Egypt has announced the sale of $1.9 billion in state assets amid an economic crisis and record-high inflation. The sale of 32 state companies, including hotels, telecom and oil firms, to Egyptian investors and a United Arab Emirates investment fund is part of a turn toward privatization. Egypt has also imposed austerity measures, including cuts to subsidies for fuel, water and electricity, in exchange for billions of dollars in loans from the International Monetary Fund. Nearly one-third of Egypt’s population lives in poverty, according to government figures.