TSFE enters top 50 global wealth list – SWFI

The Sovereign Fund of Egypt (TSFE) has attained 47th position among the top 100 largest sovereign funds by total assets.
TSFE, which has holdings worth $12 billion, has joined 13 Middle East funds in the top 50, according to the latest rankings released by public asset tracking agency’s Sovereign Wealth Fund Institute (SWFI).

The US-based institute ranked TSFE 12th in the Middle East region.

Minister of Planning and Economic Development Hala el-Saeed, who acts as Chairperson of the TSFE Board of Directors, stressed that TSFE belongs to the Egyptian people and that its primary mission is to create opportunities for national and foreign investors, as well as preserving rights of the future generations.

The TSFE is the state’s investment arm, which aims to promote investment opportunities in Egypt, el-Saeed stated, emphasising that the fund focuses on implementing the state’s strategy to attract investments from Egyptian and foreign private sectors.
Placing TSFE among the 50 largest sovereign funds in the world is an indication of the sincerity of the Egyptian vision of asset management, she said.

“It is also an affirmation that we have opportunities to achieve significant economic progress, even if we are struggling through crises due to external factors,” el-Saeed noted, indicating that TSFE manages $12 billion in assets.

The TSFE has great opportunities to increase its assets and has an ambitious plan to expand partnerships with the private sector in renewable energy, water desalination, education, agriculture, financial technology, infrastructure investment management, and the tourism facilities sector.

The minister also pointed out that TSFE’s plan is in line with Egypt’s Vision 2030 and the 2030 Agenda for Sustainable Development. The fund’s vision aims to achieve development and spatial justice by investing in the various governorates.

The TSFE was established in 2018, with the aim of attracting private capital and encouraging joint investment in state-owned assets, to increase their value.