Skip to content Skip to Search
Skip navigation

Egyptian sovereign fund attracts investments worth $1.5bn

By Pramod Kumar
Supplied
The money has been invested in 14 projects across key sectors, including desalination

The Sovereign Fund of Egypt has attracted 43 percent of total foreign direct investment, or EGP37 billion ($1.49 billion), since 2018, Ahram Online newspaper reported, citing a statement by Egyptian presidential spokesman Bassam Rady.

The money has been invested in 14 projects across several economic sectors, including green hydrogen, water desalination and education.

“This will help maximise their revenues and protect the resources of the current and coming generations,” President Abdel-Fattah El-Sisi said.

Established in 2018 with EGP200 billion capital, the fund aims to attract private investments into the local market by tapping under-utilised assets.

In 2020, the fund was ranked 43rd among 93 sovereign wealth funds globally in terms of asset size by the Sovereign Wealth Fund Institute.

In September, the sovereign fund’s CEO Ayman Soliman said investments in the infrastructure sub-fund will focus on energy transformation projects, including solar, wind power, green hydrogen and waste-to-energy.

Latest articles

Migrants attempting to reach Italy from Tunisia. About 270,000 so-called irregular migrants arrived in the EU via sea crossings last year

EU reveals total aid to North Africa to combat migration 

The European Union provided €673 million ($718 million) in funding to four North African countries from 2021-23 to help the quartet reduce what it calls irregular migration to the 27-member bloc, official data shows. Last year about 270,000 “irregular migrants” arrived in the EU via sea crossings, 64 percent more than in 2022. Crossings from […]

The SPA report highlighted a number of metrics as being on target, including home ownership of 53.7 percent

Third of Vision 2030 projects ‘completed’ government says

One third of 1,064 planned projects have been completed so far under the Vision 2030 economic transformation plan, the Saudi government said in its annual progress report on the reform programme.   The report also said 561 initiatives were on track, according to the state-owned Saudi Press Agency, publishing its major findings. It was not […]

Tawfik Alzaidi

Saudi director’s labour of love takes the kingdom to Cannes

For the first time a Saudi film has been selected to compete in the Cannes film festival, catapulting its little-known self-taught director into the limelight. Tawfik Alzaidi was so surprised that he’d managed to break through to the big time that he kept the news that his film Norah had been accepted for the ‘Un […]

Joby Aviation's CEO JoeBen Bevirt (2nd left) at the signing of a multilateral agreement with the three Abu Dhabi government departments

Abu Dhabi signs multiple deals to launch air taxi services in 2025

A commute from Abu Dhabi to Dubai could take only 30 minutes next year, with the introduction of air taxi services significantly slashing travel time between the emirates. The electric aircraft manufacturer Joby Aviation signed agreements this week with Abu Dhabi’s Department of Municipalities and Transport, Department of Economic Development and Department of Culture and […]