{"id":39321,"date":"2022-07-29T07:00:00","date_gmt":"2022-07-29T05:00:00","guid":{"rendered":"https:\/\/www.ecomnewsmed.com\/?post_type=news&p=39321"},"modified":"2022-07-27T11:22:54","modified_gmt":"2022-07-27T09:22:54","slug":"egypt-has-approved-the-listing-of-two-military-owned-companies-on-the-stock-market-knowing-that-the-military-holds-a-veritable-economic-empire","status":"publish","type":"news","link":"https:\/\/www.ecomnewsmed.com\/en\/2022\/07\/29\/egypt-has-approved-the-listing-of-two-military-owned-companies-on-the-stock-market-knowing-that-the-military-holds-a-veritable-economic-empire\/","title":{"rendered":"Egypt has approved the listing of two military-owned companies on the stock market knowing that the military holds a veritable economic empire"},"content":"\n \n \n \nIn Egypt, the Council of Ministers announced, in a statement issued after its meeting held on Wednesday July 20, that it had approved the listing of two companies owned by the army on the stock market.\n\n \n \n\n\n \n \n \nThese are the company Safi, which specializes in the production and bottling of mineral water and olive oil, and the petroleum products distribution company Wataniya, which operates a vast network of service stations throughout country, the statement said.\n\n \n \n\n\n \n \n \nIn Egypt, the army has a real economic empire, whose activities range from agriculture to food industries, through military industries, the distribution of hydrocarbons and the realization of major infrastructure projects. Its weight in the Egyptian economy exceeds 40%, according to estimates by Egyptian economists.\n\n \n \n\n\n \n \n \nThe country has been facing serious economic difficulties since the start of the war in Ukraine. President Abdel Fattah al-Sissi (photo) called last March for the partial privatization of several dozen public companies, including those owned by the army, by the end of the current year.\n\n \n \n\n\n \n \n \nThis privatization program, part of which will go through the Cairo Stock Exchange, should enable the State to reap 10 billion dollars each year for four years.\n\n \n \n\n\n \n \n \nThe heavy weight of the army in the Egyptian economy is regularly decried by experts who see it as an obstacle to free competition and a foil for local and foreign private investors.\n\n \n \n\n","author":114,"featured_media":39322,"comment_status":"open","ping_status":"closed","template":"","tags":[5777,5754,6187,5751],"location":[5600],"class_list":["post-39321","news","type-news","status-publish","has-post-thumbnail","hentry","tag-army","tag-business","tag-defense-en","tag-economy","location-egypt"],"short_url":"https:\/\/bit.ly\/3zBdIkX","have_related_news":"done","chapo":"The significant weight of the Egyptian army in the economy exceeds 40%. This is regularly criticized by experts who see it as an obstacle to free competition and a foil for local and foreign private investors.","media":{"src":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2022\/07\/egypt-has-approved-the-listing-of-two-military-owned-companies-on-the-stock-market-knowing-that-the-military-holds-a-veritable-economic-empire-550x360.png","srcset":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2022\/07\/egypt-has-approved-the-listing-of-two-military-owned-companies-on-the-stock-market-knowing-that-the-military-holds-a-veritable-economic-empire-550x360.png 550w","sizes":"550px","alt":"Egypt has approved the listing of two military-owned companies on the stock market knowing that the military holds a veritable economic empire","width":550,"height":360,"ratio":0.61,"credit_photo":""},"media-news-header":{"src":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2022\/07\/egypt-has-approved-the-listing-of-two-military-owned-companies-on-the-stock-market-knowing-that-the-military-holds-a-veritable-economic-empire-1073x658.png","srcset":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2022\/07\/egypt-has-approved-the-listing-of-two-military-owned-companies-on-the-stock-market-knowing-that-the-military-holds-a-veritable-economic-empire-1073x658.png 1170w","sizes":"1170px","alt":"Egypt has approved the listing of two military-owned companies on the stock market knowing that the military holds a veritable economic empire","width":1170,"height":658,"ratio":0.61,"credit_photo":""},"acf":[],"yoast_head":"\nEgypt has approved the listing of two military-owned companies on the stock market knowing that the military holds a veritable economic empire - 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