Elsewedy Electric topped the list of Egyptian companies in which the Norwegian ‘Government Pension Fund Global’ invested in, with $58m worth of shares by the end of 2018, followed by Talaat Moustafa Group Holding (TMG) with $35m worth of shares.
The fund also owns shares worth $9.4m in CI Capital, and $1.2m worth of shares in Sarwa Capital.
The Egyptian Exchange (EGX) is the second largest stock market in terms of investments from the fund, with $428m, while Saudi Arabia ranked first, with $1.039bn.
However, Egypt ranked first in terms of the number of companies, with 56 companies, after adding 10 new Egyptian companies to its portfolio in 2018, followed by Saudi Arabia with 44 companies.
According to the fund’s annual report for 2018, the Norwegian sovereign fund invests in 175 listed companies in the Arab world with a total market capitalisation of $2.2bn. The EGX accounts for 19% of the total value, while Saudi Arabia’s stock accounts for 47%, and 15.6% for the UAE.
The fund’s market value was 8,256bn kroner ($969bn) at the end of 2018, down from 8,488bn kroner ($987.49bn) a year earlier and it is the largest sovereign wealth fund in the world.
The fund invests in 9,158 companies across the globe. Moreover, the fund’s asset allocation was 66.3% equities, 3% real estate, and 30.7% fixed-income investments.