Investment ministry forms advisory committee for public sector management

The Ministry of Investment has formed a new, as yet to be named, committee managing public business sector assets, to develop the sector and maximise asset returns.

The committee includes eight heads of holding companies, heads of the Egyptian Financial Supervisory Authority (EFSA) and General Authority for Investment (GAFI), and representatives from the private sector, according to Investment Minister Ashraf Salman.

Salman said during a Monday evening press conference that the committee will meet monthly and will follow up on the implementation and restructuring plan initiated by the ministry. The move follows calls from financial advisors to asses companies. The committee will bring in experts and will establish specialised committees for the spinning, construction, and chemical industry sectors.

He said that Upper Egypt Red Sea for Investment and Development (UERSID) will be converted into an asset management company for the National Company for Construction and Development (NCFCD). The company, which is responsible for managing the Red Sea Road in Upper Egypt, will handle real estate asset developing, not only for NCFCD, but for all subsidiaries.

Salman said: “UERSID’s purpose will change to asset management by the end of this year and management of the Upper Egypt Red Sea Road will transferred to the Ministry of Transportation.”