Egypt’s TFSE ranks 47th worldwide in SWFI’s wealth funds list

The Sovereign Fund of Egypt (TFSE) ranked 47th worldwide in the Sovereign Wealth Fund Institute’s list of the 50 largest global sovereign funds, and came 12th in the Middle East region, with assets amounting to $12 billion.

TFSE was founded as a private investment fund in 2018 in aims “to shape, manage, and perfect opportunities for investment in Egypt’s state-owned assets by creating partnerships and co-investments with private investors,” according to TFSE’s website.

The Sovereign Fund of Egypt previously established a Pre-Initial Public Offering Subfund in September 2022 that aims to offer a chance to institutional investors to obtain stakes in partially or fully state-owned enterprises ahead of their Initial Public Offering (IPO).

Egypt’s Prime Minister Mostafa Madbouly announced Wednesday that Egypt has signed contracts with the private sector to sell state-owned institutions worth $1.9 billion under its IPO program, with an additional deal worth $1 billion to be announced soon. 

The IPO program is expected to increase the flow of the hard foreign currency into Egypt, expand the ownership base of state-owned companies, and maximize the contribution of the private sector in the economy.