Egypt sovereign fund expects $4bln Gulf investments

The Sovereign Fund of Egypt (SFE) has expected to attract Gulf investments worth $4 billion within the first package projects, SFE CEO Ayman Soliman told CNBC Arabia in an interview on Sunday.

This came in light of the financing round that the Egyptian government made last month for a number of Gulf countries aimed to shed light on the economic sectors that it is witnessing good growth despite the challenges, Soliman added.

Soliman added that there is a desire from Qatari investors to return to the Egyptian market, especially in the sectors of logistics, container handling, fertilisers and export sectors.

The joint platform between Egypt and UAE it currently amounts about $5 billion, said Soliman, expecting that it will witness a growth in the coming period, especially in the file of industrial integration.

Regarding the pre-IPO fund, the Soliman said that the fund has three stages, and currently there are 11 companies that will be offered to strategic investors or a public offering or both.

Soliman further explained that there are between two to three companies will be offered during the next month, indicating an announcement will be made within days of awarding investments in seven hotels.