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Friday, 23 July 2021

Egypt’s sovereign wealth fund ranks 43rd among 93 wealth funds globally: Report

Doaa A.Moneim , Thursday 4 Jun 2020

Egypt’s sovereign fund has placed 43rd among the 93 sovereign wealth funds globally in terms of asset size, in a set of rankings created by the Sovereign Wealth Fund Institute (SWFI).

It is the first time that the institute had included Egypt’s fund, which was established in 2018, on the list.

Egypt’s fund has total assets worth $11.959 billion, accounting for 0.14 percent of the total assets managed by all sovereign wealth funds globally.

According to SWFI data, the total global assets of the 93 sovereign funds are worth $8,229 trillion.

The Sovereign Fund of Egypt (TSFE) was established in accordance with Law 177 of 2018 with the aim of attracting private investments to Egypt and promoting and co-investing in state-owned assets to maximise their value and efficiency, and to create jobs.

The fund is independently managed by senior executives from the private sector.

It seeks to select investable assets from public stakeholders to promote and co-invest in alongside local and foreign specialised and financial partners.

Executive Director Ayman Soliman said last month that the fund is adapting to the coronavirus crisis and will focus its work more on three main sectors in the coming period -- industry, health care and food.

Soliman was speaking at a virtual panel organised by the American Chamber of Commerce (AmCham).

He said that Egypt is among the top three countries in Africa with a solid industrial infrastructure, which is a potential that qualifies it to focus on industrial projects over the medium and long term.

In the current phase, he said that the fund will initially focus on developing investment products in high potential domestic sectors, and catalysing the private sector and its participation in the Egyptian economy.

Over the long term, Soliman said that the wealth fund will also focus on enhancing strategic regional and international partnerships and exploring commercial investment opportunities abroad.

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