Egyptian Sovereign Fund joins top 50 global Sovereign Funds list

Newsletter

19 Jul 2023

Egyptian Sovereign Fund joins top 50 global Sovereign Funds list. Egypt’s sovereign wealth fund enters the top 50 global sovereign wealth funds list, ranking 47th with 12 billion USD in assets under management, according to the “SWF institute.” Saudi Arabia’s Public Investment Fund rises to sixth place globally with total assets of 776 billion USD after adding about 80 billion USD to its portfolio. (Hapi)

Foreign Direct Investment inflows into Egypt surpass double in 2022.
Egypt experiences a substantial surge in FDI as inflows more than double in 2022, reaching 11.4 billion USD. The country's success is attributed to increased cross-border M&A activities and a notable expansion of greenfield projects. Egypt emerges as the top African destination for FDI inflows during the year, with significant investments pouring into its renewables sector, including major power generation and water treatment projects. (Enterprise)
Egypt to initiate global tender for mineral exploration by year-end.
Egypt to launch global tender for mining exploration, aiming for 10 billion USD mining exports by 2040. Minister Tarek El Molla announces plans for an international tender to explore mining ores in the desert, with a particular focus on gold. The Eiqat Gold Mine is expected to produce 100,000 ounces annually. (Asharq)
Sidpec greenlights all-share merger with Ethydco.
Sidpec approves the all-share merger with Ethydco following valuation approvals. The merger, scheduled to be finalized by Q3 2023, involves Sidpec acquiring the remaining shares of Ethydco. Additionally, Sidpec's board greenlights a capital increase to accommodate Ethydco shareholders participating in the swap merger. (Enterprise)
MM Group to acquire 40% stake in B Pharma.
MM Group for Industry and International Trade's Board of Directors approves a 205 million EGP investment to acquire 40% of B Pharma, a specialized pharmaceutical distribution and trading company in Egypt. The partnership aims to capitalize on the growing healthcare sector and promising investment opportunities. (Hapi)
Egyptian fintech startup Flash secures 6 million USD in seed funding.
Egyptian fintech startup Flash raises 6 million USD in seed funding led by Addition, with participation from Flourish Ventures and strategic angel investors. The payment application, founded by ex-Uber employees, aims to enhance product development and expand customer acquisition in Egypt. (Enterprise)
ACWA power granted land in Egypt to develop massive 10-GW wind farm.
ACWA Power has secured land in Sohag, Egypt, for its ambitious 10-GW wind farm project. Alongside other consortiums, the wind farm will be one of the world's largest upon completion, second only to China's 20-GW Gansu project. Expected to eliminate 25.5 million tons of emissions annually and power around 11 million households. (Enterprise)
Egypt and Greece collaborate on funding options for GREGY interconnector.
The project, with an estimated initial investment of around EUR 4 billion, aims to link the two countries with a renewable energy transmission line. Three potential funding scenarios include a long-term soft loan from the EU, Greece funding the entire cost in exchange for discounted power, or seeking investment from private-sector sources in both nations. (Enterprise)
Orascom Capital greenlights shareholder's loan contract with Simple Solutions.
Orascom Financial Holding's Board of Directors approves shareholder loan contract with Simple Financial Technology Solutions, with Niels Bachter authorized to sign the agreement. The loan amount is yet to be determined. B Investments Holding's Board previously approved the acquisition of 51% to 90% of Orascom Financial Holding's shares through a mandatory tender offer. (Hapi)
Centamin joins Egypt Mining Forum as diamond sponsor.
Centamin, a prominent mining and gold exploration company operating Egypt's largest gold mine, Sukari, joins as a diamond sponsor at Egypt Mining Forum's second edition. The company's environmental initiatives include a substantial goal of reducing carbon emissions by 30% by 2030, while actively promoting water conservation, biodiversity preservation, and improved air quality. Additionally, Centamin is exploring new prospects in the vast Eastern Desert. (Arab Finance)