Egypt seeks sovereign wealth fund boss

A general view of banks, hotels, office and residential buildings in the center of Cairo. (Reuters)
Updated 13 September 2018
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Egypt seeks sovereign wealth fund boss

  • Government announced formation of fund earlier this year
  • Gas proceeds from Zohr field boosts government coffers

LONDON: Egypt is looking to hire a chief executive for its new sovereign wealth fund as it seeks to attract more foreign investment.
The government said in July it planned to create a fund with capital of 200 billion Egyptian pounds ($11 billion) to help maximize the value of state assets and boost investment from overseas.
The government this week placed adverts in the international press seeking a CEO to lead a “sophisticated, state of the art, institution that will work with the Government of Egypt to promote investment.”
Egypt’s financial position has improved following the introduction of structural reforms while at the same time benefitting from increased revenues generated by recently discovered gas reserves.
“The substantial progress made by the government in implementing reforms agreed with the IMF has imparted a degree of financial stability not present earlier in the decade,” Moodys said in a note last month.
“Primary deficits have shrunk and the debt burden has begun to fall. Foreign exchange buffers have been rebuilt. The government is in the midst of an ambitious structural economic reform program. And a degree of political stability has been achieved and seems likely to be sustained, increasing the likelihood that the general policy direction will be maintained.”
Vast gas discoveries in the vast offshore field known as Zohr has had a dramatic impact on government finances with some $10 billion in energy sector investment commitments annually over the next four years.


Air France to keep flying to Cairo

Updated 21 July 2019
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Air France to keep flying to Cairo

  • British Airways, a unit of IAG said on Saturday it was suspending flights to Cairo for seven days “as a precaution”
  • Germany’s Lufthansa later said it had canceled its flights to Cairo from Munich and Frankfurt and would resume its connection on Sunday

PARIS: Air France is maintaining its flights to Cairo, a spokesman for the airline said on Sunday, following the decision by rivals British Airways and Lufthansa to suspend flights to Egypt’s capital over security concerns.
British Airways, a unit of IAG said on Saturday it was suspending flights to Cairo for seven days “as a precaution” as it reviews the security of the airport in Cairo.
Germany’s Lufthansa later said it had canceled its flights to Cairo from Munich and Frankfurt and would resume its connection on Sunday.
“In liaison with the French authorities and the local authorities in Egypt, Air France has decided to maintain its service to Cairo,” Air France’s spokesman said in a written statement sent to Reuters.