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Egypt is hiring a chief executive to preside over its sovereign Fund

Wednesday 12 September 2018 07:39 PM

Ministerial Cabinet
Ministerial Cabinet

Ahmed Ashour
Egypt's Ministerial Cabinet announced that it is hiring the chief Executive officer for its newly established sovereign fund, the " Egypt Fund".
" The Egypt Fund is being created to maximize the value of selected assets owned by the government of Egypt and to attract local and foreign private investment to existing and greenfield projects," stated an ad published on Financial Times.
The ad added that  the Egypt Fund will be  privately managed and operated on a commercial basis, and will implement international best practices in investment, portfolio management, governance and transparency, noting that the government of Egypt is looking to hire the best caliber candidates in relevant areas of finance, investment and fund management and will offer competitive, market-based, packages.
As regards  traits preferred for occupant of the new post, the ad stated that the CEO is expected to have extensive world-class experience in finance, investment banking and in working with government and international financial institutions. Also the CEO will lead a high caliber, culturally diverse, workforce.
" S/he is expected to develop and implement investment and portfolio management strategies in accordance with the Egypt Fund mandate, observing international best practices in portfolio management, in accounting and reporting, and in environmental, social and corporate standards."
As regards the candidate's tasks, the ad said that the CEO will be responsible for building a sophisticated, state of the art, institution that will work with the Egyptian government to promote investment and help unlock the potential of a range of resources and sectors in Egypt. Also, it added that the position is high profile and will require working and interacting with governments, international finacial institutions and the media.
Interested professionals should send a detailed CV accompanied by a cover letter to [email protected] by 17:00 Cairo local time on September 27th, 2018, according to the ad which noted that only shortlisted candidates will be contacted for interviews.
Al-Mal newspaper had exclusively unveiled the consulting consortium that was awarded the contract for writing down Egypt Fund's articles of association, naming Sarie-Eldin & Partners, McKinsey & Company and Price Waterhouse Management Consultants, as Egypt Fund has authorized and paid-up capital of EGP200bn and EGP5bn respectively.