Egypt's Tharaa mulls cooperation with Oman Investment Fund
Tharaa mulls cooperation with Oman Investment Fund: Egyptian sovereign wealth fund Tharaa is in talks with the Oman Investment Fund to set up a partnership akin to the USD 20 bn investment platform it established with the Abu Dhabi Development Holding Company (ADDH), said Planning Minister Hala El Said, according to the local press. Tharaa CEO Ayman Soliman will reportedly kick off a roadshow of sorts in the GCC early next month to promote Egypt’s fund and probe other potential partnerships, according to El Said.
Tharaa and ADDH have already settled on the first five investments for their joint investment platform, and the relevant studies are currently underway, Soliman tells Al Mal. The five investment ventures are in the agriculture, financial services, logistics, real estate, and tourism sectors, he said.
As Tharaa pushes for regional cooperation, the selection process for domestic assets also begins: The government is currently looking at domestic assets to bring under Tharaa’s umbrella, and will set up sub-funds for specific sectors that have a wide range of assets and require their own branch of the sovereign wealth fund, El Said noted. Among the sectors currently under study is tourism, with the Public Enterprises Ministry looking at hotels in Cairo, Luxor, and Aswan. The Shepheard Hotel could be brought under Tharaa’s umbrella if its long-stalled development contract is not finalized within one month. All eligible assets will be selected within one month, according to El Said.