Company Insights The Sovereign Fund of Egypt Banking & Finance The Sovereign Fund of Egypt Overview The Sovereign Fund of Egypt aims to contribute to Egypt’s financial and economic development by managing and investing the country’s funds and assets. The fund capital is worth more than $11 billion. The Sovereign Fund of Egypt’s subsidiaries cover sectors including tourism, real estate, healthcare and pharmaceuticals, infrastructure and utilities, and finance. Its portfolio includes National Egyptian Railway Industries Company (Neric), Misr Insurance Holding Company (MIHC) and Erada Microfinance for small businesses. It also recently launched EZ International, which provides logistical, administrative and distribution support for Egypt’s pharmaceutical sector. It has also set up a partnership with Al Ahly Cira Educational Services to establish four international universities in Egypt. The Sovereign Fund of Egypt News Energy Egypt’s first hybrid solar project to break ground next year Norway’s renewable energy producer Scatec will begin work on Egypt’s first hybrid solar power and battery storage project in the first half of 2025. The company has signed a US dollar-denominated 25-year power purchase agreement with the state-run Egyptian Electricity Transmission Company for a 1GW solar power plant and 100MW battery storage project. Financial details […] September 13, 2024 Sustainability Fertiglobe to supply renewable ammonia to Europe Abu Dhabi-listed fertiliser maker Fertiglobe has won the first global bid to supply renewable ammonia to the European Union (EU) as the trade bloc ramps up decarbonisation efforts. The company, a partnership between UAE oil giant Adnoc and Netherlands-based OCI, will supply 19,500 tonnes of renewable ammonia in 2027, with volumes potentially rising to 397,000 tonnes by 2033 […] July 12, 2024 Analysis Economy Egypt shows signs of recovery after landmark IMF deal Last Friday marked 100 days since Egypt, the International Monetary Fund’s (IMF) second-biggest debtor after Argentina, agreed its latest loan. Eased by a $35 billion development deal with the UAE and increased international concern for Egypt’s economic stability following the outbreak of the war in Gaza, the deal drew a line under more than two […] June 17, 2024 Analysis Finance Egypt confronts sell-off of more state assets More sales of Egyptian state assets from petrol stations to wind farms are likely to be announced in the financial year to June 2025, according to people familiar with the negotiations. A deal with the UAE worth $35 billion to develop a resort at Ras El Hekma on the Mediterranean has eased the pressure on […] June 11, 2024 Renewable Energy Egypt signs $40bn deals to develop green energy sector Egypt has signed seven agreements with global companies to develop green hydrogen and renewable energy projects in the Suez Canal Economic Zone, with expected investments worth $40 billion over 10 years. Investment of nearly $12 billion is expected for a pilot phase, followed by another $29 billion for the first phase, the government’s information department […] February 29, 2024 Finance Egypt raises $800m from stake sale in historic hotels The Sovereign Fund of Egypt has signed an $800 million deal to sell a stake in seven historic hotels to Arab Company for Tourism and Hotels Investments (Icon), a subsidiary of Cairo-based Talaat Moustafa Group (TMG). Icon has acquired a 39 percent stake in Legacy Hotels, with the option to subscribe to a capital increase, […] December 21, 2023 Energy Acwa Power begins work on $4bn green hydrogen project in Egypt Saudi-listed Acwa Power is slated to start work on the first phase of Egypt’s $4 billion green hydrogen project. The first phase of a green ammonia project will have a capacity of 600,000 tonnes per year powered by wind and solar plants, the renewables energy firm said. The project will be developed in collaboration with […] December 21, 2023 Firms vie for $3bn Egyptian desalination deals International companies are vying for lucrative contracts in Egypt as the country embarks on a multi-billion dollar plan to develop desalination plants to help offset a looming water crisis. The Sovereign Fund of Egypt has pre-qualified 17 consortia – comprising a mix of local and global firms – to be invited to tender for developing […] May 9, 2023 Manufacturing Egypt’s new pharma venture to boost local manufacturing The Sovereign Fund of Egypt (TSFE) and private equity firm B Investments have announced the launch of EZ International, which will expand the country’s manufacturing capabilities and trade services in the pharmaceutical sector. The new venture will be developed by TSFE’s healthcare and pharmaceutical industries Subfund and local pharmaceutical chain El-Ezaby Pharmacy. EZ International will […] May 9, 2023 Banking & Finance Egyptian sovereign fund attracts investments worth $1.5bn 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 […] January 2, 2023 Posts navigation 1 2 Next
Energy Egypt’s first hybrid solar project to break ground next year Norway’s renewable energy producer Scatec will begin work on Egypt’s first hybrid solar power and battery storage project in the first half of 2025. The company has signed a US dollar-denominated 25-year power purchase agreement with the state-run Egyptian Electricity Transmission Company for a 1GW solar power plant and 100MW battery storage project. Financial details […] September 13, 2024
Sustainability Fertiglobe to supply renewable ammonia to Europe Abu Dhabi-listed fertiliser maker Fertiglobe has won the first global bid to supply renewable ammonia to the European Union (EU) as the trade bloc ramps up decarbonisation efforts. The company, a partnership between UAE oil giant Adnoc and Netherlands-based OCI, will supply 19,500 tonnes of renewable ammonia in 2027, with volumes potentially rising to 397,000 tonnes by 2033 […] July 12, 2024
Analysis Economy Egypt shows signs of recovery after landmark IMF deal Last Friday marked 100 days since Egypt, the International Monetary Fund’s (IMF) second-biggest debtor after Argentina, agreed its latest loan. Eased by a $35 billion development deal with the UAE and increased international concern for Egypt’s economic stability following the outbreak of the war in Gaza, the deal drew a line under more than two […] June 17, 2024
Analysis Finance Egypt confronts sell-off of more state assets More sales of Egyptian state assets from petrol stations to wind farms are likely to be announced in the financial year to June 2025, according to people familiar with the negotiations. A deal with the UAE worth $35 billion to develop a resort at Ras El Hekma on the Mediterranean has eased the pressure on […] June 11, 2024
Renewable Energy Egypt signs $40bn deals to develop green energy sector Egypt has signed seven agreements with global companies to develop green hydrogen and renewable energy projects in the Suez Canal Economic Zone, with expected investments worth $40 billion over 10 years. Investment of nearly $12 billion is expected for a pilot phase, followed by another $29 billion for the first phase, the government’s information department […] February 29, 2024
Finance Egypt raises $800m from stake sale in historic hotels The Sovereign Fund of Egypt has signed an $800 million deal to sell a stake in seven historic hotels to Arab Company for Tourism and Hotels Investments (Icon), a subsidiary of Cairo-based Talaat Moustafa Group (TMG). Icon has acquired a 39 percent stake in Legacy Hotels, with the option to subscribe to a capital increase, […] December 21, 2023
Energy Acwa Power begins work on $4bn green hydrogen project in Egypt Saudi-listed Acwa Power is slated to start work on the first phase of Egypt’s $4 billion green hydrogen project. The first phase of a green ammonia project will have a capacity of 600,000 tonnes per year powered by wind and solar plants, the renewables energy firm said. The project will be developed in collaboration with […] December 21, 2023
Firms vie for $3bn Egyptian desalination deals International companies are vying for lucrative contracts in Egypt as the country embarks on a multi-billion dollar plan to develop desalination plants to help offset a looming water crisis. The Sovereign Fund of Egypt has pre-qualified 17 consortia – comprising a mix of local and global firms – to be invited to tender for developing […] May 9, 2023
Manufacturing Egypt’s new pharma venture to boost local manufacturing The Sovereign Fund of Egypt (TSFE) and private equity firm B Investments have announced the launch of EZ International, which will expand the country’s manufacturing capabilities and trade services in the pharmaceutical sector. The new venture will be developed by TSFE’s healthcare and pharmaceutical industries Subfund and local pharmaceutical chain El-Ezaby Pharmacy. EZ International will […] May 9, 2023
Banking & Finance Egyptian sovereign fund attracts investments worth $1.5bn 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 […] January 2, 2023
