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Monday, 30 July 2018

Sarie-Eldin, PwC, Baker Mckenzie selected to advise cabinet on governing regulations for EGP 200 bn sovereign wealth fund

Sarie-Eldin, PwC, Baker Mckenzie selected to advise cabinet on regulations governing EGP 200 bn sovereign wealth fund: The Madbouly Cabinet has entered into an agreement with a consortium of firms including Sarie-Eldin & Partners, PricewaterhouseCoopers and Baker McKenzie to advise on the establishment of the framework and governing structure of Egypt’s EGP 200 bn sovereign wealth fund, Planning Minister Hala El Saeed told Al Mal yesterday. The group, which should complete its work within the next few weeks, is expected to help set the ground rules that will govern investment choices as well decisions such as capital increases and the establishment of sub-funds, to name a few. Finance Minister Mohamed Maait had previously said that the fund’s board of directors would be selected “within days.” The House of Representatives had signed off on legislation establishing the fund earlier this month, giving it complete financial independence and relieving it from paying taxes on transactions with subsidiaries and affiliates, in addition to clarifying what the state would consider an under-utilized asset.

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