Egypt to offer investors shares in military-run companies
Egypt’s Sovereign Fund is assessing military-run companies in a bid to open them up to domestic and foreign investors.
CAIRO — Egypt wants to attract foreign investors for military-owned companies following complaints by private sector companies that they are being “crowded out of lucrative sectors by the military,” the Financial Times reported Feb. 27.
“The Sovereign Fund of Egypt is assessing 10 companies owned by the National Service Projects Organization, an economic arm of the military, with the aim of opening them up to domestic and foreign investors, said Ayman Soliman, its chief executive,” the Financial Times reported.
He stressed that desalination, water treatment plants, power stations and other state-owned enterprises could be opened up to private investment, according to the Financial Times.
Soliman told Al-Monitor that Egypt Fund Management “signed a cooperation agreement with the armed forces Feb. 3, in order to assess and ready some companies affiliated with the army’s National Service Projects Organization, in a bid to attract investors abroad and at home.”
