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Sunday, 30 September 2018

220 people want to run our SWF; exec regs should be in front of PM by mid-October

220 people want to run our SWF: Egypt has received some 220 applications from potential managers for its new EGP 200 bn sovereign wealth fund, according to Planning Minister Hala El Said. The applicant pool for the CEO post is a mix of local and global talent, a source close to the search tells us. In all, some 400 individuals applied for the manager’s position or other posts. A shortlist for the manager’s gig is will be in Prime Minister Mostafa Madbouly’s hands by mid-October, with our source telling us that the independent committee includes reps from the financial, law and business communities as well as economic exports.

The executive regulations for the law governing the SWF should be with Cabinet for review by mid-October, our source tells us.The Ministry of Planning is working on the regs together with a team including PricewaterhouseCoopers, Baker McKenzie and Sarie-Eldin & Partners.

Madbouly is now reviewing nominations for the SWF’s board of directors and the general assembly and will present names to President Abdel Fattah El Sisi, who has final signoff on appointments to both bodies. The SWF CEO’s position was advertised in the Financial Times, the Economist and the domestic press earlier this month. The deadline for applications was last Thursday.

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