{"id":708989,"date":"2026-06-10T00:00:00","date_gmt":"2026-06-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=708989"},"modified":"2026-06-10T02:44:05","modified_gmt":"2026-06-10T02:44:05","slug":"government-mulls-handing-sfe-control-over-entire-state-owned-portfolios","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/06\/10\/government-mulls-handing-sfe-control-over-entire-state-owned-portfolios\/","title":{"rendered":"Government mulls handing SFE control over entire state-owned portfolios"},"content":{"rendered":"

Good morning, ladies and gents.<\/strong> Today\u2019s issue is all about growing and expanding. The players in our news well are either buying up shares, securing a massive bag, opening up new shops, or building out an entirely new empire.<\/p>\n

LVP Pharma once again ups its stake in Rameda to 31.5%, edging close to the mandatory tender offer line.<\/strong> Meanwhile, local fintech Blnk secured USD 37.1 mn in fresh debt and equity to scale its consumer finance operations and hand us new debit cards.<\/p>\n

Also expanding: <\/strong>Gourmet Egypt is plotting three new stores every year to hit EGP 9 bn in annual sales by 2030. Over in real estate, Turkish industrial developer Polaris Parks is entering the luxury residential market with a planned EGP 5 bn investment in west Cairo. We could see our sovereign fund also expanding, potentially taking over entire state-owned sector portfolios to maximize treasury returns.<\/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><\/p>\n

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

The SFE may get whole sectors<\/p>\n

<\/a> The Madbouly government is considering having the Sovereign Fund of Egypt<\/strong> (SFE) manage entire state-owned sector portfolios <\/strong>\u2014 including telecoms, textiles, fertilizers, and metals \u2014 to maximize returns for the treasury and give the Finance Ministry a more centralized management, a senior government official tells EnterpriseAM. A new inventory has pushed the universe of state-owned companies from 709 we reported of last year<\/a> to over 800, with the final count expected to reach 1k once additional holdings are added.<\/p>\n

The cleanup continues:<\/strong> The government is building a unified database to resolve what the official describes as \u201ca 70-year legacy\u201d of disorganized state assets. This builds on the recent dissolution of the Public Enterprises Ministry, which shifted oversight<\/a> of profitable enterprises to the SFE and the cabinet\u2019s SOE Oversight Unit.<\/p>\n

The EGX pipeline:<\/strong> The temporary EGX listing push continues as part of structural reforms tied to a EUR 4 bn EU funding package, the official notes. The government is restructuring six holding companies ahead of potential 4Q offerings. It is also currently selecting FRA-approved investment banks to promote 16 temporarily listed firms that have already drawn investor interest.<\/p>\n

Arcius takes the wheel<\/p>\n

<\/a> BP has secured government approval to transfer five <\/strong>Mediterranean gas concessions <\/strong>to Arcius Energy<\/strong> \u2014 BP\u2019s JV with Abu Dhabi National Oil Company\u2019s investment company XRG \u2014 the Arabic press<\/a> reports, citing an unnamed government official. The assets include BP\u2019s wholly-owned North Damietta producing concession, a 10% stake in the Shorouk concession \u2014 which contains the Zohr field \u2014 and exploration concessions in North El Fayrouz (which BP holds 50% of), Bellatrix (50%), and North El Tabya (100%). BP is also negotiating the transfer of the North Alexandria concession to Arcius.<\/p>\n

BUT- The<\/strong> transfer does <\/strong>not necessarily signal BP\u2019s retreat from Egypt.<\/strong> Arcius was launched in late 2024<\/a> as a BP-controlled venture (with a 51% stake) and dedicated gas platform for Egypt, targeting USD 3.7 bn<\/a> in investments over the next five years. BP has continued to invest in Egypt, announcing gas discoveries, securing<\/a> additional exploration acreage, and advancing drilling<\/a>.<\/p>\n

BP has been undergoing a global corporate overhaul and has pledged to raise <\/strong>USD 20 bn<\/strong> through asset sales by 2027<\/strong>, alongside pursuing cost reductions and debt repayment. The restructuring has been accompanied by boardroom tensions<\/a> and a company-wide reorganization<\/a> under CEO Meg O'Neill, who assumed the role in April. BP has already divested assets in Germany<\/a>, explored sales of North Sea<\/a> holdings, and reviewed portfolios across several markets, including Egypt<\/a>.<\/p>\n

Bringing Nargis online<\/p>\n

Chevron is planning to invest some USD 400 mn to develop the <\/strong>Nargis <\/strong>gas <\/strong>field in the Mediterranean<\/strong>, with four development wells expected to be drilled by mid-2027, the Arabic Press<\/a> reports, citing an unnamed government official. The wells are expected to add around 500 mmcf \/ d to Egypt\u2019s output by early 2028.<\/p>\n

BACKGROUND- <\/strong>Nargis is one of Egypt\u2019s largest discoveries in recent years. The field lies off the shore of El Arish and is estimated to hold 2.5 to 3.5 tcf of recoverable gas reserves. Chevron operates the concession with a 45% stake<\/a>, alongside Italy\u2019s Eni (30%), UAE-based Mubadala Energy (15%), and state-owned Tharwa Petroleum (10%).<\/p>\n

Launch of single-stock futures pushed back<\/p>\n

Investors will ha<\/strong>ve to wait a few extra days to trade futures on the EGX. <\/strong>The bourse has postponed the rollout of trading single-stock futures contracts on the CIB and Talaat Moustafa Group to Sunday, 21 June. The rollout, initially slated for 18 June, was rescheduled seeing as the market will be closed in observance of the Islamic New Year. We explored what the move means for the market and investors in yesterday\u2019s coverage \u2014 check it out <\/strong>here<\/a><\/strong>. <\/strong><\/p>\n

Happening today<\/p>\n

<\/a> It\u2019s inflation day<\/strong> \u2014 annual urban inflation is projected to decelerate for a second consecutive month in May<\/strong>, driven by cooling food prices, weaker consumer demand, and favorable base effects, analysts tell EnterpriseAM. In April<\/a>, annual urban inflation eased 0.3 percentage points to 14.9% y-o-y, marking its first decline in three months.<\/p>\n

The optimists:<\/strong> Thndr\u2019s Esraa Ahmed expects annual inflation to ease to around 13.7% in May, supported by favorable base effects and moderation in m-o-m price increases for certain food items. Beltone Financial research head Ahmed Hafez forecasts a similar 13.7-13.8% reading: \u201cWe observed a continued decline in the prices of some food items, albeit at a slower pace than in the previous month. More broadly, food prices appeared largely stable throughout May,\u201d he tells us.<\/p>\n

Consumer weakness: <\/strong>Veteran banker and EG Bank board member Mohamed Abdel Aal expects a slight drop of 0.5-1 percentage points. He attributes the downtrend to \u201cfavorable base effects, [and] lower prices across most food commodities due to weak demand, reflecting consumers' diminished purchasing power.\u201d<\/p>\n

But not everyone expects a major drop:<\/strong> HC Securities\u2019 Heba Monir projects a higher 14.7% y-o-y and 1.7% m-o-m reading, while a Reuters poll<\/a> of 15 analysts yielded a median forecast of 14.5% y-o-y, with estimates ranging between 13.3-16%. Analysts warn the near-term deceleration will \u201cbe short-lived,\u201d as April<\/a> \u2019s electricity tariff hikes, local currency fluctuations, and regional supply chain pressures fuel inflation over the summer.<\/p>\n

The CBE adjusts course:<\/strong> Escalating regional conflicts have forced the Central Bank of Egypt to sharply revise its medium-term inflation outlook<\/a>. The CBE now sees headline inflation averaging 16-17% in 2026 \u2014 up from the 11% projected in its 4Q 2025 report \u2014 before cooling to 12-13% in 2027. Inflation will remain above the CBE\u2019s initial 7% (\u00b12%) target range through 4Q 2026, with single-digit readings no longer expected before 2H 2027.<\/p>\n

How will this impact interest rates?<\/strong> The CBE held interest rates steady during its April and May meetings<\/a>, pausing its monetary easing cycle that delivered 825 bps in cuts since April 2025. The CBE\u2019s Monetary Policy Committee has adopted a \u201cwait-and-see approach\u201d to ensure domestic policy remains restrictive enough to anchor inflation expectations and maintain a positive real interest rate margin.<\/p>\n

PSA-<\/p>\n

WEATHER- <\/strong>It\u2019s the coolest day we\u2019ve seen all week in Cairo, the capital looking at a high of 35\u00b0C and a low of 23\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s nicer in Alexandria<\/strong>, with a high of 28\u00b0C and a low of 20\u00b0C.<\/p>\n

\n

<\/p>\n

You\u2019ve spent decades building wealth, and the question now isn\u2019t how to make money \u2014 it\u2019s how to make sure it survives you, works across borders, and doesn\u2019t quietly erode while you\u2019re not looking. The rules have changed. Egyptian real estate, once a near-guaranteed store of value, is competing with markets in Greece, Spain, and Dubai.<\/p>\n

Whether it\u2019s art as an asset, crowdfunding, or the tax implications quietly stacking up behind that second passport, the toolkit for serious capital deployment has expanded faster than most conventional advice \u2014 or most advisors \u2014 have.<\/p>\n

In Issue 3 of EnterpriseAM Money Matters<\/strong>, we cover the decisions that matter most when you\u2019re at the stage where capital preservation is just as important as capital growth \u2014 and where getting it wrong is no longer something you can simply recover from.<\/p>\n

Coming straight to your inbox \u2014 today, 11 AM Egypt.<\/p>\n

\n

The big story abroad<\/p>\n

Geopolit<\/strong>ical tensions are escalating once again <\/strong>after the US launched<\/a> retaliatory airstrikes against Iran. The strikes follow Tehran shooting down a US helicopter over the Strait of Hormuz, with US forces targeting<\/a> Iranian air defense and radar sites near the strait. \u201cThe mission is a proportional response to unjustified Iranian aggression,\u201d the US Central Command said in a statement<\/a>. The exchange threatens the stability of the already-fragile ceasefire and complicates negotiations for a peace agreement.<\/p>\n

Everyone wants a piece of SpaceX: <\/strong>The IPO has so far attracted<\/a> over USD 250 bn in orders, with investors lining up to get a piece of what is expected to be the largest-ever IPO. The figure is expected to rise further as the company continues its marketing push. The artificial intelligence and spaceflight player was looking to raise USD 75 bn from the offering.<\/p>\n

The tech jitters are back: <\/strong>The S&P 500 and Nasdaq Composite closed lower on Tuesday, dragged down by a sector-wide tech selloff as investors shift their focus to defensive sectors. Some think SpaceX has something to do with it, noting that investors are repositioning ahead of the historic USD 1.75 tn listing, further worsening the pressure on mega-cap tech stocks.<\/p>\n

Also worth reading this morning: <\/strong>The Wall Street Journal is out with a piece diving into The Future of Work and AI<\/a>. With insight from 16 economists, the piece looks at what AI means for the economy, employees, and the workplace.<\/p>\n

\n

<\/p>\n

*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> EnterpriseAM\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p>\n

In today\u2019s issue: <\/strong>We break down the three structural shifts rewiring Egypt\u2019s contracting market as major players pivot to the private sector to escape a growing O&M liquidity trap.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, ladies and gents. Today\u2019s issue is all about growing and expanding. The players in our news well are either buying up shares, securing a massive bag, opening up new shops, or building out an entirely new empire. LVP Pharma once again ups its stake in Rameda to 31.5%, edging close to the mandatory […]<\/p>\n","protected":false},"author":1,"featured_media":708990,"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":[12609,196,271,780,104,72,182,91,81,370,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-708989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today-10","tag-arcius-energy","tag-bp","tag-central-bank-of-egypt","tag-chevron","tag-economy","tag-enterpriseam","tag-inflation","tag-oil-and-gas","tag-privatization-watch","tag-sovereign-fund-of-egypt","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"75e562e7-e841-41e7-a8fe-bb4dcd9a0960","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2025\/11\/1559.jpg","photo_position":"above","homepage_title":"","full_issue_title":"SFE to take on entire state-owned sectors","related_issue":[708987],"teaser":"","photo_link":"","related_sponsor":"","voice_url":"","en_translation_ref_id":"","section_story_id":""},"yoast_head":"\nGovernment mulls handing SFE control over entire state-owned portfolios - 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\/06\/10\/government-mulls-handing-sfe-control-over-entire-state-owned-portfolios\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government mulls handing SFE control over entire state-owned portfolios\" \/>\n<meta property=\"og:description\" content=\"Good morning, ladies and gents. 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Today\u2019s issue is all about growing and expanding. The players in our news well are either buying up shares, securing a massive bag, opening up new shops, or building out an entirely new empire. 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