The Sovereign Fund of Egypt (TSFE) has appointed Noha Khalil as its new acting Chief Executive Officer (CEO). Khalil, previously serving as the fund’s Chief Strategy & Business Development Officer, takes the helm following the resignation of her predecessor, Ayman Soliman, in June 2024.
The announcement was made during a board of directors meeting chaired by Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat. The meeting also addressed TSFE’s financial performance. The meeting also tackled its independent and consolidated financial statements and the Accountability State Authority’s (ASA) report.
A key decision from the meeting was the approval of TSFE’s budget certification, which will now be presented to the fund’s general assembly.
Established in 2018, TSFE plays a pivotal role in driving sustainable development within Egypt. The fund’s strategic importance was further underscored in December 2023 when President Abdel-Fattah El-Sisi issued a new regulation reconstituting its general assembly under the leadership of Prime Minister Mostafa Madbouly.
TSFE’s growing influence on the global stage is evident in its recent ranking. In 2023, the planning and economic development ministry announced that TSFE had secured the 47th position among the top 100 sovereign funds worldwide, boasting holdings valued at $12 billion. This recognition highlights the fund’s significant contributions to Egypt’s economic landscape.
As Noha Khalil assumes the role of acting CEO, TSFE is poised to continue its trajectory of growth and innovation, contributing to the nation’s development and economic prosperity.
