Egypt is exploring the possibility of establishing a fund dedicated to industrial investment, linked to its sovereign fund, as announced by Minister of Planning Hala ElSaid in a statement on Monday.
The state initiated its sovereign wealth fund back in February 2019 to oversee and invest in various promising assets owned by the government across industries such as electricity, real estate, and petrochemicals, while also aiming to attract private sector investors for their development.
Later in the day, a government official, speaking on condition of anonymity, revealed that Egypt is finalizing plans to launch a subsidiary fund specifically focused on industrial investment, with the rollout expected within a few days.
Egypt’s sovereign fund currently operates through 5 sub-funds: one for financial services and digital transformation, another for utilities and infrastructure, a third for healthcare and pharmaceutical industries, a fourth for tourism and real estate investment, including the development of Egyptian antiquities, and finally, one for asset management and restructuring.
The official highlighted that the objective behind creating “the industrial sub-fund is to initiate numerous large and medium-sized projects across various Egyptian governorates in collaboration with the private sector,” adding that “details regarding the new fund and its governing board will be disclosed shortly.”
Additionally, Egypt’s sovereign fund is gearing up for a promotional tour in the Gulf region.
According to the latest official government figures released in July of last year, the assets managed by Egypt’s sovereign wealth fund totaled approximately $12 billion.
