Egypt's sovereign fund aims to increase its investment portfolio to $1.5bn

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Updated 07 December 2021
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Egypt's sovereign fund aims to increase its investment portfolio to $1.5bn

  • Egypt's sovereign fund signed an agreement with a winning US consortium to develop and rehabilitate the Tahrir Complex

Egypt's sovereign fund aims to increase its investment portfolio in 2022 to 23 billion Egyptian pounds ($1.5 billion) between managed, owned or liquid assets, its executive director has said. 

Ayman Soliman pledged to increase cooperation with various sovereign funds during the coming period, including those from the Gulf.

He stated that the green economy, infrastructure, logistics and tourism sectors are the most prominent sectors targeted by the fund for investment during the next year, with three-four new agreements planned to be signed to produce green hydrogen in Egypt. 

Egypt's sovereign fund signed an agreement with a winning US consortium to develop and rehabilitate the Tahrir Complex, with a total investment of more than 3.5 billion Egyptian pounds. 

“We aim to attract billions of dollars in projects in the next two years. We hope that the Tahrir Complex development project will be the beginning of many pioneering projects and future investments,” Soliman added.

Last month, the Egyptian president El-Sisi urged the fund to continue studying the state's under-utilised properties and assets, with maximising the return from them to ensure the sustainability of its investments. 


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.