Egypt's Sovereign Wealth Fund board named Ayman Mohamed Soliman as the fund's executive manager for three years as of Thursday.
In a statement on Thursday, Egypt's Planning Ministry said Soliman was chosen by a committee of the fund's independent board members.The fund's board is headed by Planning Minister Hala El Saeed.
Soliman has a two-decade experience in the investment fields and occupied top posts of more in numerous companies worldwide.
He served as the managing director of Gemini Technology - Egypt as well as other top posts in key companies like Orascom and EGF Hermes.
The EGP 200 billion Sovereign Wealth Fund aims to ensure the best use of Egypt’s wealth and natural resources for the future generations, as well as to contribute to the national income
Last Month, Egypt’s Minister of Finance Mohamed Maait said Egypt would to establish a new pension fund in addition to the sovereign wealth fund.
Maait told Ahram Online on the sidelines of the Euromoney Egypt Conference that the sovereign wealth fund was targeted to manage EGP 1.5 trillion over seven years.
The two funds would safeguard Egypt’s economy in the forthcoming years, he added.
Maait stated that 70 percent of the capital of the sovereign wealth fund would be invested in governmental projects and the rest in other sectors.