Workers cheer as Egypt nationalizes three companies

Cairo’s Administrative Court on Wednesday returned three major Egyptian companies to the public sector after strikes and poor management had crippled the foreign owners.

Workers erupted in joyous cries when the announcement was made, shouting “truth has emerged” amid tears and cheers.

The landmark ruling comes after years of struggle for the workers who have been on strike on and off for the past few years.

Three companies, the Tanta Flax and Oil, Shabeen for Spinning and al-Marageel steam have been fighting for years to end the privatization of their companies and its factories.

These companies, among another five the court is looking into, had been sold to foreign investors for prices much lower than their true value under the former government of Hosni Mubarak, and many of its workforce have been mistreated and not paid.

With Wednesday’s ruling, workers could finally rejoice their factories have “returned to them” and work will soon commence.