Head of Egypt's Sovereign Wealth Fund Resigns
Ayman Soliman Resigns from $12 Billion Fund
Ayman Soliman, the chief executive officer of Egypt's sovereign wealth fund, has resigned, according to three sources familiar with the matter. The resignation comes after less than five years in the role.
Reasons for Resignation
The sources did not provide a reason for Soliman's resignation. However, it comes at a time when Egypt is facing economic challenges, including rising inflation and a depreciating currency.
Soliman's departure is a blow to the Sovereign Fund of Egypt (TSFE), which is tasked with managing the country's sovereign wealth. The TSFE has been investing heavily in recent years, with a focus on infrastructure and energy projects.
Soliman's Tenure
Soliman was appointed CEO of the TSFE in 2018. Prior to that, he held senior positions at the Egyptian Ministry of Finance and the Central Bank of Egypt.
During his tenure at the TSFE, Soliman oversaw a number of high-profile investments, including the acquisition of a stake in the Suez Canal Economic Zone and the development of a new wind farm in the Gulf of Suez.
Future of the TSFE
It is unclear who will replace Soliman as CEO of the TSFE. The fund's board is expected to meet in the coming days to discuss the matter.
The TSFE is a key part of Egypt's economic development strategy. The fund's investments are expected to continue, even with Soliman's departure.
References
- Reuters: Head of Egypt's 12 bln sovereign wealth fund resigns - sources
- Bloomberg: CEO of Egypt's Sovereign Wealth Fund Resigns
- Arab News: Head of Egypt's sovereign wealth fund resigns
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