{"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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The direct investment is\u2026","rel":"","context":"In "ON YOUR WAY OUT"","block_context":{"text":"ON YOUR WAY OUT","link":"https:\/\/enterpriseam.com\/egypt\/category\/on-your-way-out\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571848,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/02\/sovereign-fund-of-egypt-enters-swf-global-rankings-at-43\/","url_meta":{"origin":570065,"position":1},"title":"Sovereign Fund of Egypt enters SWF global rankings at #43","author":"enterpriseam admin","date":"2 June 2020","format":false,"excerpt":"Sovereign Fund of Egypt enters SWF global rankings at # 43: The Sovereign Fund of Egypt (SFE) ranks 43rd out of the world's 93 sovereign wealth funds in the Sovereign Wealth Fund Institute\u2019s (SWFI) latest rankings. The fund currently owns assets worth almost USD 12 bn, accounting for 0.14% of\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":594112,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/20\/sovereign-wealth-fund-could-feature-manufacturing-renewables-logistics-sub-funds-planning-minister\/","url_meta":{"origin":570065,"position":2},"title":"Sovereign wealth fund could feature manufacturing, renewables, logistics sub-funds -planning minister","author":"enterpriseam admin","date":"20 October 2019","format":false,"excerpt":"Egypt\u2019s EGP 200 bn sovereign wealth fund is considering setting up several sub-funds to channel investment into the logistics, renewables, and manufacturing sectors, said Planning Minister Hala El Said. The minister also said that the SWF\u2019s newly-appointed CEO Ayman Soliman started drumming up investor interest for the fund during the\u2026","rel":"","context":"In "Egypt Politics + Economics"","block_context":{"text":"Egypt Politics + Economics","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-politics-economics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":580789,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/global-sovereign-wealth-funds-didnt-have-a-great-2022\/","url_meta":{"origin":570065,"position":3},"title":"Global sovereign wealth funds didn\u2019t have a great 2022","author":"enterpriseam admin","date":"18 January 2023","format":false,"excerpt":"Even sovereign wealth funds weren\u2019t spared in the 2022 market sell-off: The value of sovereign wealth funds declined for the first time ever in 2022 on the back of the rout in the global equity and bond markets, according to industry specialist Global SWF\u2019s annual report. Sovereign wealth funds \u2014\u2026","rel":"","context":"In "Macro picture"","block_context":{"text":"Macro picture","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/693.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577972,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/gulf-sovereign-funds-are-bidding-for-egypt-desalination-plants\/","url_meta":{"origin":570065,"position":4},"title":"Gulf sovereign funds are bidding for Egypt desalination plants","author":"enterpriseam admin","date":"12 December 2022","format":false,"excerpt":"Gulf sovereign wealth funds are among 28 bidders vying for contracts to build the 21 desalinationplants the government is tendering to the private sector, Atter Hannoura, director of the Finance Ministry\u2019s PPP unit, told Enterprise. Subsidiaries of the wealth funds have submitted bids as part of consortiums with other local\u2026","rel":"","context":"In "Infrastructure"","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/220.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":630712,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/30\/egypts-sovereign-wealth-fund-to-be-given-financial-and-legal-independence\/","url_meta":{"origin":570065,"position":5},"title":"Egypt\u2019s sovereign wealth fund to be given financial and legal independence","author":"enterpriseam admin","date":"30 April 2018","format":false,"excerpt":"LEGISLATION WATCH- Egypt\u2019s sovereign wealth fund to be given financial and legal independence: Egypt\u2019s new sovereign wealth fund and any subsidiary under it would not be subject to local business laws, according to Al Mal\u2019s reading of a draft of the law establishing the fund. 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":[]}],"_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}]}}