The Sovereign Fund of Egypt
Egypt's sovereign investment fund, established in 2018 under Law 177 of 2018 to develop and co-invest in state-owned assets with private partners through sector sub-funds.
Industry: Sovereign wealth fund | Location: Cairo, Egypt | Founded: 2018
About The Sovereign Fund of Egypt
The Sovereign Fund of Egypt, known as TSFE, is a privately managed investment fund established in 2018 under Law 177 of 2018. Its website says its purpose is to shape, manage and develop investment opportunities in Egypt's state-owned assets through partnerships and co-investments with private investors, in support of Egypt Vision 2030. The Forum of Sovereign Wealth Funds lists its address as Zamalek, Cairo, and says the fund adheres to the Santiago Principles.
The fund is organised around sector sub-funds: Tourism, Real Estate and Antiquities; Infrastructure and Utilities; Healthcare and Pharma; Financial Services and Fintech; and a Pre-IPO sub-fund established in September 2022 to give institutional investors stakes in state-owned companies ahead of listing. Its site also lists education, industry, food and agriculture, and telecommunications among its sectors.
A General Assembly formed by presidential decree in 2023 and chaired by the Prime Minister oversees the fund, and a board formed by a separate 2023 decree, chaired by the Minister of Planning and Economic Development, approves its strategy and investments. The board includes ministry representatives and independent members. In August 2024 the board recorded that chief executive Ayman Soliman had resigned and named Noha Khalil, its chief strategy and business development officer, acting chief executive.
Press releases on the site record a US$10 billion contract for National Egyptian Railway Industries Company in November 2020, agreements to acquire 76 percent of Arab Investment Bank in May 2021, a healthcare co-investment with B Investments of more than EGP 2 billion in January 2023, a shareholders' agreement with Al Ahly CIRA for four university models in July 2024, and Cosmic Village school projects. The fund was admitted as a full member of the International Forum of Sovereign Wealth Funds in May 2022.
In March 2026 the Ministry of Investment invited banks to lead an offering of up to 20 percent of Misr Life Insurance Company, which has requested a listing on the Egyptian Exchange. In June 2026 Business Today Egypt reported that the fund managed the offering process for the Wataniya fuel stations transferred to Quick Fuel, in which TAQA Arabia took 10 percent.
Leadership
- Noha Khalil, Acting Chief Executive Officer; Chief Strategy and Business Development Officer
- Fady Anwar, Chief Financial Officer
- Abdalla ElEbiary, Chief Investment Officer
- Hisham Moussa, Chief Executive Officer, Healthcare and Pharma Subfund; Chief Investment Officer