Egypt to look overseas for sovereign fund manager

Cairo_pyramidsThe Egyptian government is planning to hold a global beauty parade to decide who to appoint as the manager of its inaugural sovereign wealth fund (SWF). The minister of planning, monitoring and administrative reformation, Hala al-Said, announced that a ministerial committee would make the choice and that candidates should apply within the next three weeks. In addition to appointing an overseas manager for the fund, the government is planning set the fund’s statute according to international standards. A draft has been written, with help from PwC and law firm Baker McKenzie, which the government is to consider before the end of October. The fund will contain a combination of public sector assets as well as five to six special purpose assets. The decision to appoint an overseas manager to the fund was welcomed by Egypt’s economists and seen as a way to help increase foreign investment in Egypt’s equity, oil and gold markets. ©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.