President El-Sisi Follows-Up On The Activities Of The Sovereign Fund Of Egypt

President Abdel Fattah El-Sisi met with Prime Minister, Dr. Moustafa Madbouly; Head of the General Intelligence Service, Major General Abbas Kamel; Minister of Planning and Economic Development, Dr. Hala El-Said and Chief Executive Officer of The Sovereign Fund of Egypt, Mr. Ayman Soliman.

The Spokesman for the Presidency said the meeting followed up on The Sovereign Fund of Egypt’s activities.

The President was briefed on the fund’s projects and activities, which aim to increase the size and scope of investments for the benefit of the national economy. The President gave directives for the fund to boost its efforts toward leveraging and developing the state-owned properties and assets so as to maximize their return and preserve the resources of the current and coming generations. This comes in light of the fact that the fund is the ideal investment partner for the private sector, which is the key partner in the development process.

The meeting reviewed the activities of The Sovereign Fund of Egypt over the past period, including its contribution, since its establishment, to attracting 43% of the total foreign direct investments, FDI, with 14 projects at around 37 billion pounds. Those focused on a number of vital sectors of the Egyptian economy, primarily green hydrogen, water desalination, and education.

The discussions also focused on the fund’s efforts to leverage the government’s buildings and assets, which were evacuated ahead of the relocation to the New Administrative Capital, in which the major elements for luring investments are entrepreneurship, as well as administrative, hotel, and educational activities.

The meeting also showcased the fund’s partnerships with a number of Arab and international Sovereign Funds and their role in offering opportunities for joint investments. It also reviewed the action plan of the sub-fund for offerings and mechanisms for the implementation of the State Ownership Policy Document with the aim of offering diversified and attractive investment opportunities.

The President was briefed on the features of the promotional program which the fund intends to present to a number of Gulf and European countries on investment opportunities in Egypt in order to enhance the investment map. The President was also offered an overview of the fund’s investment priorities and projects designated for the various sectors in the coming period. Those focus on investments in national projects in the transition to a green economy, digital transformation, and financial services. This is in addition to the localization of the industry in a number of sectors like pharmaceuticals, vaccines, and renewable energy requirements, as well as offering investment opportunities in other promising sectors including land reclamation and petrochemicals.