We advised the National Service Projects Organization (NSPO) on the signing of a binding principles agreement with EGX-listed TAQA Arabia for the transfer of 172 fuel stations operating under the “Wataniya” brand to a newly established company, Quick Fuel for Trading and Distribution of Petroleum Products S.A.E. (“Quick Fuel”), under which TAQA Arabia will acquire 10% of Quick Fuel, assume management and operation of the network, and hold an option to acquire an additional 15% upon Quick Fuel’s listing on the Egyptian Exchange.

This is a landmark transaction for both NSPO and the Egyptian economy, representing the first transaction by NSPO structured as a partial exit under Egypt’s StateOwnership Policy . ADSERO has advised NSPO throughout this matter for over five years, from the comprehensive reorganisation and restructuring of the Wataniya network, through to structuring, negotiating and documenting this transaction. Our role has spanned the full lifecycle of the deal: preparing the network for its transfer to Quick Fuel, advising on the operational partnership with TAQA Arabia, and structuring a phased ownership transfer with a future EGX listing route.

Commenting on the transaction, Dr Ahmed Abdelgawad, Partner – Co-Head of M&A and Capital Markets at ADSERO, said: “This is a transformative transaction that reflects the State Ownership Policy’s vision for expanding private-sector participation in Egypt’s economic development.”

Our team was led by Dr Ahmed Abdelgawad, Partner – Co-Head of M&A and Capital Markets, assisted by Mohamed Abdelgawad, Partner – Head of General Corporate, Commercial, and Regulatory; Ehab Fedaa, Partner – Head of General Corporate; Ahmed Adib, Partner; Malak Khalil, Partner – Head of EENR; and Soha Hussein, Managing Associate.

The team also included Kamal Shehata, Senior Associate; Mahmoud Attia, Senior Associate; Hussien Moustafa, Managing Associate; Sadeem Abdelsalam, Managing Associate; Malak Abda, Associate, and Omar Shokair, Associate.

Congratulations to our client, NSPO, on this milestone.

Pleased to have worked alongside our colleagues at The Sovereign Fund of Egypt, Noha Khalil, Mohamed Sherien, and General Nader Zaki Moussa, transaction advisors managing the offering; CI Capital Holding, Gamal Olama, Amr Helal, Sherif El Hakim, and Mahmoud El Kouny, exclusive financial advisors to NSPO; TAQA Arabia, Pakinam Kafafi, Peter Mofeed, and Maged Khalaf; SBA – Grant Thornton Egypt, accounting and tax advisors to NSPO; and Zulficar & Partners Law Firm, Ingy Badawy, Anwar Zeidan, and Mohamed Okasha, legal advisors to TAQA Arabia.

For more information, check out The Enterprise Company’s coverage here:
https://enterpriseam.com/egypt/2026/06/14/taqa-arabia-acquires-10-of-172-wataneya-stations/