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Sunday, 17 November 2019

Egypt’s Tharaa establishes a USD 20 bn investment platform with Abu Dhabi Holding Company

Tharaa, Egypt’s sovereign wealth fund, to establish a USD 20 bn investment platform with Abu Dhabi Holding Company: Egypt and the UAE agreed on Thursday to establish a USD 20 bn joint investment fund to invest in a variety of sectors and transaction structures through Abu Dhabi Development Holding Company and Egypt's sovereign wealth fund (Tharaa), according to an Ittihadiya statement. The agreement came during President Abdel Fattah El Sisi’s trip to Abu Dhabi . The platform invest using a variety of structures in manufacturing, traditional and renewable energy, and technology and other sectors. Tharaa CEO Ayman Soliman had told us last week that the fund plans to establish sub-funds in several sectors, including energy.

This is the start of more investment, cooperation with the region: Soliman said last week that the fund is in talks with three counterparts in the region to set up joint funds. The CEO had not provided any hints as to who the other points of contact are.

In other Tharaa news: The state-owned National Investment Bank has put Tharaa in charge of drumming up foreign and domestic investor interest in seven of its portfolio companies and two of its assets, the bank’s CEO Mahmoud Montasser tells Masrawy. Montasser did not name the companies in which the bank is looking sell stakes.

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