Egypt signals private investment in military companies

Egyptian President Abd al-Fattah as-Sisi has said that military-owned industrial organizations could be included in the country’s privatization program, according to Reuters.

Last year, the government said it planned to sell minority stakes in 23 state-owned companies in an initial phase of privatization, part of a plan to raise up to $4.97 billion.

Speaking on October 31 while opening two military-owned chemical plants in Abu Rawash, al-Sisi remarked that military companies should be listed on the Egyptian Exchange or opened to foreign investment. “The offerings being prepared by the Egyptian state should include a chance (for) the Armed Forces companies. In this way we will have opened a door for the Egyptian people and society to these companies,” Sisi said at the ceremony.