CAIRO: The Sovereign Fund of Egypt aims to double its $1 billion investment portfolio this year with a focus on entering new sectors and championing green initiatives, according to its chief executive.
“We are at roughly $1bn worth of assets and cash … Our aim for 2022 is to double that number,” Ayman Soliman told The National. “That growth will be driven by in-kind cash and value creation around existing assets.”
The current breakdown of the fund is about two-thirds property, 10 per cent financial services, 10 per cent infrastructure and the remainder in the services industry.
The target in the current year and 2023 is to “dilute that heavy weight property down to a third”, Mr Soliman said. “Diluting out real estate is a conscious effort because we’re actively building the rest of the components of our portfolio.”
The TSFE recently added two new fields – education and food and agriculture – leaning on agriculture technology, to its four main subfunds, which include tourism, property and antiquities; health care and pharmaceuticals; infrastructure and utilities; and financial services and FinTech.
