Sovereign Wealth Fund Egypt Chief Executive Officer Investment Fund Reuters

Ayman Soliman, Head of Egypt's $12 Billion Sovereign Wealth Fund, Resigns

Key Points

• Ayman Soliman, the head of Egypt's $12 billion sovereign wealth fund, has resigned.
• In 2019, Soliman outlined an ambitious vision for the fund, aiming to unlock value and create wealth.
• The fund has attracted over $2 billion in investments since its inception in February 2019.

Details

The three sources familiar with the matter declined to be identified due to the sensitivity of the matter. They did not provide a reason for Soliman's resignation.

Soliman's resignation is the latest in a series of high-profile departures from the Egyptian government in recent months.

In February 2019, Egypt formed the sovereign wealth fund to take control of some of the government's most promising assets in industries such as oil and gas, real estate, and infrastructure.

According to a statement released by the government in March 2021, the fund has attracted over $2 billion in investments.

The fund's investments are part of Egypt's broader economic reform program, which has attracted billions of dollars in foreign investment in recent years.

Conclusion

Soliman's resignation is a significant development for Egypt's sovereign wealth fund.

It remains to be seen who will replace Soliman and what direction the fund will take under new leadership.