Sovereign Fund of Egypt CEO bids to double assets to $1.8bln in a year

Soliman said the fund’s drive for growth will focus on infrastructure, water desalination and renewable energy

  
An employee counts money at an exchange office in downtown Cairo June 5.

An employee counts money at an exchange office in downtown Cairo June 5.

REUTERS/Amr Abdallah Dalsh
The Sovereign Fund of Egypt plans to double its assets from between EGP13-14 billion ($827-$891 million) to as much as EGP28 billion next year, said chief executive Ayman Soliman, reported Al Sharq.

Soliman said the fund’s drive for growth will focus on infrastructure, water desalination and renewable energy, such as the production of green energy with Norwegian green energy firm Scatec and Abu Dhabi-Dutch joint venture fertiliser producer Fertiglobe.

Last week, the fund signed a deal with Scatec and Fertiglobe to build a 50 to 100 megawatt ammonia plant in Ain Sokhna, 75 miles east of Cairo, for an undisclosed sum, which it said, “is the first step towards developing a green hydrogen hub in Egypt”.

The head of the fund said its investments over the next 12 months would also include warehouses for strategic goods, medicine and education.

The fund, established in 2018, says it was set up to co-invest with local and foreign financial partners to “increase the private sector’s role in the economy and create jobs for Egypt’s young population”

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