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 TSFE head explained
The Sovereign Fund of Egypt’s (TSFE) newly reshuffled Board of Directors gathered for its inaugural meeting on Wednesday, headed by chairperson and Minister of Planning and Economic Development, Hala El-Said.
The meeting concentrated on reviewing the fund’s investments, projects, businesses, and sub-funds.
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 TSFE head explained.
She also highlighted the fund’s commitment to creating opportunities for national and foreign investors while protecting the rights of future generations.
TSFE primarily aims to attract private investors to Egypt and promote joint investments in state-owned assets to boost its value. The fund also looks to select assets from Egypt’s various state agencies and entities to invest and promote the companies to local and foreign investors.
El-Said praised the TSFE’s previous board’s efforts, primarily Nevin Al-Tahiri, Hassan Al-Khatib, and Muhammad Farid. The minister also acknowledged the fund’s work team, its sub-funds, and the new Board of Directors.
The Sovereign Fund of Egypt is ranked as the world’s 47th largest sovereign wealth fund, according to the SWF Institute, placing TSFE as the 12th largest in the Middle East.
Since its establishment in 2018, TSFE’s efforts brought in around 43% of Egypt’s total foreign direct investments (FDI), according to a January release by the president’s spokesperson.
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 Poultry 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.
