Egypt’s sovereign fund raises its capital to $20.3 bn
According to Egypt’s Minister of Planning and Economic Development, Hala El-Said, the capital of the Egyptian Sovereign Fund has been increased from 200 billion pounds to 400 billion pounds ($20.3 billion), with the goal of reaching one trillion pounds (50.9 billion dollars) within five years.
El-Said’s remarks were made on the sidelines of a celebration commemorating the 50th anniversary of the establishment of diplomatic and fraternal relations between Egypt and the UAE.
For his part, Egyptian Prime Minister Mostafa Madbouly revealed that direct Emirati investments in Egypt totaled approximately $4.9 billion during the first nine months of the fiscal year 2021-2022.
According to Madbouly, Egyptian remittances from the UAE to Egypt are estimated to be $3.3 billion during the first nine months of the fiscal year 2021-2022.
During his speech, UAE Minister of Economy Abdullah bin Touq revealed that the total value of Emirati investments in Egypt is approximately $22 billion, with approximately 1,390 Emirati investing companies operating in the Egyptian market. He emphasized that Egypt serves as the entry point for Emirati investments into the African continent.