Ayman Soliman, chief executive of the Egyptian Sovereign Fund, said in an interview with “Al Arabiya” that I am currently in work underway to create a fund that offers asset worth $ 4 billion, with the aim of accelerating the underwriting and fair valuation of companies.
He added: “We have compiled a list of some activities that will be included in this portfolio to present to investors and we have examined the appetites of several partners. “
While refusing to disclose the names of those companies, he said: “We have a clear view of the value of the portfolio asset and target shares, and we are discussing with the shareholders on the legal form of the portfolio transfer to the fund in so that we can then launch this unique investment product “.
The CEO of the Sovereign Fund of Egypt revealed that the portfolio’s value fluctuates between $ 3 billion and $ 4 billion, with the aim of increasing it to over $ 5 billion or $ 6 billion.
Suleiman indicated that the fund is part of the government’s exit program, but that the proposals will not include companies affiliated with the army, such as “Al-Watania” and “Safi”.
On the other hand, he said that a memorandum of understanding will soon be signed with the Saudi Public Investment Fund, to pump investments of around 10 billion dollars. in joint projects and that the portfolio is diversified between government and corporation privatenoting that Saudi Arabia Fund has a strong desire to make large investments as part of its promise to pump out $ 10 billion in Egypt.
Interestingly, the Saudi government has approved an investment deal for the Saudi Public Investment Fund in Egypt.
On March 30, the Egyptian Prime Minister, Dr. Mostafa Madbouly, attended the signing ceremony of an agreement between the Egyptian government and the government of the Kingdom of Saudi Arabia regarding investments in Egypt.
Read More About: Business News