Gulf investments in government companies to reach $4B: Sovereign Fund

CAIRO - 6 March 2023: Head of the Sovereign Fund of Egypt, Ayman Soliman, expected Gulf investments to reach about $4 billion in the first package of government offerings.

 

Egypt will float shares of about 23 government-owned companies during the current year, whether through the stock exchange or sale to a strategic investor.

 

The sovereign fund plans to offer 11 companies to strategic investors, a public offering, or both, through the pre-IPO fund, provided that between 2 to 3 companies will be offered during the next month.

 

It is scheduled within days to announce the awarding of investments in 7 hotels owned by the Ministry of Public Enterprise Sector, according to the head of the Sovereign Fund of Egypt.

 

“There is a desire from Qatari investors to return to the Egyptian market, especially in the sectors of logistics, container handling, fertilizers and export sectors,” Soliman said in an interview with CNBC Arabia.

 

In 2019, Egypt launched an investment platform with the United Arab Emirates, targeting $20 billion over 10 years.

 

The value of investments executed through the platform has now reached about $5 billion, according to what the head of the Sovereign Fund of Egypt said.

 

The sovereign fund plans to reach more than LE 65 billion in assets during 2023.