World’s largest sovereign wealth fund invests $36.3m in TMG

World’s largest sovereign wealth fund invests $36.3m in TMG

Given the recent growth in the real estate sector in Egypt, the Oil Fund increased its investments in Egyptian real estate companies last year, with total investments amounting to $96.5m in seven firms.. The Government Pension Fund of Norway (also known as the Oil Fund), the largest sovereign wealth fund in the world, increased its investments in Egyptian shares to $530.2m last year, distributed on 41 listed companies.. The real estate sector has the large share of the Norwegian fund's investments in the Arab region, with total investments of $297.7m worth shares in 13 Arab real estate companies, topped by Talaat Moustafa Group (TMG).. The fund's investments in TMG recorded $36.3m worth shares, representing 3.46% of the company's stocks.. The United Company for Housing and Development had the least investments from the Oil Fund, amounting to about $1.5m worth shares, representing 2.98% of the company's stocks.. The company's gross profits for the fiscal year ending 31 December 2019 increased to EGP 4.5bn, compared to about EGP 4bn in the comparison year.. Revenues achieved 22% growth in the last fiscal year to EGP 1.1bn, compared to EGP 948.7m in the comparison period.. TMG invested in the New Administrative Capital to establish