Prime Minister Mostafa Madbouly chaired a meeting on 16 June to review progress on implementing the government’s initial public offering (IPO) program for companies in the petroleum and public business sectors.

The meeting was attended by Karim Badawi, Minister of Petroleum and Mineral Resources; Mohamed Shimi, Minister of the Public Business Sector; Hassan El-Khatib, Minister of Investment and Foreign Trade; and a number of officials from relevant bodies.

At the start of the meeting, the Prime Minister stressed the government’s keen interest in the regular and continuous follow-up of the implementation of the government IPO program and the measures undertaken by relevant entities in this regard, in line with the State Ownership Policy Document.

Madbouly noted that the meeting is part of monitoring the implementation of the IPO program in several sectors; particularly the petroleum and public business sectors, thereby solidifying the goal of encouraging the private sector to participate in driving Egypt’s economic growth.

During the meeting, Badawi reviewed numerous investment opportunities available to the private sector in the petroleum and mineral resources sector. He emphasized the ministry’s commitment to cooperating with the private sector to boost investment rates and fulfill the state’s development objectives.

Concluding the meeting, Madbouly called on preparing a vision for the divestment process, to be coordinated among the relevant ministries in the coming period for submission to the Cabinet.

The initial phase of Egypt’s IPO program saw Abu Dhabi acquiring stakes of approximately 21.5% in Abu Qir Fertilizers and 20% in Misr Fertilizers Production Company (MOPCO) in 2022. Building on this momentum, the program’s second phase concluded in November 2023 with Abu Dhabi Developmental Holding Company (ADQ) securing significant stakes: 25% in the Egyptian Drilling Company (EDC), 30% in the Egyptian Ethylene and Derivatives Company (ETHYDCO), and 35% in the Egyptian Linear Alkyl Benzene Company (ELAB), totaling $800 million.