Cairo – Mubasher: Chairman of Kingdom Holding Company Al Waleed bin Talal intends to invest in Egypt Ventures; the fund of the investment and international cooperation ministry, Al Borsa newspaper reported on Monday, citing unnamed government sources.

The ministry plans to launch the Egypt Ventures fund at a capital of $50 million.

Sources did not reveal the scheduled time for or value of these investments, but stated that the fund will launch an advertising campaign managed by Tarek Nour Communications during the upcoming period.

The ministry so far raised around EGP 470 million for the fund, aiming to hit EGP 1 billion, deputy minister of investment and international cooperation Shehab Marzban said.

Earlier this month, in a meeting with the investment minister Sahar Nasr, bin Talal pledged to raise his investments by $800 million in projects with Talaat Moustafa Group Holding (TMG Holding), including the expansion of the Four Seasons Resort in Sharm El Sheikh and the construction of two other hotels

In June, Nasr signed an agreement with the United Nations Development Programme (UNDP) to launch the first development fund in Egypt, planned to be jointly financed by Egypt Entrepreneurship and Investment Company and other entities.