A joint fund being set up by the Sovereign Fund of Egypt (SFE) and the Oman Investment Authority (OIA) plans to start making investments in 4Q 2023, according to a statement released earlier this week. The two wealth funds will target companies and projects in the pharma, food, and renewables sectors, the statement notes.

We knew this was in the works: Speaking to the media this week during Omani Sultan Haitham bin Tarek’s visit to Egypt, head of the General Authority for Freezones and Investment Hossam Heiba announced that the two sides would establish the fund, reviving a plan first floated almost four years ago. The fund will participate in Egypt’s state privatization program, he said, without disclosing the fund’s value.

Could it be wind? The OIA is reportedly mulling investments in Egypt’s wind projects under its partnership with Saudi Arabia’s Acwa Power, Daily News Egypt reported, citing sources it says have knowledge of the matter. The government-owned 580 MW Gabal El Zeitand 545 MW Zafarana wind farms are among the assets the OIA is looking at in cooperation with Acwa Power, the sources reportedly said. The OIA plans to pour USD 1 bn this year into wind projects as part of a larger plan to invest USD 5 bn in the country, they said.

REMEMBER- The wind farms have been attracting investor interest: Acwa Power, the UAE’s Alcazar Energy, Hassan Allam Utilities, and our friends at local renewables firm Infinity are reportedly among seven companies interested in acquiring the country’s two largest wind farms. The Gabal El Zeit and Zafarana wind farms were both included in the list of 32 companies and assets earmarked for privatization in February and have attracted significant interest among investors, with the sales reportedly expected to be completed before the end of 2023.

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