Egypt’s sovereign wealth fund (TSFE) has appointed Noha Khalil, chief strategy & business development officer, as its new acting chief executive officer (CEO) following the resignation of Ayman Soliman on June 4. This announcement came from the Ministry of Planning, Economic Development, and International Cooperation.
The decision was made during a meeting of the TSFE board of directors, chaired by Minister Rania Al-Mashat. The meeting focused on reviewing TSFE’s independent and consolidated financial statements, as well as the report from the Accountability State Authority (ASA).
Read more: The Sovereign Fund of Egypt (TSFE) enters the top 50 global wealth list: SWFI
Additionally, the board approved the certification of TSFE’s budget for submission to the fund’s general assembly. Established in 2018, TSFE aims to support sustainable development initiatives.
The Board of Directors highlighted the importance of enhancing efforts to attract foreign investments and advancing the implementation of the State Ownership Policy Document by fostering greater collaboration with the private sector.
In December 2023, President Abdel-Fattah El-Sisi introduced new regulations to reorganize TSFE’s general assembly, now led by Prime Minister Mostafa Madbouly. Furthermore, in 2023, the planning and economic development ministry revealed that TSFE ranked 47th among the world’s top 100 sovereign funds, with assets valued at $12 billion, according to the Sovereign Wealth Fund Institute.
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