RIYADH: The Sovereign Fund of Egypt has added assets of 15-16 billion Egyptian pounds ($621-660 million) as it aims to double it by the same size next year, the CEO told Alarabiya.
Ayman Soliman added that the issued capital of the fund has been fully covered at $5 billion.
He pointed out that the fund's financing sources include a cash increase, in addition to an in-kind increase, which are assets that are transferred to the fund and are calculated under the capital increase.
The fund had agreed with the Saudi and Emirati sovereign funds on a number of investments in the areas of infrastructure, health care, and financial services, Soliman explained.
Soliman also signaled that army-owned companies Safi and Wataniya would not be seeking stock exchange listings this year.
Under current circumstances, the exchange was not the appropriate environment for the two companies, he said.
Egypt approved pre-listing procedures for Wataniya, which operates petrol stations, and for water utility Safi in July. The wealth fund is coordinating that process.
