On October 2nd, 2019 The Sovereign Fund of Egypt board of directors approved the appointment of Mr Ayman Mohamed Soliman for the position of Chief Executive Officer for a three-year term starting October 3rd.
Mr Soliman will lead the establishment and operation of the Egyptian sovereign wealth fund, established in 2018 by law no 177 with the executive regulations issued in February 2019 through Prime Ministerial decree no 555.
The Fund is the first of its kind in Egypt, aiming at better utilizing Egypt’s wealth of assets and natural resources through privately-managed investment partnerships with local and foreign investors.
The Sovereign Fund of Egypt will be an autonomous and independent investment entity separated from the government in its management and will be monitored by a majority private sector-led board of directors and general assembly. The Fund will focus on in existing assets and companies or in new fields and areas to capitalize on existing and new opportunities in the Egyptian economy. TSFE will acquire utilized and unutilized assets and stakes in companies at their market value. The Fund could acquire specific companies and assets (including land and buildings) to co-develop with private investors to inject capital and advanced management strategies to generate higher returns.
Given the flexibility of the Egypt Fund law, various investment models will be feasible to allow the Fund to create the maximum returns on these assets, while also developing specific activities and geographical areas in Egypt. The Sovereign Fund of Egypt will act as an investment fund, in terms of seeking investment opportunities in selected projects across most sectors, in addition to targeting underdeveloped sectors and geographic areas, without losing sight of the main objective of economic value and profit generation.
The Fund management is expected to work on attracting private domestic and international investors to collaborate with it to benefit from lucrative investment opportunities created from a better use of prime public assets, in addition to investing in green and brown field projects, both locally and internationally.
The Sovereign Fund of Egypt has a seed capital of EGP5 billion and an authorized capital of EGP200 billion, but its main resources would be the wide base of assets that the Fund will acquire on a transactional basis.
Other resources will include the Fund’s retained earnings and other flows from government sources.
The Fund management will be chosen from the best calibers in the private sector to guarantee implementation of sound market-based investment management strategies. Its units will be aligned with those in international sovereign wealth funds and investment institutions, for governance, risk and compliance, investment and the such.
The main strength of TSFE will be its ability to move with agility on new investment opportunities, acting as the largest investment entity in Egypt, with the full weight of the government behind it in resolving any impediments that face investors, and more importantly, in moving in a more structured manner to mobilize assets and companies in Egypt to attract investors and create jobs and growth, in an environment equal to any opportunity abroad.
Mr. Ayman Soliman Previous Experience
Mr. Soliman’s career spans over 22 years with experience in managing over 200 companies in diverse sectors, with a record of accomplishments in global investments and transactions, and a long-standing career in managing complex assets and mega transactions.
Over the past 17 years, Mr. Soliman served as a board member of a wide range of companies with various capacities inclusive of Orascom Investment Holding, Beltone Financial, Lamancha Holding (Gold mining), Euronews plc, RiverBank (SME Banks in Europe), Auerbach Grayson (USA), Texegy (Oil & Gas USA), Ora Developers BV (Real estate), Nile Sugar Co (Egypt), Ezdehar Fund to name a few.
Mr. Ayman Soliman was the Chief Executive Officer (CEO) of Gemini Holding for the past 10 years, a company investing in various industries. He led multiple merger and acquisition transactions for the Gemini group, as well as startups and greenfields, to build a diversified portfolio of assets in more than eight distinct industrial verticals. These fields included, technology, food, fashion, agroindustry, energy, financial services and fintech, media and real estate. The key success in this period was the ability to navigate through two global economic cycles and a local revolution in Egypt with a complex portfolio while hedging key areas of exposure against market and volatility risks.
Prior to joining Gemini, Mr. Soliman headed Orascom Telecom Holding’s corporate strategy team where he spearheaded the formulation of the business development and growth strategy for the company. In addition to his role in the acquisition of Wind Telecom, by Weather Investments II in 2005, Mr. Soliman also helped formulate the turnaround strategy of Wind Telecom. The business development roadmap also led to several successful acquisitions which resulted in expanding Orascom’s footprint in Asia. Through this scope, Mr. Soliman was exposed to the fields of mobile and fixed telecom, software development, e-commerce, cloud infrastructure, construction and industrial operations.
Prior to joining Orascom, Mr. Soliman had a career in investment banking, where he closed numerous IPO’s, Corporate Finance and M&A transactions spanning technology, food, and building materials sectors. Moreover, as Vice President of EFG-Hermes Private Equity, he focused on managing technology funds. In this period, he gained experience in various industries and dealt with global investment banks on landmark IPOs and M&A’s in the banking, cement, steel and food sectors and witnessed an accelerated growth in the equities market in Egypt which paved the way to the merger between EFG-Hermes and CIIC back in 2002, where he was part of the transaction team.
Mr. Soliman holds an MSc. degree in International Business and Finance and a BSc. degree in Economics with a Minor in Computer Science, both from the American University in Cairo. In addition to the academic degrees, he attended various training courses including Leadership skills by London Business School, Strategy and Risk management by McKinsey and Credit and Evaluation course by EFG-Hermes. In addition to numerous specialized courses in the areas of finance, marketing and commercial strategies, computing and cost allocation.