{"id":570065,"date":"2020-03-17T04:35:06","date_gmt":"2020-03-17T04:35:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/a-new-kind-of-sovereign-wealth-fund-is-emerging-and-egypt-is-at-the-forefront\/"},"modified":"2020-03-17T04:35:06","modified_gmt":"2020-03-17T04:35:06","slug":"a-new-kind-of-sovereign-wealth-fund-is-emerging-and-egypt-is-at-the-forefront","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/a-new-kind-of-sovereign-wealth-fund-is-emerging-and-egypt-is-at-the-forefront\/","title":{"rendered":"A new kind of sovereign wealth fund is emerging, and Egypt is at the forefront"},"content":{"rendered":"

<\/a> A new kind of sovereign wealth fund is emerging, and Egypt is at the forefront:<\/strong> Sovereign wealth funds have traditionally been set up by states with hefty oil and gas revenues or external account surpluses, but a new approach is gaining popularity among states with a very different profile. The establishment of the Sovereign Fund of Egypt (SFE) is a bid to more effectively manage state-owned entities, setting up a commercially oriented arm of the government while reducing the army\u2019s influence in business, according to analysts quoted in a Financial Times opinion piece<\/a>. Egypt\u2019s approach marks a shift away from sovereign wealth funds being sourced by large sums of oil money \u2014 as they are in the Gulf, for example \u2014 and closer towards the example of Singapore, which successfully created its sovereign wealth fund Temasek in 1974 to manage government stakes in telecoms, airlines, manufacturing and shipping companies.<\/p>\n

The goal is effective management, but without all the bad press of privatization:<\/strong> The SFE was created last year<\/a> in part as a response to the broadly unpopular privatization drives of the 1990s and 2000s, the FT piece argues. It\u2019s an example of a sovereign wealth fund operating in a way that more closely resembles private equity than playing its traditional role as a savings bank or mutual fund, says one Renaissance Capital economist.<\/p>\n

Other countries are also following this approach, but success has been mixed.<\/strong> Turkey\u2019s sovereign wealth fund was created in 2016, has an equity value of USD 33 bn, and was seeded with government stakes in some of the country\u2019s biggest companies. But it had a rocky start, initially being plagued by political infighting and having its credibility called into question. A Malaysian state development fund, meanwhile, allegedly lost USD 4.5 bn due to embezzlement in the run up to 2015. And South Africa, which has just announced plans to create its own sovereign wealth fund, is widely expected to use the cash flows generated to balance some of its soaring budget deficit, the piece says.<\/p>\n","protected":false},"excerpt":{"rendered":"

A new kind of sovereign wealth fund is emerging, and Egypt is at the forefront: Sovereign wealth funds have traditionally been set up by states with hefty oil and gas revenues or external account surpluses, but a new approach is gaining popularity among states with a very different profile. The establishment of the Sovereign Fund […]<\/p>\n","protected":false},"author":1,"featured_media":570066,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9003],"tags":[72,125,2436,370,734,2397],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-worth-reading","tag-enterpriseam","tag-investment-watch","tag-singapore","tag-sovereign-fund-of-egypt","tag-sovereign-wealth-funds","tag-worth-reading","wpautop","entry"],"acf":{"mongo_id":"ca234a11-7387-47b1-9f2d-cca76b64dedd","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/3\/202.jpg","photo_position":"above","related_issue":[570045],"teaser":"","voice_url":""},"yoast_head":"\nA new kind of sovereign wealth fund is emerging, and Egypt is at the forefront - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/a-new-kind-of-sovereign-wealth-fund-is-emerging-and-egypt-is-at-the-forefront\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A new kind of sovereign wealth fund is emerging, and Egypt is at the forefront\" \/>\n<meta property=\"og:description\" content=\"A new kind of sovereign wealth fund is emerging, and Egypt is at the forefront: Sovereign wealth funds have traditionally been set up by states with hefty oil and gas revenues or external account surpluses, but a new approach is gaining popularity among states with a very different profile. 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Other aspects of the law\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":630179,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/matouk-bassiouny-name-partner-advised-on-legislation-establishing-egp-200-bn-sovereign-wealth-fund\/","url_meta":{"origin":570065,"position":1},"title":"Matouk Bassiouny name partner advised on legislation establishing EGP 200 bn sovereign wealth fund","author":"enterpriseam admin","date":"15 April 2018","format":false,"excerpt":"Matouk Bassiouny advised on legislation establishing EGP 200 bn sovereign wealth fund: Matouk Bassiouny\u2019s head of finance and projects and name partner Mahmoud Bassiouny provided legal counsel to the investment and planning ministries on drafting the legislation establishing Egypt\u2019s EGP 200 bn sovereign wealth fund, according to an emailed statement.\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601484,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/03\/egypt-issues-framework-for-planned-sovereign-wealth-fund\/","url_meta":{"origin":570065,"position":2},"title":"Egypt issues framework for planned sovereign wealth fund","author":"enterpriseam admin","date":"3 March 2019","format":false,"excerpt":"REGULATION WATCH- Gov\u2019t issues framework for planned sovereign wealth fund: The government has issued the framework for the planned EGP 200 bn sovereign wealth fund (SWF), identifying it as an independent body in terms of administration, financing, and legality, according to the Official Gazette (pdf). The SWF, which is meant\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":630345,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/18\/egypts-sovereign-wealth-fund-to-be-established-within-six-months-says-el-said\/","url_meta":{"origin":570065,"position":3},"title":"Egypt\u2019s sovereign wealth fund to be established within six months, says El Said","author":"enterpriseam admin","date":"18 April 2018","format":false,"excerpt":"Egypt\u2019s 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\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":603383,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/21\/board-of-directors-for-egyptian-sovereign-wealth-fund-to-be-decided-next-month\/","url_meta":{"origin":570065,"position":4},"title":"Board of directors for Egyptian sovereign wealth fund to be decided next month","author":"enterpriseam admin","date":"21 April 2019","format":false,"excerpt":"The board of directors for the Egyptian sovereign wealth fund will be decided early next monthafter the fund\u2019s CEO has been selected, according to statements from Planning Minister Hala Said cited by the local press. Four candidates are currently under consideration for the chief executive role, with three of the\u2026","rel":"","context":"In "Legislation + Policy"","block_context":{"text":"Legislation + Policy","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-policy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":627702,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/10\/egypt-sovereign-wealth-fund-to-be-launched-at-the-end-of-the-year-lots-of-room-for-private-sector-participation-planning-minister\/","url_meta":{"origin":570065,"position":5},"title":"Egypt sovereign wealth fund to be launched at the end of the year, lots of room for private sector participation \u2013Planning Minister","author":"enterpriseam admin","date":"10 June 2018","format":false,"excerpt":"Egypt will launch its sovereign wealth fund at the end of the year and will begin a roadshow in 1H2019 to draw in private investment, Planning Minister Hala El Saeed tells Bloomberg in an interview. The fund, which will have authorized capital of EGP 200 bn and initial paid-in capital\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570065","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=570065"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570065\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570045"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/570066"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570065"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570065"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}