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USD 40 Billion in State-Owned Assets to Be Offered to Investors

The Egyptian government has been aiming to raise the private sector’s share in the economy from 30% to 65% during the next three years, which is meant to benefit business owners across the country.

Prime Minister Mostafa Madbouly announced that USD 40 billion worth of state-owned assets will be sold to Egyptian and foreign investors, with USD 10 billion allocated for 2022, while the remainder will be made available in the following years. 

The Egyptian government has been aiming to raise the private sector’s share in the economy from 30% to 65% during the next three years, which is meant to benefit business owners across the country.

The Minister of Public Business Sector, Hisham Tawfik, shared that the available sectors include hotels, fertilizers, entertainment, dyeing, cotton manufacturing, and land development in Toshka lakes. The announcement took place during the 47th annual meetings of the Islamic Development Bank (IsDB) in Sharm El Sheikh.

Moreover, the Egyptian government intends on merging eight state-owned hotels into one company during the fiscal year of 2022/2023, which could serve as an opportunity for investors in cooperation with The Sovereign Fund of Egypt (TSFE) after being listed in the Egyptian Exchange in the near future.