News & Views
Egypt intends to list military-owned companies on the stock market before the end of 2022, as it grapples with the economic impact of Russia’s invasion of Ukraine.
Egyptian President Abdel Fattah el-Sisi made the announcement Tuesday night in a speech where he laid out plans to boost private sector participation in state-owned companies. He said that the privatisation drive would aim to raise $10bn annually for four years.
Egypt has been hit hard by the war, which has driven up food and energy prices and curtailed the flow of visitors from Russia and Ukraine, two of the largest markets for Egypt’s tourism sector.
The country is especially vulnerable to the rise in wheat prices. In 2021, it imported around 80 percent of its supplies from Russia and Ukraine.
View more : https://www.middleeasteye.net/news/egypt-offer-military-owned-firms-stock-market
Source: Middle East Eye
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