Sovereign Fund of Egypt’s new board of directors meet for first meeting since reshuffle

Cairo – November 2, 2023: Meeting for the first time, the reshuffled Board of Directors of the Sovereign Fund of Egypt (TSFE) reviewed the fund’s investments, businesses, and sub-funds, as well as looking into the fund’s projects’ progress.

The meeting was led by TSFE chairperson and Minister of Planning and Economic Development, Hala El-Said.

According to El-Said, the sovereign fund is considered the Egyptian state’s investment arm, with its plans in line with Egypt’s Vision 2030 and the Sustainable Development Agenda 2030.

The chairperson stressed TSFE’s dedication to creating opportunities for national and foreign investors while ensuring the rights of future generations.

The sovereign fund seeks to develop investors’ interests in Egypt, as well as promote joint investments in state-owned assets to boost its value.

Playing a key role in the country’s privatization strategy, the fund also looks to select assets from Egypt’s various state agencies for investment opportunities and promote the companies to local and foreign investors.

The planning minister commended the TSFE’s previous board, primarily Nevin Al-Tahiri, Hassan Al-Khatib, and Muhammad Farid, additionally praising the fund’s work team, its sub-funds, and the new Board of Directors.

Egypt’s sovereign fund is currently ranked as the Middle East’s 12th largest sovereign wealth fund by the SWF Institute, which placed TSFE 47th globally.

In a January statement, the president’s spokesperson shared that, since the sovereign fund’s establishment in 2018, it has attracted around 43% of Egypt’s total foreign direct investments (FDI).

The Wednesday meeting was attended by Ayman Soliman, TSFE CEO, and the members of the Board of Directors, namely Mohamed Abbas Hassan Fayed, CEO and Managing Director of First Abu Dhabi Bank Egypt, and Tarek Zakaria Tawfik, Chairperson of the Cairo Pourtly Company and President of the American Chamber of Commerce.

Other attendees included Lobna Helal, former Deputy Governor of the Central Bank, Nidal Assar, CEO and Managing Director of EG Bank; Mohamed Abu Zeid, Legal Advisor to the Minister of Planning and Economic Development; and Sherine El-Sharkawy, First Deputy Minister of Finance for Economic Affairs.