Tracking Egypt’s State Asset Sale Program (2022–2025)

Updated 9/20/2025 9:00:00 AM

In 2022, the Egyptian government began its journey to reduce the state’s economic footprint and create more space for private sector participation in the economy. With the introduction of the State Ownership Policy Document and the launch of the government IPO program, the state initiated the sale of its shares in various assets across different sectors. By June 2025, the government had implemented four phases of this program.

In this Factsheet, we explore the progress of the state’s asset sale program and highlight its outcomes for Egypt.

From March 2022 to June 2025, the program achieved an implementation rate of about 48%, covering its four phases, with total proceeds amounting to $5.86 billion.
The offering mechanisms included full and partial sales to local and foreign investors, sales through the Egyptian Exchange (EGX), capital increases in some state-owned companies, and investments in tourism development.
Phase one targeted attracting $3.3 billion before August 2022, during which the state exited from six companies: CIB, Fawry, e-Finance, Abu Qir Fertilizers, Mopco Fertilizers, and Alex Container & Cargo Handling Co. Shares were acquired by the Saudi Public Investment Fund (PIF) and the Emirati Abu Dhabi Developmental Holding Company (ADQ). Egypt’s proceeds from this phase totaled $3.11 billion, achieving a 94.2% success rate.
Phase two aimed to attract $2 billion by the end of June 2023 through the sale of assets in seven companies. Egypt collected $1.99 billion (99.5% success rate) from selling its shares in Pachin, Al Ezz Dekheila Steel, E-Lab, Ethydco, the Egyptian Drilling Company, and Telecom Egypt. In addition, a deal was concluded to increase the capital of seven hotels owned by the Holding Company for Tourism and Hotels (HOTAC) and the Egyptian General Company for Tourism and Hotels (EGOTH). Investors included both Egyptian and foreign partners.
Phase three included offering shares in six companies, namely Gabal El Zeit Wind Power Plant, Wataniya Petroleum Products Company, Damietta Container & Cargo Handling Company, Port Said Container & Cargo Handling Company, Al Ahli United Bank, and an additional stake in Eastern Company, for a target of $5 billion by the end of June 2024. However, the success rate was only 12.5%, as Egypt’s proceeds amounted to just $625 million, mainly from the sale of a stake in Eastern Company.
Phase four targeted raising $1.9 billion through selling stakes in four companies: Gabal El Zeit Wind Power Plant, Al Ahli United Bank, Aml & El Sharif Company, and an unnamed public bank. The government succeeded in collecting $142 million from selling stakes in Al Ahli United Bank and Tamweely Company for Microfinance.

By: Amina Hussein