The Sovereign Fund of Egypt (TSFE) and the New York-based investment manager Concord International Investments are planning a joint venture to raise and manage a healthcare fund that will invest mainly in Egypt, but also in the Middle East and Africa.
The fund's initial target size is $300 million (Dh1.1 billion) with the aim of achieving long-term capital appreciation through direct investment opportunities in Egypt, according to a statement on Wednesday. The fund will seek to attract "sizeable" foreign direct investments and will identify co-investment opportunities in significantly large projects.
"Investing in healthcare is a priority for the Egyptian government at this critical time when the world is facing the new Covid-19 pandemic crisis and the quality of the population’s healthcare is an integral part of the Egypt 2030 Vision for Sustainable Development," Hala El Said, Egypt's Minister of Planning and Economic Development and TSFE’s chairperson, said. "This diversified healthcare fund reflects the implementation of TSFE’s mandate to fast track attracting investments to public assets in a value accretive manner, while increasing private sector participation in the Egyptian economy."
The fund is expected to benefit the growing population in Egypt, the Arab world's most populous country with about 100 million people in need of healthcare services.
The fund targets the creation of export-oriented healthcare entities covering various specialties. It also seeks to unlock value in high-growth companies, under-utilised assets and untapped specialties to be able to capitalise on Egypt’s geographical location and relatively lower services and production costs to serve Europe, the Middle East and Africa, the statement said.
"Both the healthcare and the pharmaceutical sectors have been on the top of the [TSFE's] priority list, and today’s MOU signing culminates our collective efforts in securing FDI in those fields," said Ayman Soliman, TSFE’s chief executive.
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Dr Graham's three goals
Short term
Establish logistics and systems needed to globally deploy vaccines
Intermediate term
Build biomedical workforces in low- and middle-income nations
Long term
A prototype pathogen approach for pandemic preparedness
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
