Egypt outlined on Sunday a wide array of state assets that it will offer to private investors, part of a government plan to fully withdraw from certain sectors of the economy as it seeks to attract $40 billion in investment over the next four years.
Egyptian Prime Minister Moustafa Madbouly said he wanted private investment to rise to 65 per cent of the country's total within three years, up from about 30 per cent at present.
"We will offer projects to the private sector in electric vehicles, data centres, networks for oil and gas and expansion of gas liquefaction plants, communication towers, and wind power," Mr Madbouly said at a news conference.
It will also eventually open up renewable energy projects, desalination plants, education and banking assets to private investment.
The government has been talking about selling state assets for years, announcing in 2018 that it would offer minority stakes in 23 state-owned companies. The programme has been repeatedly delayed due to weak markets, legal hurdles and the readiness of the companies' financial documentation.
It faces a rising budget deficit, increased borrowing costs and a depreciating currency, all compounded by a higher wheat import bill and declining tourism revenue following Russia's invasion of Ukraine.
The government will publish a document by the end of the month outlining the sectors from which it would withdraw completely or partially or where it would remain as owners, Mr Madbouly said. It would leave some sectors within three years.
Egyptian President Abdel Fattah El Sisi last month ordered the government to draw up a programme to attract $10bn in "private participation" over each of the next four years.
Mr Madbouly said the government had already identified $9 billion in assets that would be monetised and another $15bn that it would quickly begin preparing to offer.
"Those combined are more than the target for the first two years," he said. Among the assets that would be sold on the stock exchange by the end of 2022 were shares in 10 state companies and two military companies.
Egypt's seven biggest ports will be put under the umbrella of one company and a number of its most prominent hotels merged with another, with shares in both to be sold on the stock market to "widen their ownership and the governance of their management".
Also up for partial sale or private management contracts are transport projects the government is now implementing, including a monorail system, a high-speed and an electric train.
Mr Madbouly also told reporters the government aimed to decrease total debt to 75% of gross domestic product in the next four years from 86 per cent currently, and its budget deficit to 5 per cent from 6.2 per cent.
More on Palestine-Israeli relations
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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50-man Royal Rumble
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Casket match The Undertaker v Chris Jericho
John Cena v Triple H
Matches to be announced
WWE World Heavyweight Championship, Raw Tag Team Championship, United States Championship and the Cruiserweight Championship are all due to be defended
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The Greatest Royal Rumble card as it stands
The Greatest Royal Rumble card as it stands
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WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Chris Jericho
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v tba
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Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
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Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
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Who has won what so far in the West Asia rugby season?
Western Clubs Champions League
Winners: Abu Dhabi Harlequins
Runners up: Bahrain
Dubai Rugby Sevens
Winners: Dubai Exiles
Runners up: Jebel Ali Dragons
West Asia Premiership
Winners: Jebel Ali Dragons
Runners up: Abu Dhabi Harlequins
UAE Premiership Cup
Winners: Abu Dhabi Harlequins
Runners up: Dubai Exiles
Fixtures
Friday
West Asia Cup final
5pm, Bahrain (6pm UAE time), Bahrain v Dubai Exiles
West Asia Trophy final
3pm, The Sevens, Dubai Hurricanes v Dubai Sports City Eagles
Friday, April 13
UAE Premiership final
5pm, Al Ain, Dubai Exiles v Abu Dhabi Harlequins
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
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- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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