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.


Iraq, Iran discuss boosting bilateral trade

Updated 17 November 2018
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Iraq, Iran discuss boosting bilateral trade

  • Both countries could raise annual bilateral trade to $20 billion from the current level of $12 billion
  • Iraqi President Barham Salih arrived Saturday and met with his Iranian counterpart Hassan Rouhani

DUBAI: Iranian President Hassan Rouhani said on Saturday Iran and Iraq could raise annual bilateral trade to $20 billion from the current level of $12 billion, in remarks carried live by state television.
“Today, the economic relations between the two countries reach about $12 billion (per year) and, through bilateral efforts, we can raise this figure to $20 billion,” Rouhani told visiting Iraqi President Barham Salih.

Salih's Iran visit comes less than two weeks after the United States restored oil sanctions that had been lifted under the 2015 nuclear deal.
State TV says Barham Salih arrived Saturday and met with his Iranian counterpart, President Hassan Rouhani.
Iran, which has had major influence over Iraq since the 2003 US-led invasion that toppled Saddam Hussein, is hoping to maintain exports to its neighbor despite the renewed sanctions. Iraq is Iran’s second-largest market after China, buying everything from food and machinery to electricity and natural gas.
Trade between the two countries was some $7 billion in 2017, and they have vowed to boost it to $8.5 billion this year.

(With AP)