{"id":712109,"date":"2026-06-21T00:00:00","date_gmt":"2026-06-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=712109"},"modified":"2026-06-21T03:10:28","modified_gmt":"2026-06-21T03:10:28","slug":"the-government-is-keeping-its-stake-in-alexandria-containers","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/06\/21\/the-government-is-keeping-its-stake-in-alexandria-containers\/","title":{"rendered":"The government is keeping its stake in Alexandria Containers"},"content":{"rendered":"

Good morning, wonderful people and welcome back from the extended weekend.<\/strong> We\u2019re kicking off the week with a packed issue, leading with the massive EUR 1.5 bn tranche from the European Union heading our way this month.<\/p>\n

Also from the EU<\/strong>, the European Investment Bank is evaluating financial backing for Alcazar\u2019s Ras Ghareb and Scatec\u2019s Dandara renewable energy projects. Also, France\u2019s Alstom is leading a consortium that inked a EUR 690 mn package to build and upgrade two of our strategic rail corridors: 6th of October\u2013Alexandria and the Belbes\u201310th of Ramadan corridors.<\/p>\n

MEANWHILE-<\/strong> The Oil Ministry is targeting a USD 1 bn-plus exploration push this year, eyeing 14 new Mediterranean wells to help reverse the domestic production slump.<\/p>\n

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

ARE YOU MORE OF A LISTENER?<\/a><\/strong>Morning Drive is a 10-minute summary<\/a> of today\u2019s issue crafted for you to enjoy with your morning coffee, while getting the kids ready for school, or driving through the morning rush. And if you like it, tell your friends to tell their friends. They can find us on <\/strong>Apple<\/a><\/strong>, <\/strong>Spotify<\/a><\/strong>, or wherever they get their podcasts.<\/strong><\/p>\n

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

Transport Ministry won\u2019t sell its ALCN stake<\/p>\n

<\/a> The Transport Ministry confirmed it has <\/strong>\u201cno intention\u201d to offload stakes held by its affiliates in Alexandria Container and Cargo Handling (ALCN)<\/strong>, according to a statement<\/a>. The decision comes after AD ports \u2014 owned by Abu Dhabi wealth fund ADQ \u2014 attempted to take control of the EGX-listed port operator through a mandatory tender offer of up to 90% of the company last week.<\/p>\n

We called it: <\/strong>A senior government official told EnterpriseAM exclusively last week<\/a> that the Transport Ministry was set to reject AD Ports\u2019 MTO, despite the sweetened deal. The Emirati port operator, bidding through subsidiary Black Caspian Logistics, offered EGP 27.47 per share, up 19.5% from an initial EGP 22.99 per share offer submitted in December<\/a>.<\/p>\n

REMEMBER- <\/strong>AD Ports Group secured a stake in ALCN in November<\/a> when it acquired the PIF-owned Saudi Egyptian Investment Company\u2019s 19.3% stake. This gave ADQ a combined 51.33% majority stake in ALCN, following its acquisition of a 32% indirect ownership through Alpha Oryx in 2022<\/a>. The government still controls a combined 42.9% blocking stake via the Holding Company for Maritime and Land Transport and the Alexandria Port Authority, while the rest of the shares are freefloating.<\/p>\n

A role for Egypt in IMEC?<\/p>\n

<\/a> Egypt\u2019s energy infrastructure may find itself at the center of Washington\u2019s plans for the India-Middle East-Europe Econo<\/strong>mic Corridor (IMEC).<\/strong> A bipartisan bill (pdf)<\/a> approved by the US Senate Foreign Relations Committee last week identified the planned Greece-Egypt electricity interconnection (Gregy) and Egypt\u2019s LNG facilities as key links connecting India, the Gulf, and Europe.<\/p>\n

What\u2019s in the bill:<\/strong> The Eastern Mediterranean Gateway Act casts Egypt, Greece, Cyprus, and Israel as a strategic gateway within IMEC and identifies projects \u2014 including Gregy and regional LNG terminals \u2014 as infrastructure that could underpin the corridor. The proposed bill frames IMEC as a strategic alternative to Chinese-backed infrastructure initiatives and seeks to institutionalize US support for greater connectivity across the region.<\/p>\n

Why it matters: <\/strong>The bill raises the strategic profile of Gregy and Egypt\u2019s LNG infrastructure by positioning them within Washington\u2019s vision for IMEC \u2014 offering political backing, but not funding. It still requires approval from the full Senate and House before becoming law.<\/p>\n

A full-cream ticker<\/p>\n

EGX-listed Arabian Food Industries (Domty) expects its new spin-off dairy unit, Dairy Products Euro Arabian for Food Industries, <\/strong>to list <\/strong>on the EGX in July<\/strong>, the Arabic press<\/a> reports, citing CEO Mohamed El Damaty. The company had originally targeted<\/a> a 1Q 2026 listing.<\/p>\n

Domty\u2019s board approved a <\/strong>split in<\/strong> October 2025<\/a><\/strong>, with shareholders signing off in December<\/a>. The restructuring leaves the new dairy unit with an issued and paid-up capital of EGP 438 mn, while the legacy Domty parent retains EGP 113 mn to focus exclusively on bakeries. No new shares are being sold, with existing shareholders retaining identical ownership ratios and share counts in both entities \u2014 making the spun-off unit more of a sister company to Domty rather than a subsidiary.<\/p>\n

IN CONTEXT- <\/strong>Domty is targeting USD 30 mn in export revenue this year, a 36% jump from USD 22 mn in 2025 \u2014 and 1H 2026 is already up 20% to USD 13 mn. El Damaty dismissed concerns that regional tensions would impact operations, noting the company is still eyeing a manufacturing facility in Saudi Arabia<\/a> to anchor its GCC and African expansion. This comes as Danish dairy giant Arla Foods\u2019 EGP 8.9 bn mandatory tender offer<\/a> for Domty remains on ice, having been paused in April due to the complexities of conducting due diligence during the bakery unit spin-off.<\/p>\n

State Ownership Policy 2.0<\/p>\n

<\/a> The government has finalized the <\/strong>second iteration (pdf)<\/a><\/strong> of its State Ownership Policy (SOP)<\/strong>, updating the 2022 framework by scrapping rigid sector-level exit quotas in favor of a pragmatic, company-by-company portfolio approach. While the overarching policy is now public, Prime Minister Mostafa Madbouly confirmed that the crucial missing piece \u2014 a detailed executive program dictating the actual mechanics of these exits \u2014 will be finalized before 30 September, according to the State Information Service<\/a>. The first SOP has generated USD 5.9 bn<\/a> in direct proceeds across 19 transactions.<\/p>\n

The document groups divestment targets into three tiers<\/strong> \u2014 airports, banks, telecoms, and tourism as urgent priorities; fertilizers, petrochemicals, sugar, energy, transport and distribution, and real estate in the medium term; and mining, cement, pharma, and transport over the longer term. State ownership will become \u201cselective,\u201d limited to cases with sovereign, strategic, or social justification, with the Sovereign Fund of Egypt taking on a more central role in managing eligible assets.<\/p>\n

EGP WATCH<\/p>\n

Newly tapped Trump appointee Kevin Warsh <\/strong>held interest rates steady<\/a><\/strong> at his first Federal Open Market Committee (FOMC)<\/strong> meeting on W<\/strong>ednesday<\/strong> \u2014 the same day the USD slipped below the EGP 50 mark<\/a> for the first time since March. However, Warsh also delivered a hawkish pivot that could reverse the EGP\u2019s gains today or tomorrow.<\/p>\n

The breakdown: <\/strong>While the Fed kept the benchmark rate steady at 3.50% to 3.75%, the updated \u201cdot plot\u201d revealed a sharp U-turn. In contrast to the previous dot plot, which leaned toward cuts or extended holds, the new version has nine out of 19 policymakers forecasting at least one rate hike this year instead of a cut, according to the Federal Reserve\u2019s press conference transcript (pdf)<\/a>.<\/p>\n

Why this threatens the EGP: <\/strong>The EGP\u2019s rally was fueled by hot money chasing yields, not structural economic shifts. A government source previously told us the appreciation was driven primarily by exceptionally strong secondary market inflows, with foreign portfolio investments rising by USD 1.1 bn, before easing the next day as investors locked in gains. Washington\u2019s \u201chigher for longer\u201d stance is already triggering a global capital restructuring. If the US locks in higher interest rates, it threatens to drain the hot money that drove the EGP\u2019s rally right back out of emerging markets and back into safer US assets.<\/p>\n

Warsh is also getting rid of \"forward guidance\u201d <\/strong>\u2014 the central banking equivalent of a turn signal, which broadcasts future interest rate moves so global markets can price them in without panicking. Without this safety net, a single hot US economic indicator could trigger an abrupt repricing of rate expectations \u2014 prompting hot money to preemptively flee vulnerable markets like ours before the Fed has even met.<\/p>\n

Don\u2019t <\/strong>overread <\/strong>daily moves: <\/strong>\u201cIn a flexible exchange-rate regime, it is perfectly normal for the currency to move according to supply and demand. Movements of 4-5% are not unusual under current conditions,\u201d veteran banker and former Banque Misr deputy chairperson Sahar El-Damaty tells EnterpriseAM. She notes that markets are still sensitive to short-term FX fluctuations as the current geopolitical backdrop remains too volatile to call a lasting trend in either direction.<\/p>\n

Happening today<\/p>\n

Single-stock futures on the shares of Commercial International Bank (CIB) and Talaat Mostafa Group (TMG) will start trading on the EGX in a few<\/strong> hours.<\/strong> Contracts on two of the bourse\u2019s most liquid names will come in three- and six-month maturities, with a standard size of 100 shares.<\/p>\n

REFRESHER-<\/strong> The rollout follows a lukewarm reception<\/a> for EGX30 index futures, the exchange\u2019s first-ever derivatives product. Stock futures were originally scheduled to hit the market last Thursday<\/a>, but the launch was pushed back<\/a> in observance of the Islamic New Year.<\/p>\n

This new product may have an easier time finding an audience. <\/strong>\u201cWhen you place a derivative contract on stocks that people already like and see value in, it supports the chances of success,\u201d Hany Genena, head of research at Al Ahly Pharos, previously told EnterpriseAM, adding that local investors have long shown a preference for individual stocks over index exposure.<\/p>\n

PSA-<\/p>\n

WEATHER- <\/strong>It\u2019s another sunny day in Cairo, with a high of 33\u00b0C and a low of 22\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s not as hot in Alexandria<\/strong>, which is looking at a high of 29\u00b0C and a low of 22\u00b0C.<\/p>\n

The big story abroad<\/p>\n

US-Iran ta<\/strong>lks for a permanent ceasefire are set to <\/strong>kick off<\/a><\/strong> in Switzerland today<\/strong>, with high-level officials from Pakistan also attending. Washington and Tehran are set to negotiate a nuclear agreement \u2014 including the Islamic Republic\u2019s stock of enriched material \u2014 alongside a permanent resolution to their nearly four-month conflict.<\/p>\n

Talks are kicking off after Iran said it shut the Strait of Hormuz<\/strong>, citing what it called<\/a> Israeli \u201ccrimes\u201d in Lebanon and Washington\u2019s violation of commitments to establish a truce. Tel Aviv\u2019s strikes in Lebanon killed at least 20<\/a> yesterday. This came hours after a day of busy transit through the waterway \u2014 the US Central Command said<\/a> that 55 merchant ships moved vital cargo and over 17 mn barrels of oil through Hormuz yesterday and that US forces remain committed to keeping the shipping lane open. The strait had officially opened on Thursday, hours after the US and Iranian presidents digitally signed a 14-point MoU to end the war.<\/p>\n

Is Starmer stepping down? <\/strong>UK Prime Minister Keir Starmer could resign as soon as tomorrow amid a recent and drastic loss of popular support, a government source tells The Telegraph<\/a>. Pressure has mounted especially after Starmer\u2019s chief rival from his own party, Andy Burnham, secured a parliamentary seat that clears his path to launch a formal leadership challenge.<\/p>\n

Is the world turning against AI players? <\/strong>The Wall Street Journal<\/a> is out with a piece on the far-from-rosy outlook of the US\u2019 highly anticipated IPO lineup of its major AI players. It seems that although investors are eager to throw money at AI, the political and societal backlash is moving fast enough to potentially derail these massive public market debuts.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, wonderful people and welcome back from the extended weekend. We\u2019re kicking off the week with a packed issue, leading with the massive EUR 1.5 bn tranche from the European Union heading our way this month. Also from the EU, the European Investment Bank is evaluating financial backing for Alcazar\u2019s Ras Ghareb and Scatec\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":712110,"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":[8646,4573,1598,1419,68,72,2234,182,145,9068,8835,81,208,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-712109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today-10","tag-ad-ports","tag-diary","tag-domty","tag-egp","tag-egx","tag-enterpriseam","tag-foreign-exchange","tag-inflation","tag-logistics","tag-ma","tag-maritime","tag-privatization-watch","tag-transport-ministry","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"0ac78536-0f3e-4e24-9a22-10b2feae596b","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2026\/3\/303.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Transport Ministry rules out selling its stake in ALCN","related_issue":[712107],"teaser":"","photo_link":"","related_sponsor":"","voice_url":"","en_translation_ref_id":"","section_story_id":""},"yoast_head":"\nThe government is keeping its stake in Alexandria Containers - 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\/21\/the-government-is-keeping-its-stake-in-alexandria-containers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The government is keeping its stake in Alexandria Containers\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people and welcome back from the extended weekend. 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The signing of the contract for the first EUR\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":581702,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/20\/offers-roll-in-to-build-the-eur-1-6-bn-alexandria-metro-project\/","url_meta":{"origin":712109,"position":1},"title":"Offers roll in to build the EUR 1.6 bn Alexandria metro project","author":"enterpriseam admin","date":"20 February 2023","format":false,"excerpt":"Three consortiums of local and international contractors have submitted final bids","rel":"","context":"In "Infrastructure"","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/train-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578315,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/22\/three-consortiums-are-in-the-running-for-the-eur-1-6-bn-alexandria-metro-project\/","url_meta":{"origin":712109,"position":2},"title":"Three consortiums are in the running for the EUR 1.6 bn Alexandria metro project","author":"enterpriseam admin","date":"22 December 2022","format":false,"excerpt":"Three consortiums qualify for bidding on Alexandria metro project: An alliance of our friends at Hassan Allam and France's Alstom is among three consortiums of local and international companies that have qualified to bid for the EUR 1.6 bn project to convert Alexandria\u2019s Abu Qir railway into an underground metro,\u2026","rel":"","context":"In "Transport"","block_context":{"text":"Transport","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/transport\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/485.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590197,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/16\/aiib-to-provide-eur-250-mn-loan-for-abu-qir-metro-project\/","url_meta":{"origin":712109,"position":3},"title":"AIIB to provide EUR 250 mn loan for Abu Qir metro project","author":"enterpriseam admin","date":"16 July 2023","format":false,"excerpt":"This is around a sixth of the EUR 1.6 bn project, which will convert the Abu Qir railway into an underground metro line","rel":"","context":"In "Infrastructure"","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/551.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":632987,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/25\/infrastructure-watch-european-funding-in-the-pipeline-for-cairo-metro-line-one-dry-ports-desalination-plant-and-alexandria-tram\/","url_meta":{"origin":712109,"position":4},"title":"INFRASTRUCTURE WATCH- European funding in the pipeline for Cairo Metro Line One, dry ports, desalination plant and Alexandria tram","author":"enterpriseam admin","date":"25 February 2018","format":false,"excerpt":"INFRASTRUCTURE WATCH- European funding in the pipeline for Cairo Metro Line One, dry ports, desalination plant and Alexandria tram: The Transport Ministry expects to sign in May a EUR 600 mn loan agreement with the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and the French\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":573106,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/bulk-of-eur-1-1-bn-eib-loan-to-finance-transport-upgrades-al-mashat\/","url_meta":{"origin":712109,"position":5},"title":"Bulk of EUR 1.1 bn EIB loan to finance transport upgrades -Al Mashat","author":"enterpriseam admin","date":"20 July 2020","format":false,"excerpt":"Bulk of EUR 1.1 bn EIB loan to finance transport upgrades -Al Mashat: More than half of the EUR 1.9 bn loan agreed with the European Investment Bank (EIB) last week will go towards upgrading public transport infrastructure, International Cooperation Minister Rania Al Mashat said yesterday. 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