CAIRO - 6 February 2024: Egypt to receive final offers within 48 hours to sell stakes in Wataniya, the Minister of Planning and Economic Development, Hala El Said, announced during an interview with Asharq Bloomberg.
Taqa Arabia, Abu Dhabi National Oil Company (ADONC), Emirates National Oil Company (ENOC), and Petromin are currently competing for the acquisition of shares in Wataniya.
Furthermore, the government plans to finalize the sale of the Jabal El Zeit wind power plant by the end of March 2024, as stated by El Said.
In August 2023, preliminary offers for Wataniya shares range from $250 to $280 million, as reported by sources referenced by Asharq Bloomberg.
To bolster dollar liquidity, Egypt has recently sold some of its assets to investors through the state's IPO program.
Egypt's IPO program has garnered a subscription volume of $3.5 billion as of February 2023, according to statement by the Minister of Finance, Mohamed Maait, in January.
In December 2023, ICON, a subsidiary of Talaat Mostafa Holding Group, successfully acquired 7 state-owned hotels in Cairo, Alexandria, and Aswan as part of Egypt's IPO program. These historic hotels are now under the ownership of a newly established company called Legacy Hotels.
ICON obtained a 39 percent stake in Legacy Hotels and has the option to increase its ownership to 51 percent through a capital increase. The total value of the deal is estimated at $800 million and will be financed using ICON's internal resources.
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