Egypt's TSFE attracts $3.3 billion in investments from Arab sovereign funds in 2022

Ahram Online , MENA , Wednesday 24 Aug 2022

The Sovereign Fund of Egypt (TSFE) has attracted investments worth $3.3 billion from other Arab sovereign funds throughout this year, Abdallah El-Ebiary, head of the TSFE's investment sector, said on Wednesday.

Egypt s Prime Minister Mostafa Madbouly holds a meeting with Abdallah El-Ebiary, head of the TSFE s
Egypt s Prime Minister Mostafa Madbouly holds a meeting with Abdallah El-Ebiary, head of the TSFE s investment sector, and Minister of Planning and Economic Development and Chairwoman of the TSFE Hala El-Said. Egyptian Cabinet

 

The TSFE has attracted private sector investments in dollars and Egyptian pounds in green hydrogen, tourism, real estate investment, antiquities development, industry, financial services, digital transformation, and education, El-Ebiary said in a meeting with Prime Minister Mostafa Madbouly.

The TSFE plays a vital role as Egypt's investment arm, Madbouly said while following up on the implementation of TSFE plans and projects, a statement by the Cabinet read.

The TSFE will continue to implement the state's policy for luring more private investments, especially foreign private investments, as an important source of hard currency, Madbouly added.

Through its effective management of state-owned entities and companies, the Fund is working to optimise these assets in accordance with the best globally recognised rules and standards, with a view to maximising their benefits for future generations, said Minister of Planning and Economic Development and Chairwoman of the TSFE Hala El-Said.

Established in 2018 with EGP 200 billion in capital, the Sovereign Fund of Egypt aims to attract private investments into the Egyptian market by tapping underutilised assets that can boost the Egyptian economy.

In 2020, the TSFE ranked 43rd among 93 sovereign wealth funds globally in terms of asset size in a set of rankings created by the Sovereign Wealth Fund Institute.

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