Cairo: The Ministry of Public Business Sector in Egypt has announced 52 investment projects across various industries as part of its strategy to leverage state-owned assets through partnerships. This initiative, unveiled by Public Business Sector Minister Mohamed Shimi at a press conference in Egypt's New Capital, is part of Egypt's ongoing efforts to meet the terms of its $8 billion agreement with the International Monetary Fund (IMF).
According to State Information Service Egypt, the investment opportunities span several sectors, including tourism, chemicals, metals, spinning and weaving, automotive manufacturing, and pharmaceuticals. These projects aim to enhance operational efficiency and attract both private and foreign investment. Tourism assets are a key focus, with plans to operate the historic Luxor Hotel under an international brand and redevelop the surrounding area. Additionally, other state-owned properties are being transformed into hotels to boost tourist inflows.
In the industrial sector, the ministry is working with the Ministry of Petroleum and Mineral Resources to establish fertilizer plants, modernize Delta Fertilizers, and complete several major projects by 2026. These include phases of the national textile development programme, expanded aluminium production, new pharmaceutical projects, El-Nasr Automotive vehicles, and a solar power plant at Egypt Aluminium in collaboration with Norway's Scatec.
The spinning and weaving industry faces significant structural challenges, leading to a restructuring programme aimed at merging companies and improving productivity. The programme's first phase was completed in December 2024, with further phases expected by 2026. Operations are ongoing across several sites, with the Shebin El-Kom facility already operational. Egypt reportedly has enough locally produced cotton to meet domestic needs for a year.
Looking forward, the ministry is focused on gap analysis studies and aligning progress with international assessments. The 2024-2027 strategy emphasizes partnerships over asset sales, aligning with Egypt's Vision 2030 and State Ownership Policy Document. The ministry is also implementing enterprise resource planning (ERP) systems to enhance transparency across its subsidiaries.
In the tourism sector, plans are underway to reopen the historic Shepheard Hotel under the Mandarin brand by July 2027, along with the InterContinental Hotel managed by India's Taj Group. Additional developments include expanding existing hotels and negotiating with Talaat Moustafa Group to increase capacity at the Mena House Hotel. The ministry is also looking to redevelop assets like the Cotton Palace building and Romance Hotel in Alexandria, as part of efforts to bolster tourism infrastructure and support economic growth.