Egypt’s sovereign wealth fund to be established within six months, says El Said

Egypt’s EGP 200 bn sovereign wealth fund is expected launch within six months, by which time the legislation establishing the fund should receive the necessary sign-off from the House of Representatives, Planning Minister Hala El Saeed told reporters yesterday, Al Mal reports. The government is currently in talks with regional and European institutions to take part in forming the fund’s sector-specific units, the minister said. Cabinet had approved last week the establishment of the fund, which will be charged with investing state funds locally and abroad across asset classes and will be tapped to manage underutilized assets.