President Abdel Fattah El Sisi issued presidential decree no. 102 of 2023 transferring 100% of the ownership of the shares of the Misr Insurance Holding Company (MIHC) to Sovereign Fund of Egypt for investment and development, according to the “State Information Services” website.
The decree will be published in the official Gazette.
The Sovereign Fund of Egypt (“TSFE”) through its healthcare and pharmaceutical industries Subfund (“TSFE Healthcare & Pharma Subfund”) and B Investments Holding S.A.E. (“B Investments”), BPE Partners’ flagship investment vehicle, are pleased to announce the signing of two agreements to invest over EGP 2 B in specialized healthcare, and pharmaceuticals distribution and trade services in Egypt.
The first agreement stipulates that TSFE commits to invest EGP 100 M in B Healthcare Investments S.A.E. (“BHI”). BHI was established by B Investments as its designated investment vehicle to invest in the Egyptian specialized healthcare sector with an initial focus on fertility, mother-and-child, and related services businesses. Currently, BHI owns 51% of the Egyptian IVF Center, the pioneer of in-vitro fertilization (“IVF”), and one of the leading fertility centers in Egypt and the MENA region.
BHI is targeting to raise up to EGP 1 B of which B Investments and TSFE have committed to invest EGP 200 and EGP 100 M, respectively, with the rest to be offered to local and regional private sector investors.
Through the second agreement, B Investments will invest in TSFE Healthcare & Pharma Subfund’s established investment platform dedicated to investing in pharmaceutical distribution and trade services.
The platform aims at enhancing efficiencies and injecting capital to support infrastructure upgrades required to institutionalize the sector. It will be partnering with local champions in the market to accelerate their growth into under-served cities in Egypt and across the region.
Furthermore, It will work on leveraging the latest technological solutions to provide a wide range of digital offerings that will lead to cost efficiencies, ensure market stability, and improve customer experience. A total of EGP 1.2 B will be deployed in the first phase with aspirations to grow even further as more investment opportunities arise.
The conference will review 2022 as well as the year ahead to get a clear picture of the Egyptian finance and investment narrative
Cairo, Egypt: The 25th edition of the Euromoney Egypt Conference will be held under the auspices of, and opened by, His Excellency Dr. Moustafa Madbouly, Prime Minister of Egypt. His Excellency Dr. Mohamed Maait, Egypt’s Minister of Finance, will also be participating along with other high-profile local and international speakers such as: H.E. Dr. Amr Talaat, Minister of Communications and Information Technology, Government of Egypt; Ayman Soliman, Chief Executive Officer, The Sovereign Fund of Egypt; Dr. Mohamed Farid Saleh, Executive Chairman, Financial Regulatory Authority (FRA); and Ahmed Kouchouk, Vice Minister of Finance for Fiscal Policies, Government of Egypt.
Delegates will have the opportunity to meet with and hear from senior representatives from the Egyptian Government, as well as local and international investors, financiers, and business leaders.
The conference will review 2022 as well as the year ahead to get a clear picture of the Egyptian finance and investment narrative and ask the questions:
The lead sponsors of the conference are Mashreq Bank and Standard Chartered. The co-sponsor is Citibank. Find out more through the conference website, where you can view the full agenda: https://events.euromoney.com/egypt2022
Discuss the plans of Financial Regulatory Authority to attract investors
Cairo, Egypt:
2022 has been a year of extremes for Egypt. From coping with the fallout of the Ukraine crisis, through negotiation of a new IMF facility and the float of the Egyptian Pound to the hosting of a successful COP conference – Egyptian political and financial leaders have been nothing if not busy. And we’re going to keep them that way as we hold our annual Egypt conference in Cairo on 7th December.
We’ll be reviewing the year past and the years ahead to get a clear picture of the Egyptian investment narrative. Is the country still fragile or has the freeing of the Egyptian pound been a lasting turning point? The markets seem to think so – foreign capital is returning, and the EGX-30 is up 1.33% in dollar terms year to date and is up nearly 45% in EGP terms since it’s low point in early July.
But can this trend continue and what else lies ahead for this pivotal Arab nation? Can Egypt’s shift towards sustainability and low carbon energy be maintained and what opportunities does this present for global capital? Will the privatisation programme be relaunched? Will the Sovereign Fund of Egypt be bringing internationally attractive deals to market in 2023?
Ayman Soliman, Chief Executive Officer of The Sovereign Fund of Egypt will be talking to us about the SFE’s major challenges and milestones this year, the opportunities the Sovereign Fund of Egypt is actively exploring with international capital partners, and what he views to be the most attractive sectors in the Egyptian economy.
Also, the Executive Chairman of the Financial Regulatory Authority (FRA), Dr Mohamed Farid Saleh will be interviewed live on stage. Dr Mohamed Farid Saleh will be discussing his priorities in the short and medium terms, the strengths of the Egyptian capital markets, and plans to attract both domestic and regional institutional investors to the country.
For over 25 years, the Euromoney Egypt Conference has been the autumn focal point for the banking and finance industry. Join us on 7 December in Cairo for insightful discussion on Egypt’s outlook, hear from high level speakers, and network with colleagues and clients.
The lead sponsors of the conference are Mashreq Bank and Standard Chartered. The co-sponsor is Citibank.