Egypt has raised the authorized capital of its sovereign wealth fund to $20.3 billion (EGP 400 billion) from $10.1 billion (EGP 200 billion), state-owned Al Ahram newspaper reported Wednesday, citing Planning Minister Hala Elsaid. The Sovereign Fund of Egypt (TSFE) is expected to have its capital rise to up to $50.7 billion (EGP 1 trillion) in five years, Elsaid said on the sidelines of the "Egypt and UAE… One Heart" forum. The three-day event, which kicked off Wednesday, will include an economic and cultural forum as well as a concert.
Abu Dhabi sovereign wealth fund ADQ and the TSFE set up a $20 billion joint investment platform in 2019 to invest in a range of sectors, mainly healthcare and pharma, utilities, food and agriculture, real estate, and financial services.
In April, ADQ completed the acquisition of five publicly-traded Egyptian companies through a joint investment platform. The investment is aimed at bolstering Egypt's economy, which is under growing pressure from the shockwaves of the Ukraine crisis.
In early 2021, ADQ bought Egyptian drug developer Amoun Pharmaceutical from Bausch Health Companies for $740 million. A consortium comprising the UAE-based Aldar Properties and ADQ agreed later the same year to buy Egyptian developer SODIC for about $388 million (EGP 6.1 billion).
The Abu Dhabi sovereign wealth fund ADQ said later in May that it allocated $10 billion in investment for projects with Egypt and Jordan.
Last year, ADQ opened a new office in Cairo as part of efforts to increase its investment in Egypt. The move has complemented the $20 billion (AED 73 billion) strategic investment platform ADQ and the Sovereign Fund of Egypt (TSFE) launched in 2019 to invest in various sectors and assets.
