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    Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

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    Egypt’s food industries contribute 24.5% of GDP

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    $36mln contract for construction of Duqm fisheries complex

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    Ministry signs agreement to support Oman’s honey industry

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    Local, Italian companies partner up to establish food retail chain in Egypt

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      $36mln contract for construction of Duqm fisheries complex

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      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

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      Madayn working on major Oman industrial city projects

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          COVID-19 vaccine could be available by autumn: Oxford University

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

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            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Top 10 listed companies in the Middle East

            Trending Tags

            • CES 2017
            • Election Results
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          • Construction
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            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

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              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

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              Egypt seeks to attract Arab investments with new sovereign wealth fund

              The Arab Weekly

              May 27, 2018
              in Finance
              0

              Egypt’s first sovereign wealth fund will help the country diversify investments, shield the economy against unexpected fluctuations and open the door for investment partnerships with other Arab states that have financial surpluses, the government says.

              Egyptian Finance Minister Amr al-Garhi hailed the new fund and its potential effects.

              “The creation of the fund is a major investment leap,” Garhi said. “It is an important mechanism for perking up the investment climate and making business with investment partners.”

              The government inaugurated the fund in mid-April with the aim of managing unexploited state assets to bring additional revenue to the state treasury. The $11.3 billion fund is small compared to funds managed by countries like the United Arab Emirates, which in 2017 boasted a fund of $828 billion, but the Egyptian government said it is a good first step for future investments and financial gains.

              One of the fund’s major aims is to allow the Egyptian government to diversify investments, especially in sectors of the economy that do not traditionally attract private sector investment.

              Infrastructure projects, economists said, and water and electricity plants, for example, do not attract the private sector, even though they are important to the general public.

              “This is where the fund proves to be extremely important, among other things,” said Rashad Abdo, an economics professor at Helwan University. “It enables the government to set aside investments for sectors neglected by the private sector.”

              The creation of the fund is part of broader efforts by the Egyptian government to secure different sources of income. Egypt previously relied on traditional sectors of the economy for income, particularly the tourism sector, which was hit hard following the 2011 revolution.

              In late 2015, the bombing of a Russian passenger plane over Sinai led almost all Western countries to suspend direct flights to Egypt. While tourism numbers have slowly been increasing over the last two years, boosted by the restoration of direct flights to Cairo from Moscow in April, the vulnerabilities of Egypt’s tourism sector have been exposed.

              Egypt’s plans to serve as a major trade hub also failed to bear fruit in the short term. In the second half of 2014 and the first half of 2015, Egypt spent billions of dollars to upgrade the Suez Canal by digging a parallel channel to allow two-way traffic for the first time since the digging of the canal almost 150 years ago.

              However, the recession that hit the world economy a short time later meant that global trade was down and an expected increase in usage of the canal failed to materialize.

              A sovereign wealth fund, economists said, can shield the national economy against unexpected fluctuations and secure revenues for the state treasury, especially if its investments are managed properly.

              “The fund is a non-traditional way to generate revenues and solve some of our economic problems,” said Egyptian economist Hany Tawfiq, who has extensive experience in private equity and venture capital firms. “Fund managers will create these revenues by skilfully managing unexploited assets.”

              Tawfiq and other economists refer to the presence of tens of billions of dollars in unexploited assets nationwide. They include massive plots of land in desirable locations, with thousands of buildings, some of them overlooking the Nile, as well as beaches and other tourist infrastructure that is crying out for investment.

              Nonetheless, one of the challenges that will face those putting the fund to work, economists say, is the lack of financial surpluses either at the central bank or in government coffers.

              Garhi did not mention where the $11.3 billion in the fund will come from, but economists said it would most likely manage the value of unexploited assets.

              Egypt has $44 billion in foreign currency reserves at the central bank, but this amount of money is partly made up of Arab deposits and loans. Egypt also needs the reserves to secure the needs of its people, such as food, from international markets for several months to come.

              “Sovereign funds need money to turn into an effective tool that serves economic development,” said Ehab al-Dessouki, an economics professor at the state-run Sadat Academy for Management Sciences. “However, ongoing financial constraints can derail the new fund and prevent it from functioning effectively.”

              Garhi said the government would solve this problem by inviting friendly Arab states to invest some of the money available in their sovereign wealth funds in the new Egyptian fund.

              Saudi Arabia is reportedly planning to invest in the fund. Garhi said Egypt would also propose the idea to the United Arab Emirates, another close ally.

              “The fund is also open for investments from the local and foreign private sectors,” Garhi said. “The private sector will be a main partner in this fund.”

              The Arab Weekly
              27/05/2018

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