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.