Egypt’s cabinet has outlined plans to restructure five military-owned firms ahead of privatization envisaged as part of the country’s stalled IMF reform program (MEES, 14 March). Fuel retailers Watanya and Chillout, bottled water firm Safi, food manufacturer Silo Food and the National Roads Company will first be transferred from the military’s National Service Projects Organization (NSPO) to the Sovereign Fund of Egypt (SFE) before sell off.
Watanya and Safi, which have been up for sale for the last four years, were name-dropped by PM Madbouly in December with the hope that they could be offered up by the middle of this year (MEES, 13 December 2024). The Cabinet now envisages the sell-offs taking place by 2026. The military has previously resisted attempts to strip it of its plethora of business assets. (CONTINUED - 130 WORDS)