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Thursday, 31 October 2019

Investment in Egypt’s sovereign fund discussed with UAE’s Khalaf Al Habtoor

El Said pitches Al Habtoor to invest with SWF: Planning Minister Hala El Said met with UAE businessman Khalaf Al Habtoor of Al Habtoor Group to potentially invest in Egypt’s EGP 200 bn sovereign wealth fund, according to a cabinet statement. El Said noted that the fund is studying establishing a number of subsidiary funds in renewable energy, logistics, and manufacturing, while Al Habtoor expressed his desire to invest in Egypt. The SWF’s newly appointed CEO Ayman Soliman also began drumming up investor interest for the fund during the Egypt Can conference.

On the other side of the Red Sea, Saudi looks set to continue backing Egypt’s Sinai development plan: Investment Minister Sahar Nasr discussed support for the second phase of the government’s development plan for Sinai in a meeting with Saudi Fund for Development (SFD) CEO and Vice Chairman Khaled bin Salman Al Khudairi on the sidelines of the Future Investment Forum in Riyadh, the ministry said in a statement. The SFD provided USD 1.5 bn for the first phase to fund projects including King Salman University, King Salman Bridge (the proposed Egypt-Saudi causeway), and upgrades to Kasr El Aini hospital.

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