For some time now, Egypt has been keeping things private: In private hands.
As economic reforms continue, or as some investors, say hobble along, many Government enterprises have been changing hands.
The process began three years ago with the disposal of Nasr City Housing, an offering which was oversubscribed. Since then, of the 314 Government enterprises earmarked for privatisation, more than half have been sold to the private sector, either partly or completely.
The current focus, however, is the utilities sector, according to an investment banker in Cairo.
Hassan Heikal, managing director of the investment banking division of EFG-Hermes, said from Cairo yesterday, that seven regional electricity companies were set for privatisation.
'The mandate for privatisation has been awarded to Merrill Lynch and EFG-Hermes,' he said.
There is also progress in the telecommunications sector.
