TSFE Board of Directors’ new formation holds its first meeting

The Board of Directors of The Sovereign Fund of Egypt (TSFE) held its first meeting with its new formation, headed by H.E. Dr. Hala El-Said, Minister of Planning and Economic Development who is also acting as Chairperson of TSFE Board of Directors. 

The meeting took place in the presence of Mr. Ayman Soliman, TSFE Executive Director and  members of the Board of Directors, namely Mr. Mohamed Abbas Hassan Fayed, CEO and Managing Director of First Abu Dhabi Bank Egypt, Mr. Mohamed Tariq Zakaria Mohamed Tawfiq, Chairman of the Board of Directors of Cairo Poultry Company and President of the American Chamber of Commerce.

Moreover , the meeting was attended by Mrs. Lubna Mohamed Hilal Abdel Qader, former Deputy Governor of the Central Bank, Mr. Nidal Al-Qasim Mohamed Asr, CEO and Managing Director of EG Bank, Muhammad Aba Zeid, Legal Advisor to the Minister of Planning and Economic Development and Mrs. Sherine El-Sharqawi, Assistant Minister of Finance for Economic Affairs.

During the meeting, the position of TSFE investments was discussed, and the latest position of its projects and businesses and its sub-funds was followed up.

Dr. Hala El-Said said that TSFE aims primarily to create opportunities for national and foreign investors and to preserve the rights of future generations. 

She added that TSFE is considered the investment arm of the state and its plan that copes with Egypt’s Vision 2030 and the Sustainable Development Agenda 2030.

El-Said hailed the efforts of the former Board of Directors members throughout their service at TSFE, namely Mrs. Nevin Al-Tahiri, Mr. Hassan Al-Khatib, and Mr. Dr. Muhammad Farid. She also thanked the TSFE’s work team, its sub-funds, and the new Board of Directors.

El-Said further asserts that TSFE’s Board of Directors consists of experts in the field of investment, the majority of whom are independent members.

In 2018, TSFE was established , it aims primarily to attract private investments to Egypt and encourage joint investment in state-owned assets, in order to increase their value. 

TSFE seeks to select investable assets from various state agencies to promote them and jointly invest in them with local and foreign investors.