{"id":708164,"date":"2026-06-07T00:00:00","date_gmt":"2026-06-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=708164"},"modified":"2026-06-07T02:56:03","modified_gmt":"2026-06-07T02:56:03","slug":"the-sovereign-fund-eyes-new-africa-investment-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/06\/07\/the-sovereign-fund-eyes-new-africa-investment-fund\/","title":{"rendered":"The Sovereign Fund eyes new Africa investment fund"},"content":{"rendered":"

Good morning, wonderful people.<\/strong> We lead today\u2019s issue with good news on the investment front. Thndr is leveling up from a simple stock-trading app into a comprehensive wealth management platform, rolling out digital gold, fractional real estate, and AI-powered planning tools.<\/p>\n

On the energy front<\/strong>, we could see a final investment decision on the Aphrodite gas field soon, as the Oil Ministry and Chevron look to finalize the key agreements needed by September. Meanwhile, the UAE\u2019s Amea Power signed contracts for two major battery storage projects totaling 1.5 GWh, alongside a factory that could make batteries here at home.<\/p>\n

***<\/strong><\/p>\n

WISH THIS MORNING\u2019S ISSUE was a podcast? We\u2019ve got you. Tap or click here<\/a><\/strong> to listen to Morning Drive, a 10-minute version of today\u2019s issue crafted for you to enjoy with your morning coffee, while getting the kids ready for school, or while stomping around the house wondering where the [redacted] you left your [redacted] reading glasses.<\/strong><\/p>\n

***<\/strong><\/p>\n

SouthMed gets a VAT answer<\/p>\n

<\/a> The Egyptian Tax Authority (ETA) has stepped in to resolve a VAT dispute at Talaat Moustafa Group\u2019s SouthMed<\/strong>, offering clarity for contractors caught in the transition to the new tax system, according to a tax document seen by EnterpriseAM. The ruling ends a standoff between contractors and TMG subsidiary Alexandria for Development and Tourism over how to tax contracts signed before last year\u2019s VAT amendments<\/a>.<\/p>\n

The rules:<\/strong> The ETA clarified that work completed before the legal amendments remains under the old 5% schedule tax. However, any new work, contract renewals, or scope expansions executed after the law passed are treated as standalone projects, subject to the standard 14% VAT rate with full input-tax deductions allowed.<\/p>\n

The gray area:<\/strong> For contracts inked before the new law but executed afterward, the ETA is applying the 14% VAT to only 36% of the approved work value. The catch? Contractors must shoulder the extra tax burden and are strictly barred from claiming input-tax deductions on this portion. Meanwhile, subcontractors are considered fully paid up as long as the main contractor settles the tax on the executed work.<\/p>\n

Why it matters: <\/strong>Contractors cautioned about<\/a> this gray area when the Madbouly government moved construction and contracting services from the old 5% schedule tax to the standard 14% VAT rate, which the government is banking on to get an extra EGP 200 bn in VAT revenues. The shift was meant to bring contractors into the deductible VAT system, but projects already awarded or underway need case-by-case treatment, with SouthMed now being the highest-profile test case.<\/p>\n

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SFE wants an Africa fund<\/p>\n

<\/a> The Sovereign Fund of Egypt (SFE) is eyeing its first-ever international expansion <\/strong>with a new Africa-focused sub-fund<\/strong>, Investment Minister Mohamed Farid told the Arabic press<\/a>. The fund will target banking and non-banking finance, tourism, healthcare, and education, with the SFE currently studying prospects in Kenya, Nigeria, and C\u00f4te d\u2019Ivoire.<\/p>\n

Sub-funds at home:<\/strong> Farid also expects the government to finalize a new industrial investment fund alongside several other sub-funds between August and September. This fund will inject seed capital into asset managers to attract private investment while directly backing companies to boost local content and export scale. Additionally, it is in talks with the IFC to support a separate VC-style fund targeting the \u201cmissing middle\u201d \u2014 startups too large for incubators but too small for conventional sovereign fund tickets.<\/p>\n

IN CONTEXT-<\/strong> The move builds on the industrial-fund pipeline we reported on in March<\/a>, when Beltone, EFG Hermes, Al Ahly Pharos, CI Capital, and Cairo Capital were working with the SFE to launch debt, equity, and transferable-securities funds for manufacturers. More recently<\/a>, we noted that the SFE is looking to snap up a 10-20% stake in two new industrial investment funds launched with CI Capital and Cairo Capital, carrying a targeted capital of EGP 5 bn.<\/p>\n

IN OTHER SFE NEWS- We have an updated timeline on Misr Life\u2019s IPO.<\/strong> Farid said the government wants to wrap the sale of a stake in Misr Life Ins. between June and July. The company completed its temporary EGX listing earlier this year<\/a>, before the SFE tapped EFG Hermes<\/a> as sole global coordinator and bookrunner for the planned 20% float.<\/p>\n

\n

Worth reading<\/p>\n

The <\/strong>Oxford Handbook of the Egyptian Economy<\/a><\/strong> has been published<\/strong>, offering a comprehensive and in-depth analysis of the Egyptian economy over the past seven decades. Edited by Mahmoud Mohieldin, Marcelo Giugale, and Racha Ramadan, the volume brings together contributions from 69 experts and is aimed primarily at academics, students, practitioners, and anyone interested in understanding Egypt\u2019s path toward sustainable development. <\/p>\n

What\u2019s inside:<\/strong> The handbook examines a broad range of topics, including macroeconomic fundamentals, sectoral reforms, more than a century of legal and regulatory developments, human development priorities, and environmental challenges. It also explores education, labor markets, competition policy, public investment, inequality, and the demographic dividend, while offering policy recommendations to address some of the longstanding economic challenges facing Egyptians.<\/p>\n

\n

Data point <\/p>\n

<\/a> USD 22 mn \u2014 That\u2019s the total value of M&As on the local market in 1Q 2026. <\/strong>The value is spread across eight transactions, down from 11 a year earlier, according to a report (pdf)<\/a> by Ansarada. This aligns with a regional downward trend that saw the Middle East\u2019s M&A count drop to 196 transactions worth USD 23.3 bn, compared to 207 M&As worth USD 31.3 bn in 1Q 2025.<\/p>\n

M&A transactions are still going through<\/strong>, but \u201cinstead of closing a transaction in six months, it [may take] one-and-a-half years or up to two years\u201d due to market jitters from the Iran war, M&A lawyer Ibrahim ElGengehy previously told EnterpriseAM. \u201cThere is a little bit of hesitation from private equity funds willing to invest in Egypt,\u201d he said. However, he was optimistic about the outlook for the end of 2026 and beginning of 2027, saying that currently stalled transactions may be completed during that time, assuming regional tensions from the war subside by then.<\/p>\n

PSA- <\/p>\n

WEATHER- <\/strong>Cairo is in for another sunny day, with a high of 35\u00b0C and a low of 22\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s marginally cooler in Alexandria<\/strong>, with a high of 34\u00b0C and a low of 20\u00b0C.<\/p>\n

\n

\n

<\/p>\n

You\u2019ve spent decades building wealth, and the question now isn\u2019t how to make money \u2014 it\u2019s how to make sure it survives you, works across borders, and doesn\u2019t quietly erode while you\u2019re not looking. The rules have changed. Egyptian real estate, once a near-guaranteed store of value, is competing with markets in Greece, Spain, and Dubai. <\/p>\n

Whether it\u2019s art as an asset, crowd-funding, or the tax implications quietly stacking up behind that second passport, the toolkit for serious capital deployment has expanded faster than most conventional advice \u2014 or most advisors \u2014 have.<\/p>\n

In Issue 3 of EnterpriseAM Money Matters<\/strong>, we cover the decisions that matter most when you\u2019re at the stage where capital preservation is just as important as capital growth \u2014 and where getting it wrong is no longer something you can simply recover from.<\/p>\n

Coming straight to your inbox \u2014 Wednesday, June 10.<\/p>\n

\n

\n

\n

The big story abroad<\/p>\n

Geopolit<\/strong>ical updates lead today\u2019s news cycle. <\/strong>Washington is reportedly considering<\/a> seizing Iranian assets to fund repairs for damage sustained by Gulf nations during Tehran\u2019s recent strikes. The nature of the assets under consideration remains unclear. <\/p>\n

How are talks going? <\/strong>US-Iran negotiations are currently at a deadlock, Iranian presidential adviser Mohsen Rezaei told CNN<\/a>. A peace agreement depends on the US unfreezing USD 24 bn in Iranian assets, Rezaei said.<\/p>\n

It could be a while before we see SpaceX on the S&P 500: <\/strong>S&P Dow Jones Indices will reportedly maintain a rule<\/a> that bars unprofitable companies from joining the S&P 500, potentially delaying the inclusion of SpaceX, whose IPO is expected to raise a record USD 75 bn.The company may not list on the index until after 2027, when it is expected to turn a net income according to Evercore ISI research analysts. IPO-hopefuls Anthropic and OpenAI will also face similar fates. <\/p>\n

There\u2019s more: <\/strong>Investors based in China and Hong Kong are reportedly unable to access<\/a> SpaceX\u2019s website and IPO documents. The block is believed to be the result of a company decision.<\/p>\n

In the world of M&A: <\/strong>A consortium led by France\u2019s Bouygues Telecom will take over<\/a> legacy French operator SFR for around EUR 20.4 bn, taking it off Altice France\u2019s hands. The proposed carve-out, if approved, will trim the number of mobile network operators in France down to three.<\/p>\n

And crypto is in dire straits: <\/strong>Cryptocurrency is facing a \u201cvery hard\u201d<\/a> year ahead of an anticipated mass exodus of developers, projects, and capital, according to Charles Hoskinson, founder of blockchain platform Cardano. BTC\u2019s 17% drop so far in June is a two-year low \u2014 the cryptocurrency fell below USD 60k at one point last Friday.<\/p>\n

Are wealth managers the latest victim of AI automation? <\/strong>Bloomberg<\/a> is out with a piece that finds traditional wealth managers are more vulnerable to AI-induced replacement than other financial services professionals. It seems that a growing number of people are resorting to programs like Claude to manage their money for them, which bodes ill for wealth advisers the world over.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, wonderful people. We lead today\u2019s issue with good news on the investment front. Thndr is leveling up from a simple stock-trading app into a comprehensive wealth management platform, rolling out digital gold, fractional real estate, and AI-powered planning tools. On the energy front, we could see a final investment decision on the Aphrodite […]<\/p>\n","protected":false},"author":1,"featured_media":708165,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[12573],"tags":[72,370,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-708164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today-10","tag-enterpriseam","tag-sovereign-fund-of-egypt","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"c5eb67d3-a1cd-40d9-b792-f23fb5176ec5","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2026\/6\/386.jpg","photo_position":"above","homepage_title":"","full_issue_title":"SFE plots its first international expansion","related_issue":[708162],"teaser":""},"yoast_head":"\nThe Sovereign Fund eyes new Africa investment fund - 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\/2026\/06\/07\/the-sovereign-fund-eyes-new-africa-investment-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Sovereign Fund eyes new Africa investment fund\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people. 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We lead today\u2019s issue with good news on the investment front. Thndr is leveling up from a simple stock-trading app into a comprehensive wealth management platform, rolling out digital gold, fractional real estate, and AI-powered planning tools. 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