Deputy Minister of Housing, Utilities, and Urban Communities for National Projects Khaled Abbas has said the ministry’s leaders sat down with Egypt’s Sovereign Wealth Fund (SWF) officials for three meetings to study the availability of land for development in cooperation with the SWF.
Abbas told Daily News Egypt that there was no specific land allocated for the fund as of yet, but the ministry provides them with investment opportunities and technical support for real estate projects.
He expected the existence of a real desire from investors to participate in the Fund’s investment opportunities, which are the main driver for new assets.
The fund, Tharaa, recently started its activities, and aims to manage state-owned assets in private ownership. These assets will be transferred to the fund, and achieve their optimal utilisation. The authorised capital of the fund is EGP 200bn, and the paid-up capital is EGP 5bn, aiming to increase its licensed capital to EGP 1tr within 3 years.
The government transferred a group of assets to the fund, including the exhibition ground and the global village in Sixth of October City.
In November 2019, Ayman Soliman, CEO of Egypt’s Sovereign Wealth Fund, said in press statements that the fund studies 16 investment opportunities distributed between tourism and antiquities, and joint ventures whose ownership is fragmented between companies and state-owned banks.
Moreover, Tahrir Square is among assets that will be re-exploited again, Soliman said, explaining that there is a group of investors who would present their offers and vision for more hotels and administrative offices, stressing that the fund would follow-up with investors to ensure the best exploitation of Tahrir Square.