Egypt to finalize Gabal El-Zeit wind farm deal in October: Planning Minister

CAIRO - 13 September 2023: Egypt has reached a preliminary agreement with a foreign investor to sell the wind farm in Gabal El-Zeit, according to Minister of Planning Hala Al Said recent statements.

Egypt received 5 offers for the wind farm in Gabal El-Zeit and the government gave the international investor two months to finalize his approval, according to Al Said.

Egypt also expects to sell wind power plants in Jebel El-Zeit for $300 million in October and expects to complete the exit deal from Wataniya during the same period of time. The planning minister that the deal is expected to be completed next October or November, according to Ashraq Bloomberg.

Egypt aims to collect $4 to $5 billion from Egypt’s IPO program until next June with the aim to increase foreign currency in Egypt. The government of Egypt recently sold some of its assets to investors and has succeeded to raise up to $2.5 billion so far.

The government is offering stakes in 35 state-owned companies to strategic investors, the public offering on the Egyptian Stock Exchange, or both, to provide foreign currency, within the framework of a state-owned policy document.

The document outlines Egypt’s plans to increase private sector participation and open up prospects for foreign investment.