Back to the complete issue
Tuesday, 19 May 2020

Sovereign Fund of Egypt is putting healthcare and pharma storage at the forefront of its sub-fund plans amid covid-19

Sovereign Fund is putting healthcare and pharma storage at the forefront of its sub-fund plans amid covid-19: The covid-19 pandemic has prompted the Sovereign Fund of Egypt (SFE) to recalibrate its priorities for the sub-funds it plans to set up, with healthcare and logistics for the pharma industry currently coming to the forefront. The SFE is also prioritizing electricity, transport, agriculture, and infrastructure for other sub-funds it’s looking to set up, CEO Ayman Soliman said in a meeting with Prime Minister Moustafa Madbouly and Planning Minister Hala El Said, according to a cabinet statement. Soliman didn’t provide further details on the timeline or expected partnerships for these sub-funds.

Background: The SFE has been working to adapt its investment plans in tandem with the development of the pandemic. Last month, Soliman said the fund was preparing a list of potential low-risk investments to present to investors after the outbreak, but didn’t delve into what these investments could include. The SFE previously offered to investors a 70% stake in the three Siemens-built combined-cycle power plants and various military subsidiaries. Ten unspecified military-owned companies were also under study with plans to offer them for co-investment.

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. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of Commercial International Bank (tax ID: 204-891-949), the largest private-sector bank 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; and Act Financial (tax ID: 493-924-612), the leading activist investor in Egypt; and Abu Auf (tax ID: 584-628-846), the leading health foodmaker in Egypt and the region.