Egyptian sovereign wealth fund plans EGP 40 billion investment portfolio by 2022


Egypt’s Sovereign Fund (TSFE) aims to increase its investment portfolio to EGP 30-40 billion by the end of 2022, CEO Ayman Soliman told Economy Plus on Wednesday.

He said TSFE’s goals are to increase the size of the portfolio to EGP 200 billion, which is equivalent to the authorized capital of the fund over a period of five to 10 years.

“We want to reach EGP 1 billion of capital on the basis of the directives of President Abdel Fattah Al-Sisi, and we will achieve this by taking bigger and faster measures, via the infrastructure sector,” Soliman added.

The fund aims to partner with the private sector to harness state assets, buying, selling, renting and profiting from these assets. This would also include lending or guaranteeing investment funds and subsidiaries that it owns or shares with investors.

Seven assets were transferred to TSFE by presidential decree for a total value of EGP 9 billion, including: the Tahrir Complex; the former seat of the Ministry of the Interior; land belonging to the headquarters of the former Egyptian National Democratic Party (NPD); the City of Scientific Exploration in the City of the Sixth of October; the cosmic village of October 6; the Nasser Institute in Shubra; and Tanta Zoo.

On a different note, Soliman revealed that the South Korean company, Hyundai Rotem, has made an attractive partnership offer with the National Egyptian Railway Industries Company (NERIC). This involves locating the manufacture of metro cars and electric trains in the Suez Canal Economic Zone (SCZone).

Soliman did not disclose the nature of the offer, but told Economy Plus that the offer is evidence of progress in locating certain industries and its ability to attract foreign capital to invest in this sector. .

In November, TSFE and SCZone partnered with NERIC in East Port Said, with an estimated cost of the company’s first phase at EGP 2.8 billion. Meanwhile, the second phase is expected to cost around EGP 3 billion.


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