Planning Minister shares updates on sales of Safi, Jabal El Zeit, and Wataniya

Cairo – October 18, 2023: Minister of Planning and Economic Development (MPED), Hala El-Said, recently shared updates on the position of three major sales with private-sector investors as part of the government’s privatization strategy.

The minister spoke to media on the sidelines of yesterday’s Egypt – OECD Country Program conference, disclosing new details on the progress of the sales of Wataniya Petroleum, Jabal El-Zeit, and Safi.

The Jabal El Zeit wind farms and power station’s sale is expected to be completed before the end of the year, El-Said explained. She did not share further details on the companies bidding or the winning bid, however, she stressed that the deal is within the government’s strategy to exit from certain sectors to make way for private-sector investors and organizations.

Egypt’s Wataniya Petroleum will close its sale within a month to six weeks, the planning minister revealed.

“The companies are still in the stages of due diligence on the company, as the winning bid will acquire the company that was recently established by the government as part of the restructuring process carried out by the deal’s advisors on Wataniya, with the agency retaining the strategic stations of a special nature under the name Wataniya,” El-Said told media.

The deal for Egypt’s National Company for Natural Water in Siwa (Safi) is still in the air, with El-Said being quoted as saying it will require some more time. The MPEDMin did note that two strategic investors are expected to complete their due diligence by the end of October.

Egypt’s privatization program is moving forward, with various local media reporting that the Administrative Capital for Urban Development (ACUD) will finalize its initial public offering on the Egyptian stock market as soon as the first half of 2024, as well as a potential 10-15 percent stake in Telecom Egypt to be sold to investors which is expected to close by the end of the year.

During the International Monetary Fund and World Bank meetings earlier this month, IMF’s Managing Director, Kristalina Georgieva, stated that Egypt was making good progress on a number of fronts, including privatization and public finance.