Egypt wealth fund to initially focus on petrochem, tourism, pharma

Egypt sovereign wealth fund will focus its initial investments in the petrochemicals, pharma and tourism sectors for their high return rates, Planning Minister Hala El Said said at the Euromoney Conference on Wednesday, according to Al Mal. El Saeed added that a manager for the wealth fund will be chosen in the next three weeks. The government will appoint the board of directors for Egypt’s EGP 200 bn sovereign wealth fund within the coming few months, Finance Minister Mohamed Maait said on Tuesday.