Egypt: Madbouly reviews progress of government IPO program in petroleum, public business sectors
Arab Finance: Prime Minister Mostafa Madbouly held a meeting to follow up on the implementation of the government's IPO program across the petroleum and public business sectors, reaffirming the state's commitment to advancing the program in line with the State Ownership Policy Document, as per a statement.
The meeting was attended by Minister of Petroleum and Mineral Resources Karim Badawi, Minister of Investment and Foreign Trade Hassan El Khatib, Minister of the Public Business Sector Mohamed Shimi, and senior officials from relevant bodies.
Madbouly underscored the government's focus on closely monitoring the implementation of the IPO program and the steps taken by relevant entities to ensure progress.
He noted that today's discussion was part of regular efforts to track the IPO rollout in key sectors, particularly petroleum and public business, in support of Egypt's broader objective to expand private sector participation in the economy.
The Prime Minister reiterated that the government remains committed to removing barriers to private investment and enabling the private sector to play a leading role in driving development, particularly in high-potential and strategic areas.
During the meeting, Badawi reviewed a number of investment opportunities open to the private sector in the petroleum and mineral resources sector, stressing the ministry's intention to enhance collaboration with private investors to raise investment volumes and support national development goals.
Meanwhile, Shimi presented opportunities for private investment in state-affiliated companies, highlighting sectors such as mining and tourism among those open for private participation.
Additionally, El-Khatib proposed developing a clear strategic framework for the IPO process in targeted sectors, with the goal of optimizing the use of state-owned assets and creating successful public-private partnerships in alignment with the objectives of the offering program.
Hence, Madbouly directed the concerned ministries to prepare a comprehensive vision for the IPO process in coordination with one another, to be submitted for Cabinet review in the coming period.
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