Why GCC sovereign funds are eyeing Egyptian equities?

Why GCC sovereign funds are eyeing Egyptian equities?

Egypt has been garnering billions worth of investments from sovereign funds, with a concentration from the GCC region in particular. Buy why could GCC sovereign funds be eyeing Egyptian equities? And is now surely the right time for Egypt to be selling so many assets in the first place?

The Sovereign Fund of Egypt (TSFE) has been successful in attracting investments worth $3.3 billion from Arab sovereign funds in 2022, Head of the Investment sector at TSFE Abdallah El-Ebiary said in a meeting with Prime Minister Mostafa Madbouly on August 25th.

The TSFE has attracted investments in both dollars and Egyptian pounds from the private sector in the fields of green hydrogen, tourism, real estate, antiquities development, industry, financial services, digital transformation, and education, El-Ebiary highlighted.

On August 10th, investment arm of the Saudi Public Investment Fund (PIF), Saudi Egyptian Investment Co, acquired minority stakes in four companies listed on the Egyptian Exchange (EGX) at a value of $1.3 billion. The four EGX-listed companies are namely, Abu Qir Fertilizers and Chemicals Industries Company (ABUK), Misr Fertilizers Production Company (MOPCO) (MFPC), Alexandria Container and Cargo Handling Company (ALCN), and e-finance for Digital and Financial Investments (EFIH).

Meanwhile, on August 4th, PIF launched the Saudi Egyptian