According to the most recent rankings provided by the public asset tracking organization Sovereign Wealth Fund Institute (SWFI), the Sovereign Fund of Egypt (TSFE) has joined the top 50 global wealth list.
TSFE, which has $12 billion in assets under management, joins 13 Middle Eastern funds in the top 50. The Egyptian fund was ranked 12th in the Middle East region and 47th worldwide by the US-based organization.
Egypt’s Minister of Planning and Economic Development, Hala El-Said, who also chairs the board of directors of the Sovereign Fund of Egypt, described the fund’s inclusion in the SWFI’s top 50 as a “significant achievement” that reflects the strength of Egypt’s economy and its attractiveness to investors.
According to El-Said, TSFE is dedicated to investing in initiatives that would boost economic growth and job creation in Egypt. She emphasized the fund’s emphasis on renewable energy, desalination of water, education, agriculture, financial technology, infrastructure investment management, and the tourism facilities industry.
TSFE was established in 2018 to attract private investments to Egypt and encourage joint investment in state-owned assets. The fund has already made a number of investments, including a $1bn stake in the Benban solar complex and a $500m investment in the East Port Said Economic Zone.
El-Said said that the Sovereign Fund of Egypt has ambitious plans to expand its assets and partnerships in the coming years. She said that the fund is committed to contributing to Egypt’s Vision 2030, a plan to achieve sustainable economic development.
