Egypt will set up its first sovereign wealth fund with authorised capital of 200 billion Egyptian pounds ($11bn) amid plans to privatise state-owned companies.
The Egyptian parliament passed a law on Monday to establish the Egypt Fund to manage state assets, according to state agency MENA. The fund will start with paid-up capital of 5bn Egyptian pounds (Dh1bn) , with 1bn pounds to be transferred from the treasury.
The fund will focus on investments in sectors including petrochemicals, mining, tourism and pharmaceuticals, the statement said. It did not provide a timeline for when the fund would reach the planned 200bn pounds.
The new wealth fund is the latest in a series of government measures to revive investment and economic growth, which slowed down following the 2011 revolution that ousted President Hosni Mubarak. Floating the Egyptian pound and slashing energy subsidies are part of tough economic reforms tied to a three-year $12bn loan programme from the International Monetary Fund. The IMF has urged Egypt to reduce the role of the public sector in favour of private sector-led growth. Egypt plans to raise up to 100bn pounds by selling minority stakes in at least 20 state-owned enterprises on the bourse as part of a plan to boost state finances.
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Read more:
IMF approves Egypt's latest $2.75bn loan instalment
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On Tuesday, Egypt named the first five public companies to offer their shares on the stock exchange in 2018. The firms are Alexandria Mineral Oils Company, Eastern Tobacco, Alexandria Container and Cargo Handling, Abou Kir Fertilizers, and Heliopolis Housing, according to an Egyptian cabinet statement.
"Our reading is that the setting up of the ‘Egypt Fund’ marks the first step towards divesting some of the state’s stakes in public-sector enterprises," Bilal Khan, a senior economist for the Middle East, North Africa and Pakistan at Standard Chartered, said. "However, it is still early days and much will depend on how quickly policy-makers can turn these plans into action."
The near-term growth outlook for the most populous Arab country is “favourable”, driven by a recovery in the tourism sector and rising natural gas production, the IMF said in a separate report earlier this month.
“The economic situation has continued to improve during 2018,” David Lipton, the IMF’s first deputy managing director and acting chair, said. “Strong programme implementation and generally positive performance has been instrumental in achieving macroeconomic stabilisation.”
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ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
How to avoid crypto fraud
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Company%20profile
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Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
More coverage from the Future Forum
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The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
Brief scoreline:
Tottenham 1
Son 78'
Manchester City 0
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
if you go
The flights
Emirates offer flights to Buenos Aires from Dubai, via Rio De Janeiro from around Dh6,300. emirates.com
Seeing the games
Tangol sell experiences across South America and generally have good access to tickets for most of the big teams in Buenos Aires: Boca Juniors, River Plate, and Independiente. Prices from Dh550 and include pick up and drop off from your hotel in the city. tangol.com
Staying there
Tangol will pick up tourists from any hotel in Buenos Aires, but after the intensity of the game, the Faena makes for tranquil, upmarket accommodation. Doubles from Dh1,110. faena.com
