Egypt's President Calls a Halt to Privatization of Public Resources
Egypt's president calls a halt to privatizations
April 30, 2013Reuters - Egypt will keep all state-owned firms in public hands, President Mohamed Mursi said in a speech on Tuesday, calling a halt to a flawed privatization program that failed to kick-start the country's economy.
"There will not be any more selling of the public sector again. That is over," Mursi said in a speech to metal industry workers in a Cairo suburb during celebrations ahead of Labour Day.
In May 2011, a court annulled a 2006 deal to sell Egypt's historic Omar Effendi department store chain to a Saudi investor after critics argued it was sold too cheaply. That ruling followed others scrapping transactions in which the state was found to have sold land at below market prices.
In June 2008, Egypt canceled the auction of state-owned Banque du Caire, saying the bids it received from foreign banks did not meet the reserve price.
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