💸🇪🇬 Egypt’s Mega $1.9Bn Garage Sale! State Assets on the Block 🏗️🏨
TL:DR; Egypt is having a massive ‘spring cleaning’ of state assets worth a whopping $1.9 billion! This Egyptian epic sale is aiming to ramp up private sector involvement and stack some much-needed foreign currency. 💼🌍💰
Are you feeling that inexplicable urge to buy a piece of a country? Egypt is now your one-stop-shop! 🛍️🗺️
Egypt’s Prime Minister, Mostafa Madbouly, just turned into the country’s biggest auctioneer, announcing the sale of stakes in state assets worth an astonishing $1.9 billion! This super garage sale is all part of a broader program designed to fuel the private sector and pile up some much-craved hard currency. 👛💲📈
You’ve probably had that friend who always seems to be selling something. But, have you ever known a friend to sell minority stakes in three companies for $800 million? Now, that’s some serious hustle! 💼💪💸 These stakes are being scooped up by none other than Abu Dhabi’s sovereign wealth fund ADQ.
But wait, there’s more! The sale also includes a plan to boost the capital of a company that owns a bunch of hotels in Egypt, thereby pulling in a cool $700 million. So, if you’ve ever fancied owning a piece of the Pyramids or a sliver of the Sphinx, now might be your chance! 🏢🏖️💰
But what’s really going on here? Why is Egypt playing the world’s biggest game of Monopoly? 🎩🎲🏦 Well, it’s all about the Benjamins. Egypt is grappling with a persistent shortage of foreign currency, and selling off state assets is their way of dealing with the issue. So, in a sense, Egypt is turning into a real-life ‘Cash Converters’.
Just how serious is this currency shortage, you ask? Well, the Egyptian pound has lost about half its value against the dollar since early last year. That’s like walking into a store with a $20 bill and walking out with a $10 bill! Talk about shrinkflation! 😮💵📉
The Prime Minister reported that the government is about a quarter way through a list of 32 state companies that they’d announced to sell stakes in last year. That’s a lot of garage sales, people! And they’re planning even more stake sales in other companies for later. 🗓️📊📈
To top it all off, the Egyptian PM is setting the bar high for the country’s financial future. He expects to ramp up Egypt’s annual inflow of hard currency by a staggering $70 billion per year by 2026, hitting a yearly total of $191 billion. Now, that’s some major money manifestation! 💰📆🚀
Egypt’s mega garage sale raises an interesting question: is this the future of national economy management? Will more countries start liquidating state assets to boost their economies? Will we see the rise of a global eBay for state assets? 🌐💰🔮
More importantly, would you buy a piece of a country if you could? Which one would it be, and why? Let’s get the conversation going! 🌍🗣️💭