Banque Misr Prepares to Sell its Shares in 13 Companies

The new branch of the Bank of Egypt in the New Administrative Capital. (The bank’s website)
The new branch of the Bank of Egypt in the New Administrative Capital. (The bank’s website)
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Banque Misr Prepares to Sell its Shares in 13 Companies

The new branch of the Bank of Egypt in the New Administrative Capital. (The bank’s website)
The new branch of the Bank of Egypt in the New Administrative Capital. (The bank’s website)

Egypt's Banque Misr is preparing a file to exit its investments in some companies as part of a government program to reduce state ownership in the local economy.

The deals will be announced after coordination with the committee for public procurement, according to an official source who refused to be named.

The source told the Arab World News Agency that the bank is preparing to sell its shares in 13 out of 176 companies in its portfolio, adding that the companies subject to exit are profitable.

The 13 companies range between the industrial, petrochemical, and public services sectors, including medical insurance, transportation, navigation, tourism, agriculture, and food industries.

The source did not specify a timeframe for the process, noting that among the companies that will be exited include Egyptian Ethylene and Derivatives Company (Ethydco) and Alexandria Specialty Petroleum Products Company, 10 and 10.4 percent of which are owned by the bank respectively.

Last September, Sidi Kerir Petrochemicals (Sidpec) postponed a deal to acquire Ethydco fully.

The Egyptian government had announced a program to exit 32 companies and expand private sector ownership within the framework of an agreement with the International Monetary Fund (IMF) to obtain a loan worth $3 billion.

The government is preparing for a scheduled review from the IMF during the first quarter of 2024 to disburse a second tranche of the loan, a review that has been postponed since last March.



Growth of Non-Oil Sectors Position Saudi Arabia Among Leading Global Economies

 King Abdullah Port, Saudi Arabia (Asharq Al-Awsat)
 King Abdullah Port, Saudi Arabia (Asharq Al-Awsat)
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Growth of Non-Oil Sectors Position Saudi Arabia Among Leading Global Economies

 King Abdullah Port, Saudi Arabia (Asharq Al-Awsat)
 King Abdullah Port, Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia’s economy continued its upward trajectory in 2024, solidifying its status as one of the world’s most stable and fastest-growing markets. This momentum is being driven by the Kingdom’s unwavering commitment to economic diversification — a central pillar of Vision 2030 — which has significantly boosted non-oil sectors, expanded private sector participation, and increased the economy’s ability to generate jobs and attract investment.

Non-oil activities now contribute a record 51% to real GDP, marking a major milestone in the country’s transformation journey.

According to the Vision 2030 annual report, Saudi Arabia’s real non-oil GDP grew by 3.9% in 2024 compared to the previous year, fueled by ongoing investments across diverse sectors. Non-oil activities alone expanded by 4.3% year-on-year, reflecting the success of structural reforms and strategic national programs.

At the heart of Vision 2030 is the ambition to build a thriving economy. One of the key benchmarks is improving Saudi Arabia’s position in global GDP rankings. In 2016, the Kingdom ranked 20th worldwide. By 2030, it aims to break into the top 15, with a targeted GDP of SAR 6.5 trillion ($1.7 trillion).

In early 2024, Saudi Arabia adopted a new moving-chain methodology to measure GDP more accurately. Under this updated system, real GDP has grown consistently since 2016 at a compound annual rate of 1.75%, excluding the pandemic-induced downturn in 2020. Non-oil GDP, meanwhile, has shown even stronger performance, expanding at a 3.01% annual pace over the same period.

While the 2024 non-oil GDP target was narrowly missed, the outcome reached 98% of the goal — a strong showing amid global uncertainties. Leading contributors included wholesale and retail trade, hospitality, transportation, logistics, and information technology.

Non-oil exports also played a pivotal role in economic growth, achieving over 75% of their annual targets. Gains came primarily from increased exports of non-oil goods and a sharp rise in re-exports, underlining Saudi Arabia’s growing role in global trade flows.

The private sector’s role in the economy has expanded significantly, with its contribution to GDP reaching 47% — surpassing the 2024 target. Since 2016, this contribution has grown at a compound annual rate of 1.94%.

This progress reflects ongoing efforts to reduce reliance on oil, empower private enterprise, and enhance the Kingdom’s global competitiveness. Key initiatives include national strategies aimed at unlocking sectoral potential, the Public Investment Fund’s push to stimulate private capital, and the successful drive to attract global companies to relocate their regional headquarters to Saudi Arabia.

The government continues to foster a dynamic business environment, supporting small and medium enterprises (SMEs) through regulatory reforms and major development projects. These efforts span several sectors, including manufacturing, transport, logistics, and foreign investment.

Global Confidence, Positive Outlook

International confidence in the Saudi economy remains strong. In 2024, the world’s top three credit rating agencies affirmed the Kingdom’s sovereign creditworthiness. Moody’s assigned a rating of “Aa3” with a stable outlook; Fitch rated it “A+” with a stable outlook; and S&P awarded an “A/A-1” rating, also with a stable outlook.

Global institutions are also optimistic about the Kingdom’s growth prospects. The Organisation for Economic Co-operation and Development (OECD) forecasts Saudi economic growth at 3.8% in 2025 and 3.6% in 2026 — well above the global average.