Hala Helmy El-Said was appointed as minister of planning, and – the newly founded – economic development ministry, the 62-year-old force of nature will have several essential files ahead of her.
El-Said grew up entrenched in politics. Her father, Helmy El-Said, was appointed Minister of Electricity and the High Dam in 1970. In 2019, she was selected as chairperson of the newly established Egypt Sovereign Wealth Fund (SWF), in addition to her appointment as Minister of Planning in 2017.
Before resuming the responsibilities of her office, El-Said was the first elected Dean of Faculty of Economics & Political Science at Cairo University. She was also an assistant to Cairo University President for Research and External Relations and a member of the board of the Central Bank of Egypt (CBE).
El-Said is considered a female pioneer amongst banking figures. She led the Egyptian Banking Institute (EBI), which is the training arm of the Central Bank of Egypt (CBE), for eight years.
El-Said holds a PhD with high honours in Economics from the Faculty of Economics and Political Science, Cairo University, and both MA and BA with honours in Economics from the same faculty.
She also is the author of a wide range of papers, studies, and reports on topics related to the financial sector, privatisation, and economic reform. She is specialised in the fields of international finance and financial markets management.
Egypt’s SWF reviving the country’s economic sectors
The motive behind launching Egypt’s SWF is to revive the inactive economic sectors and enhance investor confidence in the national economy through state partnerships. The SWF would enable further flexibility in overcoming obstacles related to obtaining licences and transfer of ownership. It will also support the localisation of industry and technology to create added value within the national economy and increase employment.
Egypt’s SWF aims to manage the state-owned assets which will be transferred to it. Its authorised capital is EGP 200bn and the issued capital is EGP 5bn. El-Said explained earlier that the SWF aims to fill Egypt’s financing gap and increase the participation of the private sector.
Egypt’s SWF is currently forming three sub-funds for traditional and renewable energy, industry, and tourism, to be followed by others for the agricultural and food industry sectors.
The fund will be in control of different asset portfolios, including; those of the National Investment Bank, the Ministry of Public Enterprise Sector, religious endowments, non-performing portfolios of public banks, and public banks’ assets.
Economic development, the official embodiment of Egypt 2030 Vision
El-Said’s latest achievements are her role in setting the features of Egypt 2030 Vision, in addition to managing the country’s digital transformation, as the state is working to develop a comprehensive plan for reform and governance of its administrative apparatus, to raise the efficiency of institutions and create a business environment supporting the role of the private sector and attractive for domestic and foreign investment.
Egypt Vision 2030 aims to achieve inclusive economic development, through cultivating a prosperity path through, economic and social justice, and reviving the role of Egypt in regional leadership. Egypt Vision 2030 represents a roadmap for maximising competitive advantage to achieve the dreams and aspirations of Egyptians in a dignified and decent life.
Egypt Vision 2030 has been launched in 2016 consistent with the United Nations Sustainable Development Goals (SDGs) and the Africa Agenda 2063.