President Abdel-Fattah El-Sisi issued a new regulation on Monday, signaling the reconstitution of the General Assembly of the Sovereign Fund of Egypt (TSFE) under the chairmanship of Prime Minister Mostafa Madbouly.
The reconstituted assembly includes Minister of Planning and Economic Development Hala El-Said, Minister of Finance Mohamed Maait, and a deputy governor of the Central Bank (CBE) as permanent members.
Additionally, the new assembly will also include non-permanent members who will serve for a period of four years.
These include including Sadeq Murad Wahba, an economic expert; Farouk Abdel-Baqi El-Oqda, former governor of the CBE; Hussein Hassan Shukri, chairman of HC Securities and Investment Company.
It also includes Hisham Mahmoud Okasha, the head of the National Bank of Egypt (NBE); Ziad Bahaa El-Din, former minister of international cooperation; and Tariq Qabil Abdel Aziz, former minister of industry.
Accelerating IPO programme
Established in 2018, the TSFE focuses on attracting local and foreign private investments to the country, including into state-owned assets.
The fund ranks 47th worldwide and 12th in the Arab world, according to the SWF Institute's latest update on sovereign wealth funds.
The TSFE currently manages assets worth $12 billion and has significant potential for growth, according to previous statements by El-Said.
On 1 November, the TSFE convened in its new formation to review the fund's investments, projects, businesses, and sub-funds.
The new formation aims to ensure efficient implementation of the IPO programme, which slowed down after several high-ranking executives left their positions in July.
The IPO programme serves as a crucial part of Egypt's commitment under the International Monetary Fund's (IMF) loan deal, which aims to bridge a $17 billion financing gap through loans from international financial institutions and the sale of stakes in state-owned assets to strategic investors.
Egypt has already successfully collected around $5 billion from offering stakes in several companies between March 2022 and July 2023, with plans to continue offering stakes in 35 state-owned companies to strategic investors by the end of June 2024.
Despite the delays in certain offerings, such as state-owned petrochemical companies and Wataniya fuel stations, the government is actively working to resolve any issues and expects these offerings to proceed in the near future