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Egypt to list 10 state-owned petroleum companies on stock exchange, Prime Minister Madbouly announces
via Egypt Today2 min read
Prime Minister Mostafa Madbouly has directed officials to finalize a timeline for the temporary listing of 10 government-owned petroleum companies on the Egyptian Exchange. This initiative, reviewed during a meeting chaired by Madbouly, aims to enhance company performance, boost competitiveness, and attract further investment. Petroleum Minister Karim Badawi stated that the listing plan seeks to modernize management, convert operational gains into liquidity for expansion, and attract foreign investors by selecting companies with strong financial standing. Listing these companies will provide access to diverse financing sources, including individuals, financial institutions, and investment funds. Badawi also noted that daily trading activity offers a transparent performance indicator, supporting future mergers, acquisitions, and operational efficiency. The move is expected to attract institutional investment, improve Egypt's balance of payments, enhance governance and disclosure, and offer alternative financing channels, thereby increasing confidence in the capital market. Hashem El-Sayed, Assistant to the Prime Minister and CEO of the State Ownership Unit, emphasized that a primary goal is to strengthen the governance of state-owned enterprises. He confirmed that petroleum sector companies will first be temporarily listed before undergoing a fair valuation process, adding that six companies have already been temporarily listed to positive reception from economic and investmen
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This summary was AI-generated from a story originally published by Egypt Today.
President Abdel Fattah El-Sisi stated on Tuesday that Gulf security is an integral part of Egyptian national security, expressing Cairo's full solidarity with Manama amidst regional tensions. These remarks were made during his visit to Bahrain, where he met with King Hamad bin Isa Al Khalifa after a visit to Qatar. The Spokesperson for the Egyptian Presidency, Ambassador Mohamed El-Shennawy, reported that Sisi underscored Egypt鈥檚 unwavering support for Bahrain鈥檚 stability and condemned any unjustified attacks against the kingdom as a violation of international law and a dangerous regional escalation. He reiterated Egypt's rejection of attempts to compromise the security of Bahrain, Gulf Cooperation Council nations, or the broader Arab region, affirming Cairo's stance with its partners to protect their sovereignty. Sisi also praised King Hamad's leadership in maintaining regional stability and detailed Egypt's diplomatic efforts to de-escalate tensions peacefully. King Hamad welcomed El-Sisi and appreciated Egypt's continuous support for Gulf security. Both leaders emphasized the need for close coordination and joint action to address shared challenges and restore stability.
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