{"id":696821,"date":"2026-04-28T00:00:00","date_gmt":"2026-04-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=696821"},"modified":"2026-04-28T02:45:45","modified_gmt":"2026-04-28T02:45:45","slug":"firms-line-up-to-quarterback-the-states-ipo-program","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/04\/28\/firms-line-up-to-quarterback-the-states-ipo-program\/","title":{"rendered":"Firms line up to quarterback the state\u2019s IPO program"},"content":{"rendered":"

Good morning, friends.<\/strong> We\u2019ve got a packed issue for you today. We are leading this morning with a cross-border M&A and more good news, including the Suez Canal Economic Zone\u2019s ability to lure in Turkish textile giants and Chinese logistics heavyweights.<\/p>\n

In other good news: <\/strong>The State-Owned Enterprises Unit is reportedly courting pitches from local investment banks to quarterback its upcoming IPO pipeline. <\/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

\n

The IPO scrimmage line<\/p>\n

<\/a> Investment bankers are lining up to quarterback the state\u2019s upcoming IPO program.<\/strong> EFG Hermes, CI Capital, Al Ahly Pharos, and Arqaam Capital have reportedly all submitted bids to the State-Owned Enterprises Unit, an unnamed government official told the Arabic press<\/a>. This interest comes as the state looks to expand its temporary listing pipeline to 30 companies<\/a> across various sectors before the fiscal year ends in June to keep the IMF onside.<\/p>\n

REFRESHER- <\/strong>The government has so far been padding the IPO tape with temporary listings<\/a> \u2014 most recently, El Nasr Housing and Development, Sinai Manganese, and Spring and Transport Equipment Manufacturing earlier this week. These are essentially administrative filings that get companies onto the EGX to satisfy IMF requirements before the real float.<\/p>\n

Phase 4 execution of the program stalled at 7.5% \u2014 only USD 142 mn of a USD 1.9 bn target.<\/strong> This lull is expected to give way to an uptick in activity in 2H 2026. \u201cMost likely in the second half of this year, we will be back to the IPO momentum. Hopefully, starting with Banque du Caire, which is already [temporarily] listed,\u201d Hany Genena, head of research at Al Ahly Pharos, tells EnterpriseAM.<\/p>\n

BdC met strong investor appetite in an early look roadshow before the start of the war in the Gulf<\/strong>, with potential cornerstone investors from the Gulf, London, and New York all expressing strong interest in the story.<\/p>\n

\n

Bills, bills, and bills<\/p>\n

<\/a> The Central Bank of Egypt (CBE) tapped its USD-denominated T-bill <\/strong>program yesterday<\/strong>, selling USD 934 mn in 364-day paper at an average yield of 4.0%, according to its website<\/a>. The new issuance is likely to refinance a USD 985 mn tranche due today. It was priced at an average yield of 4.25% when it was originally auctioned a year ago.<\/p>\n

REMEMBER- <\/strong>Back in February \u2014 prior to regional tensions \u2014 the CBE squeezed borrowing costs down to 3.5% on its 364-day USD paper. That was a big W compared with the 4.25% it was paying the year before. Yesterday\u2019s sale kept that streak alive, albeit at a higher rate.<\/p>\n

\n

A play on the Med<\/p>\n

The government is moving to build a USD 600 mn integrated petroleum <\/strong>logistics zone at Alexandria Port<\/strong>, a government source tells the Arabic press<\/a>. The first phase will cover some 300k sqm and include a 900-meter marine berth as part of a wider Greater Alexandria Port development.<\/p>\n

What\u2019s next: <\/strong>The Transport and Oil Ministries are still wrapping up contracts, including the usufruct fee payable to the Alexandria Port Authority and a financing structure that blends foreign and local currencies. Full details \u2014 including partners and equity splits \u2014 are expected to be announced soon. <\/p>\n

The Red Sea is already in play:<\/strong> Alongside efforts to rent our warehouses<\/a> on the Red Sea for crude oil and refined products to AD Ports, we have offered 10 crude and petroleum storage facilities<\/a> for lease on the east coast to attract oil deliveries from Saudi Arabia, Kuwait, Iraq, and Qatar. <\/p>\n

BACKGROUND- <\/strong>We have around 29 mn barrels of spare storage across our main ports \u2014 a figure that positions Egypt as a viable option for traders looking for optionality and a strategic location. The country operates 19 commercial ports, 14 under development, and nearly 79 petroleum storage facilities built or upgraded in recent years. <\/p>\n

\n

A logistics link with Russia? <\/p>\n

<\/a> The Trans<\/strong>port Ministry is mulling a logistics corridor with Russia<\/strong>, connecting container terminals and industrial zones on the Red Sea and the Mediterranean to Russian Black Sea ports and the Northern Sea Route. This emerged during a meeting between the Transport Ministry and Russia\u2019s Maritime Board, which saw the two sides ink an MoU<\/a> to boost cooperation in the maritime transport sector and localize shipbuilding in Egypt. <\/p>\n

Why it matters: <\/strong>A link between the two nations would provide the infrastructure needed to realize Russian President Vladimir Putin\u2019s proposed<\/a> grain and energy hub in Egypt. The project would position Egypt as a key logistics and storage center for Russian exports to Africa and the Middle East.<\/p>\n

PSA<\/p>\n

WEATHER- <\/strong>It\u2019s a bit warmer in Cairo today, though still a breezy spring day, with a high of 29\u00b0C and a low of 17\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s several degrees cooler in Alexandria<\/strong>, with a high of 24\u00b0C and a low of 14\u00b0C.<\/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 | 11am Egypt.<\/p>\n

\n

\n

\n

The big story abroad <\/p>\n

It is a pretty qui<\/strong>et morning on the global front pages<\/strong>, with the latest on the US-Iran negotiations getting top billing. <\/p>\n

Where do the peace talks stand? <\/strong>It is unlikely that we\u2019ll see any progress in the talks between the US and Iran anytime soon. US President Donald Trump is reportedly dissatisfied<\/a> with Iran\u2019s latest proposal, which calls for an end to the US naval blockade, deferring discussions<\/a> regarding Iran\u2019s nuclear program until after the war is over. <\/p>\n

We\u2019ll be waiting to hear from Trump<\/strong> after the White House Press Secretary told<\/a>reporters<\/a> that he will address the matter very soon. <\/p>\n

AND- <\/strong>It\u2019s da<\/strong>y one of what could be Jerome Powell\u2019s final Fed meeting as Chair. <\/strong>The central bank is widely expected to keep rates unchanged as it looks to limit the impact of the regional war and higher energy prices. It\u2019s a big week for monetary policy, with the central banks of the UK, EU, and Japan set to make rate decisions in the coming days. <\/p>\n

Meanwhile, in the world of finance: <\/strong>The value of the fund finance market has ballooned<\/a>beyond USD 1 tn<\/a>, according to a Moody\u2019s Ratings report. The industry is surging as private credit funds multiply and a dealmaking slump forces private equity firms to seek frequent injections of banknotes.<\/p>\n

<\/p>\n

*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> EnterpriseAM\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p>\n

In today\u2019s issue: <\/strong>We\u2019re exploring Egypt\u2019s potential to pivot from a lithium importer to an energy storage pioneer, leveraging homegrown salt-based batteries to accelerate our renewable buildout.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends. We\u2019ve got a packed issue for you today. We are leading this morning with a cross-border M&A and more good news, including the Suez Canal Economic Zone\u2019s ability to lure in Turkish textile giants and Chinese logistics heavyweights. In other good news: The State-Owned Enterprises Unit is reportedly courting pitches from local […]<\/p>\n","protected":false},"author":1,"featured_media":696822,"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":[72,81,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-696821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today-10","tag-enterpriseam","tag-privatization-watch","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"4a3594ce-e932-4a67-8416-935252e3f0b8","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2025\/3\/39.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Everyone wants a piece of the action","related_issue":[696819],"teaser":""},"yoast_head":"\nFirms line up to quarterback the state\u2019s IPO program - 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\/28\/firms-line-up-to-quarterback-the-states-ipo-program\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Firms line up to quarterback the state\u2019s IPO program\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends. 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This daily briefing is offered without charge, and we invite those born without a sense of humor to exercise their democratic right to unsubscribe if\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":637841,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/27\/ipo-of-alhokairs-malls-unit-said-to-be-on-hold-iraq-plans-usd-2-bn-eurobond\/","url_meta":{"origin":696821,"position":2},"title":"IPO of Alhokair\u2019s malls unit said to be on hold, Iraq plans USD 2 bn eurobond","author":"enterpriseam admin","date":"27 November 2017","format":false,"excerpt":"Also making news in the international business press this morning:Alhokair Malls IPO on hold? \u201cPlans to revive the public share sale of Fawaz Alhokair Group\u2019s mall unit are on hold after the accounts of its billionaire co-founder were frozen in Saudi Arabia\u2019s corruption crackdown, according to people with knowledge of\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":656935,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/12\/abdelatty-touches-down-in-beijing-for-egypt-china-strategic-dialogue\/","url_meta":{"origin":696821,"position":3},"title":"Abdelatty touches down in Beijing for Egypt-China strategic dialogue","author":"enterpriseam admin","date":"12 December 2024","format":false,"excerpt":"Good morning, friends. We\u2019ve got a busy issue today to wrap up what has been a pretty busy week for local business news this week. Topping the news today is Prime Minister Moustafa Madbouly naming ten companies on the privatization cutting board for next year, another company getting ready for\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1534.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":554313,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/this-morning-its-the-final-enterpriseam-issue-of-2021-recapping-a-year-packed-with-fresh-investment-ma-and-a-freshly-restocked-ipo-program\/","url_meta":{"origin":696821,"position":4},"title":"THIS MORNING: It\u2019s the final EnterpriseAM issue of 2021, recapping a year packed with fresh investment, M&A and a freshly restocked IPO program","author":"enterpriseam admin","date":"29 December 2021","format":false,"excerpt":"Good morning, wonderful people, and welcome to our final issue of EnterpriseAM for 2021. We hope the year has been kind to you and that you\u2019re looking forward to 2022 as much as we are.THANK YOU, all of you, for choosing to start and end your days with us. 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