Egypt's sovereign fund aims to increase its investment portfolio to $1.5bln

Ayman Soliman pledged to increase cooperation with various sovereign funds during the coming period, including those from the Gulf

  
A view of traffic jam at Tahrir square before the start of a night-time curfew to contain the spread of the coronavirus disease (COVID-19), in Cairo, Egypt, April 13, 2020.

A view of traffic jam at Tahrir square before the start of a night-time curfew to contain the spread of the coronavirus disease (COVID-19), in Cairo, Egypt, April 13, 2020.

REUTERS/Mohamed Abd El Ghany
Egypt's sovereign fund aims to increase its investment portfolio in 2022 to 23 billion Egyptian pounds ($1.5 billion) between managed, owned or liquid assets, its executive director has said.

Ayman Soliman pledged to increase cooperation with various sovereign funds during the coming period, including those from the Gulf.

He stated that the green economy, infrastructure, logistics and tourism sectors are the most prominent sectors targeted by the fund for investment during the next year, with three-four new agreements planned to be signed to produce green hydrogen in Egypt.

Egypt's sovereign fund signed an agreement with a winning US consortium to develop and rehabilitate the Tahrir Complex, with a total investment of more than 3.5 billion Egyptian pounds.

“We aim to attract billions of dollars in projects in the next two years. We hope that the Tahrir Complex development project will be the beginning of many pioneering projects and future investments,” Soliman added.

Last month, the Egyptian president El-Sisi urged the fund to continue studying the state's under-utilised properties and assets, with maximising the return from them to ensure the sustainability of its investments.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Wealth Management