Egypt is Expected to List Three Companies

Egypt is Expected to List Three Companies
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Egypt is Expected to List Three Companies

Egypt is Expected to List Three Companies

The head of Egypt’s Financial Regulation Authority (FRA) said on Tuesday he expected the government to start its program of initial public offerings in September.

Two or three companies should be listed by the end of the year, FRA Chairman Mohamed Omran told a news conference.

He pointed out that the country’s first offering of green bonds by a private company is expected to take place on Wednesday with value of $100 million.

Omran did not name the companies expected to issue shares this year or the company due to offer green bonds.

An FRA official and a banking source said the bond offer would be made by Egypt’s Commercial International Bank, Reuters reported.

In April, Public Enterprise Minister Hisham Tawfik said two to three public sector companies will be listed in the IPO in Q3 2021.

Egypt’s government said in March 2018 it would sell stakes in 23 companies, but sold only a 4.5 percent stake in Eastern Tobacco in 2019.

The FRA is Egypt’s Capital Market regulator. It is responsible for regulating non-bank financial services, such as financial leasing, real estate financing and insurance.

While the green bond is a type of fixed-income instrument that is specifically earmarked to raise money for climate and environmental projects. It was first issued by the World Bank in 2008.

Meanwhile, Azimut Egypt decided to successfully close the IPO, a month ahead of schedule, for its first local equity fund, Azimut Equity Opportunities Fund, “AZ Foras.”

Its focused equity fund, AZ-Opp, has raised assets under management (AUM) of 71 million pounds in its initial subscription period, it stated.

Azimut Group Managing Director Ahmed Abou El Saad said the “fund met substantial appetite from some 500 investors,” noting that it aims to have 250 million pounds in AUM for the fund, which is now trading.

The Group hailed the IPO’s success and the great media coverage.



Berlin Eyes Partnership with Riyadh in Expo 2030, Climate Cooperation, Hydrogen Initiatives

Saudi and German flags fluttering - File Photo/Asharq Al-Awsat
Saudi and German flags fluttering - File Photo/Asharq Al-Awsat
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Berlin Eyes Partnership with Riyadh in Expo 2030, Climate Cooperation, Hydrogen Initiatives

Saudi and German flags fluttering - File Photo/Asharq Al-Awsat
Saudi and German flags fluttering - File Photo/Asharq Al-Awsat

A senior German official affirmed his country’s commitment to strengthening cooperation with Saudi Arabia across various fields, noting that bilateral trade relations continue to grow steadily, with trade volume reaching around 7 billion Euros.

Speaking to Asharq Al-Awsat, German Ambassador to Saudi Arabia Michael Kindsgrab said: “The sectors driving this growth—chemicals, machinery, and transport—reflect the strong industrial connections we share. These are areas where German expertise is making a real difference in Saudi Arabia’s development.”

He added: “Looking ahead, there is much to be excited about. Expo 2030 is an incredible opportunity for us to further deepen our collaboration, showcase the best of what both Saudi Arabia and Germany have to offer, and inspire future generations to continue building on this remarkable partnership.”

German Ambassador to Saudi Arabia Michael Kindsgrab - Asharq Al-Awsat

Renewable Energy

On climate cooperation, the official said: “As for climate cooperation, we have just launched a relevant study on the Saudi labor market in the renewable energy sector, which was reviewed by the National Labor Observatory and discussed with experts of KAPSARC, KaCare and PSU. This is a great example of our close and meaningful partnership, tackling the challenges of today with an eye on the future.”

Blossoming Relations

Kindsgrab noted that Saudi-German relations are truly blossoming, saying: "I am proud to see our partnership becoming deeper and stronger across so many areas. From a personal perspective, it is inspiring to witness the growing bonds between our two countries. These ties span a wide range of sectors, including energy, transport, architecture, health, education and culture—creating a solid foundation for the future.”

“One of the most exciting aspects of our cooperation is in the area of energy transition. German innovation is at the heart of NEOM’s green hydrogen projects, with Thyssenkrupp Nucera playing a key technological role in making the vision of decarbonization of industry a reality,” he affirmed.

“Beyond energy, we’re also seeing significant progress in transport, where Siemens’ delivery of metro wagons helped to shape the modern infrastructure of Saudi cities. And let’s not forget the impact of German architecture in megaprojects such as King Salman Park or the design of Expo 2030, which I believe will be a landmark event for both our countries, ” added Kindsgrab.

“In the health sector, the collaboration with Charité in Berlin is another example of how our nations are working together to improve lives.”

Accelerated Cultural Cooperation

“And now, I am particularly excited to see the acceleration of cultural cooperation, such as the recently launched museum initiative between the Saudi Museums Commission and the Prussian Cultural Heritage Foundation of Germany,” the German ambassador stressed.

“This cooperation emerged as part of our shared efforts to strengthen people-to-people ties and will play an enriching role for the cultural relations, as it includes a loan program for artworks, joint curatorship and training programs to support talent development,” he concluded.