Al-Sisi directs Egypt's TSFE to maximise value of state assets

The president also ordered the government to “to present the best alternatives for re-employing those assets to achieve optimal benefit, successful management, and higher return”

  
Egypt’s President Abdel Fattah al-Sisi addresses participants of the "G20 Investment Summit - German Business and the CwA Countries 2019" on the sidelines of a Compact with Africa (CwA) in Berlin, Germany November 19, 2019. John MacDougall/Pool via REUTERS Image used for illustrative purpose

Egypt’s President Abdel Fattah al-Sisi addresses participants of the "G20 Investment Summit - German Business and the CwA Countries 2019" on the sidelines of a Compact with Africa (CwA) in Berlin, Germany November 19, 2019. John MacDougall/Pool via REUTERS Image used for illustrative purpose

President Abdel Fattah Al-Sisi directed, on Sunday, The Sovereign Fund of Egypt (TSFE) to maximise the value of state assets whose ownership was transferred to the Fund.

He also ordered the government to “to present the best alternatives for re-employing those assets to achieve optimal benefit, successful management, and higher return.”

Al-Sisi’s remarks came during a meeting with Prime Minister Mostafa Madbouly, Minister of Planning and Economic Development Hala El-Said, Minister of Communications and Information Technology Amr Talaat, and Executive Director of TSFE Ayman Soliman.

Al-Sisi was briefed on the Fund’s strategy and targeted projects. TSFE is currently focusing on investing in four main sectors, through sub-investment funds.

The sub-funds will invest in pharmaceutical industries, infrastructure, sea water desalination plants, wastewater treatment, and electricity. They will also give attention to the financial technology (fintech) and financial inclusion, which offers growth opportunities, especially with the digital transformation process in mind.

These industries are related to many sectors, such as health care. The fund is also studying the use of technology in the commodity exchange.

In September, Al-Sisi approved the ownership transfer of some unexploited state assets to TSFE, including Tahrir Complex, old Ministry of Interior headquarters, and the land plot of disbanded National Democratic Party headquarters, all in downtown Cairo.

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