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

Hala El-Said, Egypt’s Minister of Planning and Economic Development (MPED), recently addressed the media to provide updates on the sales of three key entities: Wataniya Petroleum, Jabal El-Zeit, and Safi. These sales are part of the government’s wider privatization strategy. The update came from the sidelines of the recent Egypt – OECD Country Program conference. The high-profile sale of the Jabal El Zeit wind farms and power station is expected to be completed before the year’s end, El-Said shared. However, she did not offer more specifics concerning the bidding companies or the winning bid. The MPED is nonetheless clear that the sale aligns with the government’s broader strategy of encouraging private-sector investors. Wataniya Petroleum's sale is expected to conclude in a month to six weeks, according to El-Said. The planning minister revealed that two strategic investors are expected to wrap up their due diligence by the end of October for the National Company for Natural Water in Siwa (Safi). El-Said quoted that it would take more time for the deal to finalize. The privatization program is progressing, with local media speculating that the Administrative Capital for Urban Development (ACUD) will complete its initial public offering on the Egyptian stock market in 2024's first half. A potential 10-15 percent stake in Telecom Egypt is also expected to be sold to investors by the end of the year. During recent International Monetary Fund and World Bank meetings, IMF’s Managing Director, Kristalina Georgieva also recognized Egypt’s positive strides in areas such as privatization and public finance.