Egyptian President Abdel Fattah al-Sisi has announced companies owned by Egypt’s military must be allowed to sell shares on the stock exchange.

Last year, Egypt's government had plans to offer shares on the stock market of a US$1.1bn cement plant owned by the military, but no steps have yet been announced, reported Reuters. The military-owened Beni Suef cement complex is the largest cement plant in the country with an installed capacity of 12Mta and was inaugurated in August 2018.

The military has launched numerous projects across the country since Abdel Fattah al-Sisi came to power in an election after the armed forces ousted Islamist President Mohamed Mursi in 2013 following mass protests against his rule.

Some critics complain that such projects represent unfair competition, but President Sisi sought to reassure the private sector rivals that army enterprises are not targeting them.

"It is important to say that the private sector is welcome to participate in all what we are talking about," Sisi said, referring to the army projects.