Prime Minister Mostafa Madbouly held a meeting on Sunday to follow up on the work and activities of the Sovereign Fund of Egypt and its future vision, in the presence of Hala El-Said, Minister of Planning, and Ayman Soliman, Executive Director of the Sovereign Fund of Egypt.
Madbouly stressed the importance of the steps taken by the Sovereign Fund of Egypt to count the state assets that can be invested in various sectors, in order to benefit from them optimally.
During the meeting, El-Said presented a report on the activities of the Sovereign Fund in several sectors, which began with investments in the field of tourism, real estate and the development of archaeological areas, noting that the fund aims to develop archaeological areas to be a source of creativity and innovation, and ensure the sustainability of those projects.
She added that the fund aims at preserving real estate assets and maximize their value for future generations, as well as transforming these assets into investment products that generate a financial return to ensure the sustainability of development efforts; in line with the development plans adopted by the state.
She pointed out that state aims to engage the private sector investors in the development process that contributes to increasing these investments.
She explained the fund aims to make maximum use of the state’s tourism assets, including hotels, and aviation assets. “We aim to target different income groups, when it comes to hotel services, and aviation, to ensure low-cost rooms and flights, attractive for young tourists, as well as developing services provided by travel agencies to be more attractive, Innovative and technologically advanced.”
Tahrir Complex, and National Party building
On his part, Soliman addressed the position of a number of assets that fall within the scope of the work of the Sovereign Fund of Egypt, including the Tahrir Complex, where it is intended to be used for commercial purposes; due to its historical importance, in addition to the National Party distinguished plot of land, which will be used for various investments.
Cosmic Village, Discovery City, and Historic Cairo
He pointed out that the Fund is also undertaking the use of the land of the Cosmic Village to establish an educational complex, as well as the re-habilitation of the Discovery City in the establishment of an educational and recreational complex. He also spoke about reviving Bab Al-Azab area within the plan to revive the historic Cairo area.
He explained that the fund seeks, in the health sector, to benefit from state assets to provide health services and increase the number of available beds in conjunction with improving the quality of health care services, as well as investing in various public and specialized hospitals, and developing the health care system through partnership with the private sector
The fund also aims to deepen and localize the railway industry in Egypt, as well benefiting from global partners’ expertise in this field.
Water Desalination Plants
Egypt’s Sovereign Fund aims to build new water desalination plants, and develop wind plants, as well as establish 6 strategic warehouses across the country.