{"id":592960,"date":"2019-11-13T04:11:22","date_gmt":"2019-11-13T04:11:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/13\/our-exclusive-talk-with-ayman-soliman-ceo-of-tharaa-egypts-new-sovereign-wealth-fund\/"},"modified":"2019-11-13T04:11:22","modified_gmt":"2019-11-13T04:11:22","slug":"our-exclusive-talk-with-ayman-soliman-ceo-of-tharaa-egypts-new-sovereign-wealth-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/13\/our-exclusive-talk-with-ayman-soliman-ceo-of-tharaa-egypts-new-sovereign-wealth-fund\/","title":{"rendered":"Our exclusive talk with Ayman Soliman, CEO of THARAA \u2014 Egypt\u2019s new sovereign wealth fund"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Our exclusive talk with Ayman Soliman, CEO of THARAA \u2014 Egypt\u2019s new sovereign <\/strong><strong>wealth fund:<\/strong> Egypt\u2019s sovereign wealth fund could see its authorized capital increased to EGP 1 tn from a current EGP 200 bn. \u201cWe expect to increase our licensed capital within three years to EGP 1 tn or less \u2026 it all depends on the investors\u2019 response and investment appetite,\u201d newly appointed CEO Ayman Soliman told the press yesterday (see, for example, <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL8N27S2ZT\">Reuters<\/a>). His statements confirm those by <a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/04\/sovereign-wealth-fund-capital-to-quintuple-to-egp-1-tn\/\">Planning Minister Hala El Said last week<\/a>, and back President Abdel Fattah El Sisi\u2019s statements that the fund could see its capital raised into the several tn EGP range. \u201cThe sectors we will work in include industry, traditional and renewable energy, tourism,\u201d Soliman added.<\/p>\n<p><strong>Soliman also revealed that the name of the fund will be THARAA<\/strong> (Arabic for wealth) at a press roundtable. He went on to state that Egypt has plenty of state assets and projects that would be of interest to investors, <a href=\"https:\/\/almalnews.com\/%d8%a7%d9%84%d8%b5%d9%86%d8%af%d9%88%d9%82-%d8%a7%d9%84%d8%b3%d9%8a%d8%a7%d8%af%d9%8a-%d8%ab%d8%b1%d8%a7%d8%a1-%d9%8a%d8%aa%d8%b1%d9%82%d8%a8-%d8%a7%d9%86%d8%aa%d9%82%d8%a7%d9%84-%d9%85%d9%84%d9%83\/\">according to Al Mal<\/a>.<\/p>\n<p><strong>We had an exclusive chat with Soliman <\/strong>that dove deeper into the weeds, looking at the fund\u2019s strategy, how it will operate, its primary pitch to investors and how it will operate in a challenging global macro climate? Edited excerpts from our discussion:<\/p>\n<p><strong>The goal: <\/strong>In a nutshell, THARAA hopes to attract and steer investment toward sectors that the state sees as vital to the economy, Soliman tells us. The fund, through its investments and its subsequent sub-funds, aims to sustainably generate income and create value. The long-term ambition is significant: Soliman aims to see more Egyptian multinationals grow out of the investments that THARAA makes, saying their success will help raise Egypt\u2019s regional and global economic clout.<\/p>\n<p><strong>The strategy: <\/strong>THARAA will operate through three types of partnerships. The first will see it partner with private-sector investors in specific industries. The second will see it partner with other sovereign wealth funds, while the third will see it partner with the private sector on specific projects through PPP, JVs and other sub-funds, Soliman said. The fund\u2019s strategy will see it follow a private equity-style model of investing, he added, so we can expect a flurry of M&A coming from the fund. <strong>The model will see THARAA offer stakes of variable sizes in companies and projects across industries<\/strong>, suggesting that the fund does not plan to hold majority stakes in all of its projects.<\/p>\n<p><strong>The fund\u2019s focus industries include:<\/strong> Food, pharma, industry, infrastructure and energy, among others. Down the road, it will also explore the agrifoods business. Soliman says there has been significant interest from regional and global investors, particularly in Egyptian power plants, pharma, and agrifoods. Soliman had revealed on Monday that as many as six international investors have expressed interest in the Siemens-combined cycle power plants transaction.<\/p>\n<p><strong>The fund has no intention whatsoever in crowding out the private sector<\/strong>, Soliman assured us. \u201cWe do not plan to get involved in any project where investors are already involved and locked in on,\u201d adding that \u201cWe will create opportunities exclusive to the fund, or opportunities that would benefit from the fund\u2019s involvement.\u201d<\/p>\n<p><strong>THARAA is currently focused on institutional investors<\/strong>, with plans to draw in retail investors at a later stage.<\/p>\n<p><strong>IPOs and other exits are on the fund\u2019s long-term agenda<\/strong>, he added.<\/p>\n<p><strong>The fund will also take a long-term approach to its portfolio investments<\/strong>, creating its own sustainable yield curve within four years of operation, Soliman said.<\/p>\n<p><strong>Timeline: <\/strong>Currently, the fund\u2019s focus is on creating partnerships for specific projects and sectors, he said. We\u2019ve seen that with the announcement that THARAA i<a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/12\/egypts-swf-could-take-a-30-stake-in-siemens-oc-elsewedy-power-plants-soliman-6158\/\">s looking to acquire a<\/a><a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/12\/egypts-swf-could-take-a-30-stake-in-siemens-oc-elsewedy-power-plants-soliman-6158\/\">sizeable<\/a><a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/12\/egypts-swf-could-take-a-30-stake-in-siemens-oc-elsewedy-power-plants-soliman-6158\/\">stake<\/a> in the Siemens \/ Orascom Construction \/ Elsewedy Electric power plants, with an eye towards closing the transaction next year.<\/p>\n<p><strong>Where is the opportunity for investors?<\/strong> \u201cWhat distinguishes THARAA from other funds is that it will provide access and exclusive opportunities to investors that would not be available to them otherwise,\u201d Soliman said. It will open up important and niche sectors that have often remained closed and make them accessible to the private sector, he added, giving as an example the management of historic sites and monuments, to which the private sector may have access through the fund. It is also authorized to invest in infrastructure projects through PPP and other frameworks, including the newly introduced transfer-own-operate (TOO) framework.<\/p>\n<p><strong>Why launch THARAA now?<\/strong> \u201cWe see that now we have an 18-month window before traditionally strong emerging markets, which have seen a downturn this year, start picking back up again,\u201d said Soliman. Broadly speaking, Egypt is among the most attractive emerging market economies today, said Soliman: It has strong fundamentals as well as the demographics, consumer market and needed to drive growth. Egypt also offers above-average yields, drawing in portfolio investors, he said.<\/p>\n<p><strong>Launching THARAA amid a challenging global macro climate:<\/strong> Soliman sees opportunity in launching THARAA in a challenging global macro climate for a variety of reasons. He sees Egypt\u2019s solid investment case as hooking investors who exited emerging markets this year. He also notes that Egypt managed to bring in hot-money portfolio investors in the worst of times thanks to high yields. THARAA can leverage this to draw them into more long-term instruments, says Soliman, who sees this as possibly providing a catalyst to re-energize capital markets here and spur the rise of things such as the corporate bond market in Egypt. Furthermore, big emerging markets are expanding economically outside their borders, such as China\u2019s Belt and Road initiative. Egypt is strategically placed to take advantage of this, he added.<\/p>\n<p><strong>Ensuring THARAA doesn\u2019t become 1MDB:<\/strong> How can we ensure the fund will be managed with transparency and good governance? \u201cFirst, through the quality of our partners and partnerships,\u201d said Soliman. By virtue of bringing in foreign and well-established partners, the fund is obliged to operate on the strictest standards of transparency, he said. Furthermore, the process of taking projects and companies to market is, by design and requirement, transparent. THARAA is also a member of the International Forum of Sovereign Wealth Funds, which promotes adherence to corporate governance and transparency requirements.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our exclusive talk with Ayman Soliman, CEO of THARAA \u2014 Egypt\u2019s new sovereign wealth fund: Egypt\u2019s sovereign wealth fund could see its authorized capital increased to EGP 1 tn from a current EGP 200 bn. \u201cWe expect to increase our licensed capital within three years to EGP 1 tn or less \u2026 it all depends [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":592961,"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":[8572],"tags":[72,125,370,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-592960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-investment-watch","tag-sovereign-fund-of-egypt","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"f5ba7266-42ae-4824-86c8-a08cea51debd","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/9\/74.jpg","photo_position":"above","related_issue":[592955],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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