Mohamed Seif Eldin-Cairo
Egyptian President Abdel Fattah al-Sisi has announced the launch of army companies in the stock market during the coming period, during the opening of two new chemical plants belonging to the Ministry of Military Production in the governorate of Giza (west of Cairo) on Thursday.
Sisi said that "the Egyptian state is going in the plan to put a number of companies and government assets in the Egyptian stock exchange for three years, and it must also put the armed forces companies, so that the Egyptians have the opportunity to own shares in these companies, and to open the door to community participation in these companies" .
The private sector was welcome to partner in all what State-owned enterprises had to offer, citing the example of greenhouse projects.
Al-Sisi said that there are many projects that are postponed, but stressed that he will adopt a new policy of opening projects without delay or affected by skepticism and attack by unnamed parties, and continued, "We will open all our projects along, which will divide."
Since the overthrow of the late President Mohamed Morsi in the summer of 2013, the role of the military in Egyptian economic life has grown rapidly.
Estimates vary on the size of the military's role in the local economy, where some media estimates indicate that it represents 50%, but Egyptian President Abdel Fattah al-Sisi confirms that it does not exceed 3%.
Rare protests erupted last month, called by actor and contractor Mohamed Ali, over allegations of corruption by Sisi and army commanders and waste of public money.
The Egyptian authorities have taken several measures - described by observers as trying to absorb the anger of the street - such as price cuts and promises of political and media reform.
Although Sisi talked about the limited role of the army in the local economy, military spokesman for the Egyptian Armed Forces Colonel Tamer al-Rifai revealed in a statement last September that the armed forces "oversee about 2,300 projects, employing five million Civil servant in all disciplines. "
The Egyptian army controls various sectors of the country's economy and competes with the private sector through 20 institutions, headed by the Ministry of Military Production and the Engineering Authority, which oversees most infrastructure projects.
The minister of military production, Major General Mohamed al-Assar, said his ministry "achieved within a year (unspecified) revenues of 13.248 billion pounds," without giving further details.
Speaking at the 65th anniversary of the Ministry of Military Production last week, Al-Assar pointed out that the government is seeking to settle several industries, including electric vehicles, charging stations, storage and saving systems, and manufacturing solar panels to generate electricity for the first time in Egypt. A total of nearly one billion dollars, and the establishment of a factory for car tires at a cost of approximately 4 billion pounds.
The Ministry of Military Production has recently established seven companies: International Marathon for the manufacture of armored vehicles, the Egyptian Company for sporting supplies "artificial grass and sportswear", Misr Gulf for elevators and escalators, Abu Zaabal Engineering Punching Services, Heliopolis Sharaf Chemicals, and Egyptian Production Electrical and security fences, and finally the Egyptian Pharmaceutical Company. "