Egypt plans sovereign fund for state companies

Cairo_pyramidsThe Egyptian government is considering establishing a sovereign wealth fund to manage state companies that are due to float on the national stock exchange. The listings, which could feature eight to ten state companies, are part of a drive to attract more foreign investment in the wake of recent economic reforms, streamlined business rules and a devalued currency.   Prior to the listings, the Egyptian government is hoping to raise between $2-$3 billion by selling off stakes in some of these companies. The sovereign fund plan was disclosed by minister for public enterprise Khaled Badawi who was speaking at a conference in Dubai earlier this month, as reported by Reuters. The idea is currently being reviewed by cabinet, said the minister, and is in its early stages and pending a new law to allow the sales of the state assets. ©2018 funds global mena

Executive Interviews

INTERVIEW: ‘Financing is the blood of Iran’s economy’

Jan 04, 2019

Amid a fresh wave of American sanctions, Romil Patel spoke to Meysam Hamedi, director of financial markets and instruments at Iran’s Securities & Exchange Organization (SEO).

INTERVIEW: Totally mega

Jun 13, 2018

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...


ROUNDTABLE: Hooked to the global caravan

Jan 04, 2019

With the MENA region at a tipping point, our panellists talk about economic diversification, the impact of regulation and the delayed Saudi Aramco listing. Chaired by Romil Patel in Dubai.

MENA ROUNDTABLE: ‘The story is about reforms’

Jun 13, 2018

Our cross-industry panel discuss the positive backdrop in Egypt, the Dana Gas controversy and the potential index upgrades of Saudi Arabia and Kuwait. Chaired by George Mitton in Dubai.