CEO of Egypt’s sovereign fund reportedly resigned in July, to close term by end of month

Ayman Soliman, CEO of the Sovereign Fund of Egypt (TSFE), is reported to have resigned around the time of the July ministerial shuffle, with his final working day set for the end of August, according to sources cited by Al Arabiya.

As of July, the Fund oversees approximately $12 billion in assets and has partnered with various sectors, including manufacturing, education, insurance, healthcare, pharmaceuticals, financial services, and digital transformation.

Soliman’s resignation was somewhat expected, with one source stating that the government was looking to introduce fresh faces into key positions as part of a broader reshuffle.

Back in 2019, Soliman outlined an ambitious vision for TSFE, telling Reuters he aimed to “unlock value and create wealth.”

TSFE oversees Egypt’s IPO program which handles a portfolio of 35 state-owned companies, offering stakes to strategic investors or on the Egyptian stock market as part of a wide range of initiatives to attract foreign capital back into the country.

The program is a vital part of Egypt’s State Ownership Policy Document, which is a part of the International Monetary Fund’s conditions for its $8 billion loan.