Gulf nations are interested in buying stakes in a fuel-distribution company owned by the Egyptian army, as well as a power plant co-built by Siemens AG, among their multi-billion-dollar investment pledges, according to Ayman Soliman, the CEO of the Sovereign Fund of Egypt (SFE).
“Several international investors, including Gulf sovereign wealth funds, have showed interest in Wataniya and the Siemens-built power plant,” Ayman Soliman told Bloomberg.
The sales are planned for 2022 through either an initial public offering, a partnership with a strategic investor, or a combination of both.
“I see that we should secure a strategic investor ahead of the IPO,” Soliman said. “The IPO could be achieved through a private placement to sovereign wealth funds.”
Saudi Arabia’s Public Investment Fund (PIF), the Qatar Investment Authority, and ADQ have all “expressed interest in supporting and accelerating Egypt’s IPO programme,” Soliman said.
Oil-rich Gulf countries are looking to bolster Egypt’s economy as the major food importer has been hit hard by record grain prices fueled by the Russia-Ukraine conflict, and is seeking help from the International Monetary Fund (IMF) to shore up its economy.
Saudi Arabia, UAE, Qatar vie for stake in Egypt power plant, fuel distribution firm after investment pledges: report
Oil-rich Gulf countries are looking to bolster Egypt’s economy as the major food importer has been hit hard by record grain prices fueled by the Russia-Ukraine conflict, and is seeking help from the International Monetary Fund (IMF) to shore up its economy
UAE Egypt Investment
Gulf nations are interested in buying stakes in a fuel-distribution company owned by the Egyptian army, as well as a power plant co-built by Siemens AG, among their multi-billion-dollar investment pledges, according to Ayman Soliman, the CEO of the Sovereign Fund of Egypt (SFE).
“Several international investors, including Gulf sovereign wealth funds, have showed interest in Wataniya and the Siemens-built power plant,” Ayman Soliman told Bloomberg.
The sales are planned for 2022 through either an initial public offering, a partnership with a strategic investor, or a combination of both.
“I see that we should secure a strategic investor ahead of the IPO,” Soliman said. “The IPO could be achieved through a private placement to sovereign wealth funds.”
Saudi Arabia’s Public Investment Fund (PIF), the Qatar Investment Authority, and ADQ have all “expressed interest in supporting and accelerating Egypt’s IPO programme,” Soliman said.
Oil-rich Gulf countries are looking to bolster Egypt’s economy as the major food importer has been hit hard by record grain prices fueled by the Russia-Ukraine conflict, and is seeking help from the International Monetary Fund (IMF) to shore up its economy.
Saudi Arabia pledged $15 billion to support Egypt, making it the latest Gulf state after the UAE and Qatar to back an economy that’s under increasing pressure from Russia’s war in Ukraine.
Qatar is putting up $5 billion for deals in the most Arab populous nation, while Abu Dhabi wealth fund ADQ made a roughly $2 billion deal to buy Egyptian state-owned stakes in publicly-listed companies.
Egypt first announced plans to sell one of three power plants co-built by Siemens AG around three years ago, and multiple international investors expressed interest in the assets.
In 2020, it targeted selling a stake in Wataniya Petroleum as the first salvo in plans to offer as much as full ownership in up to 10 companies held by Egypt’s National Service Products Organization, which is affiliated with the Defense Ministry.
Ministers are due this week to discuss which state-owned companies will be offered on the Egyptian stock market in 2022, Planning Minister Hala Elsaid said March 31.
Source:https://www.arabianbusiness.com/industries/energy/saudi-arabia-qatar-uae-vie-for-stake-in-egypt-power-plant-fuel-distribution-firm-after-investment-pledges-report