CAIRO: In its last meeting, the “Haneqder” or “We Can” initiative’s officials have agreed late Wednesday on creating the National Holding Company in order to restructure the public sector’s companies and balance the market, Mubasher reported Thursday.
Mohammed Al Orabi, Former Minister of Foreign Affairs and head of the initiative’s board of trustees, announced that the company will receive investments from all Egyptian factions and businessmen without discrimination.
The initiative’s board of trustees will coordinate with the Egyptian government in restructuring the companies, distributing investors’ profits along with regulating works, he added, unveiling that the profits will be distributed between the participating investors in accordance to their shares.
The initiative’s officials started establishing the National Holding Company to revive the public sector, prevent private sector monopoly, create new job opportunities and increase the public sector’s participation in national economy.
Mohamed Ibrahim, Former Minister of Antiquities and member of the board of trustees, expected intensive participations from different factions besides donations to the initiative especially that participants will receive profits according to their shares whether they are individuals or governmental and private institutions.
“Initiative officials prepared the feasibility study for the company”, he said, pointing out that the company is expected to be available in the Egyptian Stock Exchange.
The company’s main headquarters will be in Cairo, he stated, pointing out that the company will also have branches in other governorates.
Ahmed Qura, economic expert and former head of Al Watany Bank, told The Cairo Post Thursday that “establishing this company is a retrieval of the economic socialist system that proved its failure in past years.”
Criticizing the idea, Qura expected that the idea will not be popular among all factions especially that the government lost its credibility during the past three years of political unrest and public turmoil.
The government should work on creating investment motivations along with increasing its credibility and amending investment regulations to attract more investors, he said.