CAIRO - 3 October 2019: Businessman Ayman Mohamed Seliman was named as the executive director of Egypt's Sovereign Wealth Fund for three years starting October 3, 2019. Soliman has been in charge of planning and managing numerous major projects.
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.
He worked as the executive head of Gemini Holding investment company. He also has extensive experience in various fields, including communications, software development and e-commerce, and Sun Spark plug for construction, as well as real estate development and food industries.
Prior to joining Gemini Holding, he headed the strategic planning team of Orascom Telecom, where he led the development of the company's business strategy.
Seliman had earlier worked for investment banks for six years.
Egypt, in March, published the regulations of the state’s Sovereign Wealth Fund (SWF) in the Egyptian Gazette, which marks the start of its immediate operation, Minister of Planning Hala el-Saeed said.
Saeed noted that the fund represents a sovereign investment fund wholly owned by Egypt, has an independent legal personality and enjoys financial independence as well as administrative and financial edema independent of the State.
According to the minister, the objectives of the fund are to contribute to sustainable economic development, which is mandated with the establishment or capital increase of companies or funds; to invest in securities and financial instruments; secure credit facilities; issue bonds and other financial and debt instruments; purchase, sell, lease, or exploit fixed assets; and loan or guarantee investment funds and their affiliated companies.
The decree requires the SWF to ensure its investment policy is consistent with top notch environmental and social responsibility as well as governance practices.
Financial resources of the fund include the fund’s capital which amounts to LE 200 billion as an authorized capital and an issued capital of LE 5 billion, in addition to assets and investment revenues of the fund.
Saeed said earlier that the Sovereign Wealth Fund is one of the most important mechanisms to achieve sustainable development as it is considered a long term investment.
The draft law of the fund , which aims to manage and make use of the state’s assets with a capital of LE 200 billion,was approved by the government in April 2018.