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Thursday, 23 May 2019

Egypt announces formation of its EGP 200 bn sovereign wealth fund BoD

Habemus SWF board members: The Planning Ministry announced yesterday the formation of the board of directors for the planned EGP 200 bn sovereign wealth fund (watch, runtime: 0:58). The board will be headed by Planning Minister Hala El Said as a non-executive chairman and includes representatives from the planning, finance, and investment ministries as well as five independent members with relevant experience. The current lineup of independent members includes:

  • Hassan El Khatib, MD for equities at the European Bank for Reconstruction and Development;
  • Tarek Tawfik, president of the American Chamber of Commerce in Egypt and deputy chief of the Egyptian Federation of Industries;
  • Abbas Fayed, CEO and MD at Bank Audi;
  • Neveen El-Tahri, chairwoman of Delta Inspire;
  • Yehia Zaki, CEO and director of operations at Dar Al Handasah.

Boss remains unnamed: The ministry has yet to name the fund’s chief executive, which reports earlier this week had indicated will be made public by the end of next month. El Said had said in February that the search committee had sent a shortlist of four candidates to the prime minister’s office for review.

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