He underscored the need to revitalize the capital market,
increase market capitalization, and boost trading volumes through a number of
policies, most notably the government’s IPO program.
El-Gamal noted that government IPOs play an important role
in stimulating the Egyptian stock exchange, as they attract investment across
various sectors, including industry, agriculture, and services. He added that
they also contribute to improving economic performance, increasing productivity,
and enhancing service quality.
He highlighted that the IPO program supports greater private
sector participation in GDP. El-Gamal revealed that the Egyptian government
recently announced the program’s success, completing 21 deals across 11
different economic sectors, totaling around $6 billion. The government also
confirmed that it had contracted with an international financial institution as
advisor to the IPO process, with procedures already underway to offer the
management and operation of several airports.
El-Gamal further stated that the Egyptian Exchange has
gained a degree of depth, enabling the government to move forward with its IPO
plan, noting that recent economic indicators have all been positive.
He concluded that the government is currently restructuring
the IPO program in line with economic and market developments. This involves
reprioritizing companies targeted for offering based on their attractiveness to
investors and readiness, while diversifying exit mechanisms between stock
market listings and sales to strategic investors.