Sovereign Wealth Fund
This came during the celebrations of the 50th anniversary of the establishment of Egyptian-Emirati relations, organized by the two governments.
El-Said added that details of those investments will be announced over the next few weeks.
The extraordinary general assembly of the Arab Investment Bank approved on Sunday, Oct. 10, the subscription of the company and the subsidiary fund to increase the bank's capital.
El-Saeed clarified that there was a need to create a large economic entity capable of, through partnership with local and international companies and institutions.
Under the deal, Hermes will own not less than 51 percent of the bank's capital while the fund will own not less than 25 percent.
The investors are members of the Saudi Egyptian Business Council, Saeed noted. Similar meetings are set to be held with Emirati investors as well, she added.
Soliman said the desired partnership could take many forms, including the establishment of investment funds and platforms.
The Egyptian Presidency on Thursday announced the establishment of a new joint strategic platform with the United Arab Emirates, with a value of $20 billion, through the Abu Dhabi Development Holding Company and Egypt’s Sovereign Wealth Fund.
Seliman holds a Masters degree in International Business and Finance and a Bachelor's degree in Economics with a minor in Software Science from the American University in Cairo.
Minister of Planning Hala el-Saeed said that the fund represents a sovereign investment fund wholly owned by Egypt
The minister clarified that the fund is based on a partnership between the Egyptian government and the private sector.
The idea of the fund is being discussed internally and is in its early stages, he told a conference in Dubai.
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