The Sovereign Fund of Egypt (TSFE) has entered the top 50 global wealth list, according to the latest rankings released by the public asset tracking agency Sovereign Wealth Fund Institute (SWFI).

TSFE, which has holdings worth $12bn, joins 13 Middle East funds in the top 50. The US-based institute ranked the Egyptian fund 12th in the Middle East region and 47th globally.

Egypt’s Minister of Planning and Economic Development Hala El-Said, who is also the chairperson of the Sovereign Fund of Egypt’s board of directors, said that the fund’s entry into SWFI‘s top 50 is a “significant achievement” that reflects the strength of Egypt’s economy and its attractiveness to investors.

El-Said said that TSFE is committed to investing in projects that will promote economic growth and create jobs in Egypt. She highlighted the fund’s focus on renewable energy, water desalination, education, agriculture, financial technology, infrastructure investment management, and the tourism facilities sector.

TSFE was established in 2018 to attract private investments to Egypt and encourage joint investment in state-owned assets. The fund has already made a number of investments, including a $1bn stake in the Benban solar complex and a $500m investment in the East Port Said Economic Zone.

El-Said said that the Sovereign Fund of Egypt has ambitious plans to expand its assets and partnerships in the coming years. She said that the fund is committed to contributing to Egypt’s Vision 2030, a plan to achieve sustainable economic development.

Last week, Daily News Egypt reported that the British company Actis has reached a preliminary agreement with The Sovereign Fund of Egypt to acquire the wind power plant in Gabal El-Zeit, which is included in the government’s asset sale programme.

The sources said that Actis’ bid on the 580-megawatt station was one of 4 serious bids that Egypt received from local and international companies, including Siemens Gamesa and Orascom, in addition to another offer from an Italian company.

Last year, El-Said revealed that TSFE aims to increase its capital to EGP 1 trillion over the next five years.

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