Government moves to transfer 40 state-owned companies to sovereign fund

The government has announced plans to transfer 40 companies to the Egyptian Sovereign Fund following the decision to abolish the Ministry of Public Business Sector. The necessary procedures for the transfer are currently underway, according to Hussein Essa, Deputy Prime Minister for Economic Affairs.

Prime Minister Mostafa Madbouly convened a meeting to review the progress on several critical economic files. During the meeting, Essa provided an update on the ongoing tasks, including the development and modernization of the State Ownership Policy Document. He explained that a meeting had been held with the team responsible for updating the document, and letters had already been sent to relevant ministries to request their feedback on the proposed changes.

Regarding the recent move to temporarily list several companies on the stock exchange, Essa presented the status of those companies that have been preliminarily listed in preparation for final listing.

In the same meeting, Essa discussed the transfer of 40 companies to the Egyptian Sovereign Fund, mentioning that a meeting had been held with fund officials to ensure the necessary steps are being taken for the transfer.

"We have held several meetings regarding the restructuring of state-owned companies following the decision to abolish the Ministry of Public Business Sector," Essa added.