Riyadh, Saudi Arabia— Egypt’s Sovereign Fund has accumulated assets worth $621-660 million as it seeks to double it by the same size next year.
The CEO of the fund, Ayman Soliman, said that the issued capital of the fund has been fully covered at $5 billion.
The fund’s financing sources, according to the CEO, include a cash increase, in addition to an in-kind increase, which are assets that are transferred to the fund and are calculated under the capital increase.
Soliman said the fund had agreed with the Saudi and Emirati sovereign funds on a number of investments in the areas of infrastructure, health care, and financial services.
He also indicated that army-owned companies Safi and Wataniya would not be seeking stock exchange listings this year. Under current circumstances, the exchange was not the appropriate environment for the two companies, he said.
Egypt approved pre-listing procedures for Wataniya, which operates petrol stations, and for water utility Safi in July. The wealth fund is coordinating that process.