Cairo – May 29, 2024: Subfunds related to the telecommunications and agriculture sectors are reportedly in the works as part of the Sovereign Fund of Egypt’s (SFE) multisector strategy.
According to sources speaking to Al Borsa, the SFE intends to pump an undisclosed number of investments in the telecommunications and related sectors such as infrastructure and towers.
The fund’s legal advisor Baker McKenzie is close to completing the necessary procedures to set up the fund, the sources added.
No further details were disclosed on the possible agriculture subfund other than that the SFE is in the process of completing the required procedures.
The upcoming industry-focused subfund, announced earlier this month by SFE chair Hala El Said, has been successfully established with a capital of LE 12 billion, the sources noted.
The subfunds are within the fund’s multisector strategy. Currently, the fund’s strategy includes 9 sectors; Tourism, Real Estate & Antiquities; Infrastructure & Utilities; Healthcare & Pharma; Financial Services & Fintech; Education; Food and Agriculture; and Telecommunication.
The list also includes the Pre-Initial Public Offering (Pre- IPO) Subfund, launched in 2022 as part of the government’s aim to exit certain sectors to encourage increased private sector participation in the economy.
According to the SFE’s website, five of these sector-focused subfunds are actively managed by a dedicated board of directors.
The SFE is preparing to tour several Gulf countries next month to promote investment opportunities in Egypt. El Said revealed at the time that the tour would include meetings with investors, financial institutions, and other sovereign funds to discuss potential investments on offer.
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