PM reviews steps to establish central unit for state-owned companies
The initiative aims to boost efficiency and maximize returns in line with international best practices and the State Ownership Policy (SOP) document adopted in recent years.
Madbouly's remarks came during a meeting held Monday evening in New Alamein to review the implementation steps for setting up the new unit.
The meeting was attended by Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat, Finance Minister Ahmed Kouchouk, and Minister of Investment and Foreign Trade Hassan el-Khatib, who joined via video conference.
The prime minister noted that the session was intended to review and initiate the executive steps necessary to establish the unit, following the Parliament's approval of the draft law regulating aspects of state ownership in companies.
He underscored the unit's pivotal role, alongside the Sovereign Fund of Egypt (TSFE) and the Initial Public Offering (IPO) Unit, in managing this portfolio.
Madbouly explained that the new unit will maintain a comprehensive database of state-owned assets, especially those slated for private-sector engagement, and will oversee all related decisions and procedures. It will also be responsible for implementation, in coordination with relevant ministries. Its decisions will be binding on all government entities to ensure the consistent and effective application of state asset policies.
He added that this move represents a significant institutional milestone in public asset management and reflects the government's drive for greater transparency and fiscal discipline. It is expected to improve public spending efficiency and attract further investment while preserving state ownership of strategic assets.
Participating ministers expressed their full support, affirming that the unit will serve as a key coordination mechanism across government agencies and play a vital role in restructuring underutilized assets to ensure their optimal use.
Cabinet spokesman Mohamed el-Homsani said that the meeting also highlighted the importance of preparing the unit's organizational structure and developing a comprehensive work plan, pending the final approval of the law by Parliament.
This step follows the government's earlier decision to transfer ownership of several companies and assets to the TSFE to boost returns and expand private-sector and investor participation, while safeguarding state control over strategic assets.
(MENA)
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