Egypt's Sovereign Fund CEO Resigns

Key Points

• Ayman Soliman, CEO of Egypt's Sovereign Fund, resigned in July.
• His resignation comes less than five years after his appointment.
• Soliman's departure follows the recent ministerial reshuffle in Egypt.

Background

Ayman Soliman was appointed CEO of Egypt's Sovereign Fund in 2019. The fund, established in 2018, is tasked with managing Egypt's sovereign wealth and investing in strategic sectors of the economy.

Under Soliman's leadership, the Sovereign Fund has made several high-profile investments, including the acquisition of a stake in the Suez Canal Economic Zone and the launch of a new investment platform focused on renewable energy.

Resignation

According to reports, Soliman submitted his resignation to the fund's board of directors in July. The resignation is expected to take effect at the end of August.

The reasons for Soliman's departure are unclear, but it is believed to be related to the recent ministerial reshuffle in Egypt. Several senior officials, including the finance minister, were replaced in the reshuffle.

Implications

Soliman's resignation is a significant development for Egypt's Sovereign Fund. He was widely regarded as a key figure in the fund's development and his departure is likely to raise questions about the fund's future direction.

The fund's board of directors is expected to begin the process of finding a replacement for Soliman in the coming weeks.