Back to the complete issue
Monday, 4 November 2019

Sovereign wealth fund capital to quintuple to EGP 1 tn

Speaking of the sovereign wealth fund: Egypt’s SWF will see its initial capital rise fivefold to EGP 1 tn from EGP 200 bn after President Abdel Fattah El Sisi directed officials to raise its authorized capital, Planning Minister Hala El Said recently said. Assets are currently being transferred to the fund — which will focus on renewable energy, manufacturing, logistics, food security, healthcare, and transport, newly-appointed CEO Ayman Soliman was quoted by Al Mal as saying.

Samih Sawiris announced he is looking to partner with the SWF to develop Bab El Azab area in Islamic Cairo. Downtown Cairo-focused Al Ismaelia For Real Estate Investment will take on the project’s implementation, the b'naire told Hapi Journal, adding that he will be acting individually and not as part of Orascom Development Egypt (ODE). Al Ismaelia’s chairman Karim Shafei said the project is still in a “very early stage.”

The SWF’s PPP mandate: The planning minister said over the weekend that both ODE and Al Ismaelia expressed interest in investing in or alongside the SWF. Her remarks came after El Sisi directed top officials last week to focus the fund on partnerships with the private sector, whether in Egypt or abroad.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.