Cairo – Mubasher: Egypt has set up a pre-IPO fund, with the aim of holding public stakes and working with strategic investors ahead of public offerings, Egypt’s Minister of Planning and Economic Development, Hala El-said, told Bloomberg Television on Tuesday.

The Arab world’s most populous nation will revisit its forecasts for the economy by next October to account for shocks from abroad. The country has recently benefited from improvements in foreign direct investment (FDI) and exports, according to Elsaid.

The minister, who’s also chairing Egypt’s sovereign wealth fund, reiterated that the government currently favours a flexible exchange rate, given the fact that it is definitely good for the economy that is now pressured due to Russia’s invasion of Ukraine.

Elsaid further added that the government is working hard to raise the country’s foreign exchange receipts by boosting exports, FDI, as well as remittances from abroad.

In August 2022, the Saudi Egyptian Investment Company (SEIC), wholly owned by Saudi’s Public Investment Fund (PIF), acquired state-owned minority stakes in four Egyptian companies at a value of $1.30 billion.

Last April, ADQ, an Abu Dhabi-based investment and holding company, acquired stakes in Commercial International Bank (CIB), Fawry, Alexandria Container & Cargo Handling Company, Misr Fertilizers Production Company (MOPCO), and Abu Qir Fertilizers and Chemical Industries.

These transactions were part of ADQ's objective to invest in Egypt's economic growth through its $20 billion joint strategic investment platform.