According to reports, the Egyptian sovereign fund is preparing telecommunications and agricultural sub-funds

Cairo – May 29, 2024: Work on sub-funds related to the telecommunications and agriculture sectors is reportedly underway as part of the multi-sectoral strategy of the Sovereign Fund of Egypt (SFE).

According to sources who spoke to Al Borsa, SFE intends to pump an undisclosed amount of investment into telecommunications and related sectors such as infrastructure and towers.

The fund’s legal adviser, Baker McKenzie, is close to completing procedures necessary to set up the fund, the sources added.

No further details about the possible agricultural sub-fund have been disclosed, other than that SFE is in the process of completing the required procedures.

The upcoming industry sub-fund, announced earlier this month by SFE Chairwoman Hala El Said, with capital of LE12 billion, has been successfully established, sources said.

The subfunds are part of the fund’s multi-sector strategy. Currently, the fund’s strategy covers 9 sectors; Tourism, real estate and antiques; Infrastructure and public services; Healthcare and Pharmacy; Financial services and fintech; Education; Food and agriculture; and Telecommunications.

The list also includes the Pre-IPO Subfund, launched in 2022 as part of the government’s sector exit plan to encourage greater private sector participation in the economy.

According to the SFE website, five of these sector sub-funds are actively managed by a dedicated board of directors.

SFE is preparing to travel to several Gulf countries next month to promote investment opportunities in Egypt. El Said then revealed that the tour would include meetings with investors, financial institutions and other sovereign funds to discuss potential investments on offer.