The Sovereign Fund of Egypt aims to double its $1 billion investment portfolio this year with a focus on entering new sectors and championing green initiatives, according to its chief executive.
“We are at roughly $1bn worth of assets and cash … Our aim for 2022 is to double that number,” Ayman Soliman told The National. “That growth will be driven by in-kind cash and value creation around existing assets."
The fund, also known as TSFE, was established in 2018 to attract private investments to Egypt and promote and co-invest in state-owned assets to maximise their value.
The current breakdown of the fund is about two-thirds property, 10 per cent financial services, 10 per cent infrastructure and the remainder in the services industry.
The target in the current year and 2023 is to “dilute that heavy weight property down to a third”, Mr Soliman said. “Diluting out real estate is a conscious effort because we’re actively building the rest of the components of our portfolio.”
The TSFE recently added two new fields – education and food and agriculture – leaning on agriculture technology, to its four main subfunds, which include tourism, property and antiquities; health care and pharmaceuticals; infrastructure and utilities; and financial services and FinTech.
“The 2022 goal is predominantly to continue to build up our next wave of pipeline,” he said. “The next wave is going to be a lot more diverse.”
As Egypt prepares to host the UN Climate Change Conference (Cop27) in November, the fund will also focus on green initiatives, such as water desalination and renewable energy.
The TSFE joined the One Planet Sovereign Wealth Funds Initiative in October, which includes 19 sovereign funds around the world working to incorporate sustainable investing and hedge against climate change risks.
Its six founding members are the sovereign wealth funds of Abu Dhabi, Kuwait, Qatar and Saudi Arabia, as well as those of New Zealand and Norway.
Last October, the fund signed a deal with Norwegian green energy firm Scatec and Abu Dhabi-Dutch joint venture fertiliser producer Fertiglobe to build a 50 to 100 megawatt green ammonia plant in Ain Sokhna, about 115 kilometres east of Cairo on the Red Sea. Egypt’s Orascom Construction joined the consortium in November.
By switching to renewable electricity for ammonia production, more than 360 million tonnes of carbon dioxide could be saved per year worldwide, according to Siemens Energy.
Mr Soliman said that Egypt’s first green hydrogen production facility is scheduled to be completed by November this year.
“This is just the beginning of what Egypt can achieve,” he said, calling 2022 “the green economy year”.
Egypt’s economy grew at a faster rate than expected during the 2020-2021 fiscal year that ended in June 2021, despite the Covid-19 pandemic, because of strong consumption demand, growing remittances and relatively contained inflation, according to the World Bank's global economic outlook this month.
Growth is expected to rebound to 5.5 per cent in fiscal year 2021-2022, the Washington-based lender said.
When the Egypt's sovereign fund was created in 2018, it was initially injected with 5 billion Egyptian pounds ($317.4 million) paid in capital over time. Seven government assets were transferred to the fund, including the Mogamaa Tahrir building, land of the dissolved National Democratic Party and the erstwhile Ministry of Interior building.
The fund’s board of directors is led by chairwoman Hala El Said, the Minister of Planning and Economic Development. The board appointed Mr Soliman as chief executive for a three-year term in October 2019.
In its first year, the fund focused on forging partnerships with investors and creating sector strategies. Among the partnerships was a $20bn strategic investment platform between the fund and Abu Dhabi’s holding company ADQ, launched in 2019.
In January 2020, the fund signed a preliminary agreement with UK-based emerging markets investor Actis and Egyptian construction and engineering group Hassan Allam Holding.
While the pandemic presented challenges, such as transactions taking longer and meetings taking place virtually, Mr Soliman said the fund was “not short of appetite”.
The fund passed a milestone in 2021, closing the year with north of 10 transactions
Ayman Soliman,
chief executive of The Sovereign Fund of Egypt
“Of course, tourism saw a massive slowdown, but a number of [other] sectors have not slowed down. Actually, they’ve become the primary focus: health care, any consumer-related business, particularly food, and infrastructure with very broad definitions,” he said.
“The fund passed a milestone in 2021, closing the year with north of 10 transactions."
In the field of education, the fund partnered with EFG Gems and Cairo for Investment and Real Estate Development to develop two schools each.
The fund also acquired a 25 per cent stake in state-owned Arab Investment Bank, while EFG Hermes purchased a 51 per cent stake and National Investment Bank retained 24 per cent, marking Egypt's first bank privatisation in more than a decade.
Last month, the fund and the planning ministry signed a contract with a consortium of three international companies to convert the administrative Mogamaa El Tahrir into a multipurpose complex.
Mr Soliman said groundbreaking will take place within the first quarter of this year and the project should be completed within two years.
TSFE is different than other sovereign wealth funds in that it is operating in a capital-strapped economy, but Egypt also has a rich asset base that can be put to good use, Mr Soliman said.
Its strategy is to create a “multiplier effect” through a co-investor model whereby “1 pound [$.06] from the fund crowds in $8-$9 from like-minded investors”, he said.
As for expansion outside Egypt, in the long term, the fund plans to invest regionally in Africa and the Middle East before venturing out globally.
“It’s not a matter of if, but when,” said Mr Soliman.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars
- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes
- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts
Killing of Qassem Suleimani
The%20Crown%20season%205
%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EImelda%20Staunton%2C%20Jonathan%20Pryce%2C%20Lesley%20Manville%2C%20Jonny%20Lee%20Miller%2C%20Dominic%20West%2C%20Elizabeth%20Debicki%2C%20Salim%20Daw%20and%20Khalid%20Abdalla%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWritten%20by%3A%20%3C%2Fstrong%3EPeter%20Morgan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%20stars%3C%2Fp%3E%0A
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
UFC Fight Night 2
1am – Early prelims
2am – Prelims
4am-7am – Main card
7:30am-9am – press cons
Past winners of the Abu Dhabi Grand Prix
2016 Lewis Hamilton (Mercedes-GP)
2015 Nico Rosberg (Mercedes-GP)
2014 Lewis Hamilton (Mercedes-GP)
2013 Sebastian Vettel (Red Bull Racing)
2012 Kimi Raikkonen (Lotus)
2011 Lewis Hamilton (McLaren)
2010 Sebastian Vettel (Red Bull Racing)
2009 Sebastian Vettel (Red Bull Racing)
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
MATCH INFO
Tottenham Hotspur 1
Kane (50')
Newcastle United 0
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
FIGHT CARD
From 5.30pm in the following order:
Featherweight
Marcelo Pontes (BRA) v Azouz Anwar (EGY)
Catchweight 90kg
Moustafa Rashid Nada (KSA) v Imad Al Howayeck (LEB)
Welterweight
Mohammed Al Khatib (JOR) v Gimbat Ismailov (RUS)
Flyweight (women)
Lucie Bertaud (FRA) v Kelig Pinson (BEL)
Lightweight
Alexandru Chitoran (BEL) v Regelo Enumerables Jr (PHI)
Catchweight 100kg
Mohamed Ali (EGY) v Marc Vleiger (NED)
Featherweight
James Bishop (AUS) v Mark Valerio (PHI)
Welterweight
Gerson Carvalho (BRA) v Abdelghani Saber (EGY)
Middleweight
Bakhtiyar Abbasov (AZE) v Igor Litoshik (BLR)
Bantamweight:
Fabio Mello (BRA) v Mark Alcoba (PHI)
Welterweight
Ahmed Labban (LEB) v Magomedsultan Magemedsultanov (RUS)
Bantamweight
Trent Girdham (AUS) v Jayson Margallo (PHI)
Lightweight
Usman Nurmagomedov (RUS) v Roman Golovinov (UKR)
Middleweight
Tarek Suleiman (SYR) v Steve Kennedy (AUS)
Lightweight
Dan Moret (USA) v Anton Kuivanen (FIN)
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
