Egyptian President Abdel Fattah El Sisi has given directives that the Egypt’s Sovereign Fund continue to study the state’s underutilised properties and assets, and to work on developing and maximising return from them in a bid to ensure sustainability of their investments for future generations.
These directives came during President Sisi’s meeting with Prime Minister Moustafa Madbouli, Minister of Planning and Economic Development Hala El-Saeed, and Executive Director of Egypt’s Sovereign Fund Mr Ayman Soliman, Presidency Spokesman Ambassador Bassam Radi said on Thursday.
The president also directed that the role of the fund be strengthened to attract investments for the benefit of the national economy, and to achieve the objectives of the state’s development strategy, which considers the private sector an essential partner in the development process.
This, he said, should be in line with the structural reform plan for the economy and priority sectors, especially the localisation of industry, technology and digital transformation.
The meeting also reviewed of the activities of the fund during the past period, in terms of injecting direct investments in a number of priority sectors in order to realise the desired development impact. The fund ranks 42nd among corresponding sovereign funds globally.
The president also reviewed plans to develop the Tahrir complex in downtown Cairo in co-operation with international expertise specialised in upgrading historical buildings in major capitals.
The Sovereign Fund received several international offers to develop the complex, reflecting world confidence in the investment climate in Egypt.
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