The Sovereign Fund of Egypt

Hassan El Khatib serves as Chairman of the Board and oversees strategic direction. Noha Khalil, appointed Acting CEO in May 2024, leads day-to-day management and investment execution. The fund's governance separates a general assembly, board of directors, and an executive management team, with ultimate authority resting with the board on major investment commitments.

Unlike most regional SWFs funded by hydrocarbon revenues, TSFE is capitalized through direct transfers of state-owned real estate and enterprise stakes. This means its investment activity starts with specific physical assets — such as the Mogamma Building or former ministry headquarters — that it must reposition with private-sector partners, rather than deploying external capital into global markets.

TSFE operates through legislated sub-funds focusing on real estate, infrastructure, financial services, healthcare, and a Pre-IPO Fund targeting state-owned enterprises. Each sub-fund can attract co-investors independently. The fund also participates in direct co-investment platforms, including a $20 billion joint investment vehicle with ADQ.

TSFE has formal co-investment relationships with Abu Dhabi's ADQ, Saudi Arabia's Public Investment Fund, and the Qatar Investment Authority. These partnerships are structured around specific asset classes and state-transferred holdings, rather than blind-pool commitments.

Real estate development is central to TSFE's mandate. The fund controls prominent downtown Cairo properties transferred from the state, including the historic Mogamma Building on Tahrir Square and the former NDP headquarters site. It partners with developers like A Developments to convert these into mixed-use commercial properties rather than operating them as public buildings.

Yes. TSFE is a member of the One Planet Sovereign Wealth Funds network and has committed feasibility-stage investments in green hydrogen and ammonia production projects. These align with Egypt's national strategy to position as a renewable energy and green fuel export hub for European and regional markets.

TSFE is a full member of the International Forum of Sovereign Wealth Funds and a signatory of the Santiago Principles, the globally recognized governance framework for sovereign funds. This commits the fund to transparent investment policies, operational independence, and public disclosure standards.