President Abdel Fattah El Sisi met Thursday with Prime Minister Mostafa Madbouly, Minister of Planning and Economic Development Hala El-Saeed, and Ayman Soliman, Executive Director of the Sovereign Fund of Egypt.
"President Sisi directed that Egypt's Sovereign Fund continue to study the state's underutilized properties and assets, work on developing them and maximizing the benefits from them to ensure the sustainability of its investments for future generations," said Presidency Spokesperson Bassam Rady.
Sisi also urged the officials to strengthen the efforts and role of the Fund to attract investments for the benefit of the national economy, in order to achieve the goals of the state’s development strategy. The private sector is an essential partner in the development process.
The meeting witnessed a presentation of the overall activity of the "Egypt's Sovereign Fund" during the last period, in terms of pumping direct investments in a number of sectors of importance in order to achieve the developmental impact that the state seeks.
"The Fund succeeded in occupying the 42nd place globally among the corresponding sovereign funds," Rady added.
The investment activities of the Fund and the targeted projects in various sectors, especially real estate investment, were presented.
In this regard, the assets that were transferred to the Fund and their optimal development plans were reviewed, most notably the development of the Tahrir Complex, in partnership with the most prestigious international expertise specialized in developing historical buildings in major capitals; it is expected to become a multi-purpose facility in harmony with the nature and development efforts in the downtown area of the capital and Khepe Cairo.
The Fund received many international offers to develop the complex from alliances seeking to enter the Egyptian market for the first time despite global economic conditions, This reflects international confidence in the investment climate in Egypt.
Moreover, Sisi was also briefed on the Fund's activity in a number of other sectors, such as tourism with the aim of maximizing the number of tourists coming to Egypt, education by investing in the Education Fund. It seeks to provide an outstanding level of education for the middle class, and health services by investing in various public and specialized hospitals, innovation, financial services, digital transformation, utilities and infrastructure represented in desalination plants and wind plants to generate electricity, as well as the logistics sector, and the expansion of data centers and logistical chains to serve e-commerce.
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