early trading amid maritime turmoil<\/strong>, with Brent crude rising above<\/a> the USD 100 per barrel mark, reaching USD 101.91 per barrel \u2014 up 3.5% from Tuesday\u2019s closing price.<\/p>\n

With Hormuz still mired in conflict<\/strong>, Panama Canal transit charges have hit record highs<\/a> as Asian buyers scramble for oil and gas amid the regional conflict. Daily auction bids have surged fivefold.<\/p>\n

AND IN BUSINESS NEWS- <\/strong>Tesla\u2019s 1Q results offered a mixed bag<\/a>, with income topping analysts\u2019 forecasts, despite revenues falling short of expectations. <\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, wonderful people, and happy THURSDAY to you all. We\u2019ve got another week in the books (all of us now have 69.3% of the year left to hit our budgets\u2026), and with it, we\u2019re closing on a busy note. UP FIRST- GPC, Enppi, and Petrojet are just three of the big oil and oil-related […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[12573],"tags":[68,424,72,8521,9030,78,2324,427,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-695575","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today-10","tag-egx","tag-egyptian-drug-authority","tag-enterpriseam","tag-exports","tag-ipo","tag-ipo-watch","tag-petrojet","tag-pharma","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"2a4918e7-7e64-4e75-bb77-8a983f486723","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/6\/1115.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Which state-owned oil assets could we soon see hit the EGX?","related_issue":[695573],"teaser":"","photo_link":"","related_sponsor":"","voice_url":"","en_translation_ref_id":"","section_story_id":""},"yoast_head":"\nEGX could soon welcome up to 10 state-owned oil assets - 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\/2026\/04\/23\/egx-could-soon-welcome-up-to-10-state-owned-oil-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EGX could soon welcome up to 10 state-owned oil assets\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people, and happy THURSDAY to you all. 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The two companies are expected to inaugurate the project in October 2019. We had previously noted that Enppi and EGAS\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":647307,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/08\/ni-capital-looking-for-global-coordinators-for-enppi-ipo\/","url_meta":{"origin":695575,"position":1},"title":"NI Capital looking for global coordinators for Enppi IPO","author":"enterpriseam admin","date":"8 May 2017","format":false,"excerpt":"IPO WATCH- NI Capital has invited investment banks to pitch for the global coordinator\u2019s gig on the potential IPO of state-owned petroleum and petrochemicals EPC contractor Enppi, according to Al Masry Al Youm. This is the first phase of listing Enppi on the EGX, NI Capital CEO Ashraf El Ghazaly\u2026","rel":"","context":"In "Speed Round"","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":652426,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/09\/enppi-and-amoc-first-state-companies-to-be-listed-in-egx-in-2017-investment-minister\/","url_meta":{"origin":695575,"position":2},"title":"Enppi and AMOC first state companies to be listed in EGX in 2017 -Investment Minister","author":"enterpriseam admin","date":"9 January 2017","format":false,"excerpt":"AMOC and Enppi in line to become the first state-owned companies to offer shares on EGX this year: Additional shares in Alexandria Mineral Oils Company (AMOC) could be offered on the EGX and petroleum industry contractor Enppi could IPO in the first phase of the state\u2019s \u201cIPO program\u201d for publicly\u2026","rel":"","context":"In "Speed Round"","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":622708,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/enppi-ipo-to-include-gdr-program\/","url_meta":{"origin":695575,"position":3},"title":"Enppi IPO to include GDR program","author":"enterpriseam admin","date":"10 October 2018","format":false,"excerpt":"** #4 IPO WATCH- Enppi IPO to include GDR program: The IPO of state-owned energy contractor Enppi is expected to include global depository receipts (GDRs) on the London Stock Exchange alongside a sale of shares on the EGX, government sources said yesterday. The Oil Ministry confirmed over the weekend that\u2026","rel":"","context":"In "Speed Round"","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":650659,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/29\/enppi-takes-first-steps-towards-listing-on-the-egx\/","url_meta":{"origin":695575,"position":4},"title":"Enppi takes first steps towards listing on the EGX","author":"enterpriseam admin","date":"29 March 2017","format":false,"excerpt":"IPO Watch- The Oil Ministry has greenlit the beginning of the process to offer up to 24% of state-owned oil and gas engineering contractor Enppi on the EGX, according to Al Masry Al Youm. The next step now is for issuance manager NI Capital to arrange the company\u2019s fair value\u2026","rel":"","context":"In "Speed Round"","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":548972,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/29\/hassan-allam-lands-another-toshka-contract-more-wheat-courtesy-of-romania\/","url_meta":{"origin":695575,"position":5},"title":"Hassan Allam lands another Toshka contract + More wheat, courtesy of Romania","author":"enterpriseam admin","date":"29 August 2022","format":false,"excerpt":"Hassan Allam Construction to work on Toshka irrigation project: Hassan Allam Construction, a subsidiary of Hassan Allam Holding, has been awarded a contract to install irrigation infrastructure as part of the project to reclaim land in Toshka for wheat production, the company said in a statement last week. 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