Egypt-Oman fund could make investments before the year is out: The 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, the Planning Ministry said yesterday. The two sovereign wealth funds will finalize their plans for the joint fund next quarter, the statement said.

Priority sectors: The two wealth funds will target companies and projects in the pharma, food, and renewables sectors, the ministry said.

Background: Speaking to the media this week during Omani Sultan Haitham bin Tarek’s visit to Egypt, General Authority for Freezones and Investment (GAFI) head Hossam Heiba announced that the two sides would establish the fund, reviving a plan first floated almost four years ago. It will participate in the state privatization program, he said, declining to disclose its value.

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