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McKenzie- Sarie-Eldin- PwC alliance to draw up sovereign fund’s regulations

Sunday 29 July 2018 11:39 AM

Hala al-Said
Hala al-Said

By Ahmed Ashour:
The government has contracted with a consulting consortium made up of the law firm Sarie-Eldin & Partners, Pricewaterhouse Coopers (PwC) and Baker & McKenzie to make Egypt’s sovereign fund regulations a few days after the House of Representatives approved its governing law.
Minister of planning Hala al-Said told Al Mal newspaper that the alliance is currently drawing up the regulations of the first Egyptian sovereign wealth fund, adding that the consortium is scheduled to finish work within weeks.
The law of the sovereign fund, with an authorized capital of EGP 300bn and issued-up capital of EGP 5bn, stipulates that the fund’s regulations are issued upon a decision by the Prime Minister, after consultation with the competent minister and approval of the Cabinet, within 60 days of the date of   entry into force of the above-mentioned law.
The fund’s regulations specify ways of increasing its capital, whether in cash or in-kind, and ways of managing assets as well as plans and annual reports.
The regulations also set forth the rules of establishing sub-funds and assigning their management to companies or specialized institutions as well as investment areas and their controls.