Prime Minister Mostafa Madbouly witnessed the signing of several cooperation agreements between the Sovereign Fund of Egypt for Investment and Development (TSFE), the National Service Projects Organization of the Armed Forces (NSPO), and a group of specialized local and international consulting firms. The agreements pertain to the restructuring and management of the planned offering of several NSPO-affiliated companies. The ceremony was held in the presence of Hassan El-Khatib, Minister of Investment and Foreign Trade.

Following the signing, it was noted that these agreements fall within the framework of measures taken by relevant state bodies to implement the government’s offerings program. This program aims to transfer the management and operation of several state-owned companies to private sector institutions, in line with the State Ownership Policy Document.

The agreements concern a group of NSPO-affiliated companies, including Wataniya Petroleum Company and Chill Out, and are being carried out in collaboration with specialized local and international consulting firms, in accordance with the memorandum of understanding (MoU) signed between NSPO and TSFE.

Under the MoU, TSFE is responsible for restructuring and managing the offering of Armed Forces-owned companies.

As per the signed agreements, the offering of some companies is expected to be completed in 2025, with the rest scheduled for 2026.

The agreements were signed by Magdy Anwar, Director General of NSPO, and Noha Khalil, CEO of TSFE, alongside representatives of the participating consulting, accounting, and tax advisory firms.