CAIRO – 13 May 2024: Minister of Planning and Economic Development, Hala El-said, revealed that The Sovereign Fund of Egypt has set its sights on a promotional tour across Gulf countries in June 2024, in an interview with Asharq Bloomberg. The main objective of this tour is to attract fresh investments to Egypt.
During this tour, the Sovereign Fund plans to organize scheduled meetings with the sovereign funds in the Gulf region, financial institutions, and potential investors.
These meetings serve several purposes, including assessing the investment opportunities offered by Egypt’s fund, analyzing the current economic conditions and indicators, and evaluating the recent measures and reforms that have been implemented.
The Egyptian government’s offering plan is focused on withdrawing from seven sectors, namely pharmaceuticals, chemicals, and construction industries. Additionally, the government aims to reduce its investments in seven other sectors, including power plants, according to Asharq Bloomberg.
As part of the plan, opportunities for private sector investment will be created across airports, telecommunications, banking, and insurance sectors.
In February, Minister of Finance, Mohamed Maait, stated that Egypt aims to attract $6.5 billion through its Initial Public Offering (IPO) program in 2024.
The IPO program was launched by the government in March 2023, offering state-owned stakes in up to 40 companies and banks spanning 18 sectors. Initially scheduled to conclude by March 2024, the program has been extended until December.
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