Ministry of Public Enterprise Sector seeks new partnerships in some of its projects in the tourism and textile sectors, the Minister Hisham Tawfik said over his opening speech in Hapi annual conference, titled “The Effective Growth” on Monday.
“We need a partner to rehabilitate Shepheard Hotel and raise its star ranking from 4 to 5 stars,” the minister explained, adding that the ministry looks forward to other partners to establish three hotels.
He affirmed the importance of textile sector, noting that the ministry is already working on an ambitious plan to develop this industry.
“We need a partner in the field of dyeing in preparation for developing exportation, there is a plan to develop cotton industry.
The minister pointed out that the government is implementing its initial public offering programme with successful offering of Eastern Company, adding, “We wait for the rest of the offerings, and there are new companies will be included in the second phase of the state IPOs, yet I don’t want to reveal more details.”
Furthermore, the ministry has an ambitious plan for the pharmaceutical sector to produce and distribute medicines through the existing company and compete strongly locally and globally, the minister affirmed.
The minister explained that the ministry owns eight holding companies and 119 subsidiary companies. However, there are 14 companies, followed by 107 other companies belonging to different ministries, but fall under the public enterprises sector, thus the total companies are 22 holding companies and 226 subsidiary companies.