Cairo: Prime Minister Mostafa Madbouly affirmed the government's commitment to advancing the update of the State Ownership Policy Document, driven by economic and geopolitical developments in the region aimed at strengthening private-sector participation as a key partner in achieving sustainable economic growth, creating jobs, and enhancing Egypt's competitiveness regionally and internationally. This announcement was made during a meeting on Monday, which focused on reviewing progress on updating the State Ownership Policy Document and examining the organizational composition of the State-Owned Companies Restructuring Unit.
According to State Information Service Egypt, the meeting was attended by Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat, Minister of Investment and Foreign Trade Hassan El Khatib, and other senior officials. Prime Minister Madbouly emphasized that the government has begun updating the document in line with recent developments. The update will evaluate outcomes achieved during the previous period using objective criteria, including mechanisms to monitor implementation rates and indicators measuring the impact on private-sector participation in investment. Additionally, metrics related to competition and competitive neutrality were discussed.
Cabinet Spokesman Mohamed El Homosany stated that the meeting reviewed the status of companies being prepared for offering, as well as the organizational structure of the State-Owned Companies Restructuring Unit, chaired by Assistant to the Prime Minister Hisham El Sayed. He added that the meeting highlighted the unit's mandate and objectives, aligning with government efforts to enhance the efficiency of state asset management and implement the restructuring plan for state-owned companies. The aim is to maximize economic returns and support sustainable development.
The establishment of the restructuring unit reflects the government's orientation towards higher levels of transparency and fiscal discipline, aiming to boost public-spending efficiency and attract further investment without impacting state ownership of strategic assets. The unit is authorized to make decisions and implement procedures related to the organization of state-owned companies and is responsible for monitoring implementation in coordination with relevant ministries.
The meeting concluded with a review of upcoming steps to update the document's targets. These steps are centered on activating the role of the restructuring unit, optimizing asset utilization through the Sovereign Fund of Egypt, increasing private-sector engagement, and strengthening governance of the state's economic role.