CEO of Egypt’s sovereign fund reportedly resigned in July, to close term by end of month

Cairo – August 15, 2024: Ayman Soliman, CEO of the Sovereign Fund of Egypt (TSFE), is reported to have resigned around the time of the July ministerial shuffle, with his final working day set for the end of August, according to sources cited by Al Arabiya.

As of July, the Fund oversees approximately $12 billion in assets and has partnered with various sectors, including manufacturing, education, insurance, healthcare, pharmaceuticals, financial services, and digital transformation.

Soliman’s resignation was somewhat expected, with one source stating that the government was looking to introduce fresh faces into key positions as part of a broader reshuffle.

Back in 2019, Soliman outlined an ambitious vision for TSFE, telling Reuters he aimed to “unlock value and create wealth.”

TSFE oversees Egypt’s IPO program which handles a portfolio of 35 state-owned companies, offering stakes to strategic investors or on the Egyptian stock market as part of a wide range of initiatives to attract foreign capital back into the country.

The program is a vital part of Egypt’s State Ownership Policy Document, which is a part of the International Monetary Fund’s conditions for its $8 billion loan.

Minister of Finance Ahmed Kouchouk shared last week that Egypt is looking to bring in between $2 - 2.5 billion from the IPO program within the current fiscal year. Kouchouk added that the program has generated $3.1 billion in revenues since March 2023.

The Sovereign Fund of Egypt, established in 2018 under Law No. 177, was created to form partnerships with both local and international investors, aiming to design investment products that optimally utilize state-owned assets.

The Board of Directors of the Sovereign Fund is appointed through a presidential decision, based on the Prime Minister's recommendation. The Board includes the Minister of Planning and Economic Developpment, a non-executive Chairman, and representatives from the ministries of planning, finance, and investment, along with five independent members with expertise in economics, law, and investment.

Following a recent ministerial reshuffle in July, Rania Al Mashat, who now oversees both the Ministry of Planning and International Cooperation, will take over as President of the Sovereign Fund.

Former Minister of Planning, Hala El Said, was appointed as Economic Advisor to the President during the July shuffle.