Egypt’s sovereign fund to increase its investment portfolio to EGP 22-23bn in 2022

Daily News Egypt
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Ayman Soliman, Executive Director of The Sovereign Fund of Egypt (TSFE), said that the fund aims to increase its investment portfolio in 2022 to EGP 22-23bn. TSFE will also launch a sub-fund for the education sector.

During the activities of the second day of the CEO Conference, on Monday, Soliman stated that the fund has a portfolio in the education sector with a current value of about EGP 500m.

He added that, during the next stage, the fund aims to develop the dissolved National Democratic Party’s headquarters and turn it into a hotel along with residential and commercial units.

Earlier, TSFE started the first executive steps to develop the Tahrir Complex. The fund is set to conduct the required studies for the project, while the private partner would provide financing and other development components.

At the time, the Fund indicated that the development process would be based on a sophisticated style and thought commensurate with the historical value of the building, in accordance with a plan to maximize the use of state assets, and work to invest them in order to expand the base of available investment opportunities and maximize the return on them.

On the other hand, the Executive Director of the Sovereign Fund of Egypt revealed that it is intended to sign 3 or 4 new agreements for the production of green hydrogen in Egypt during the coming period.

Last month, ADNOC and OCIN’s Fertiglobe announced the selection of the Plug Power Inc-led consortium to generate a 100-megawatt green hydrogen electrolyser as a raw material for a production of 90,000 tonnes of green ammonia at the site of the Egyptian Company for Basic Industries in Ain Sokhna.

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