Egypt Daily News – Ayman Soliman has resigned as CEO of Egypt’s sovereign wealth fund after serving less than five years, a decision that aligns with a broader cabinet reshuffle aimed at introducing new leadership in key positions.
Sources indicate that this change is not a reflection of Soliman’s performance, but rather a strategic move by the government’s political leadership to present a fresh image.
Soliman was appointed in 2019 for an initial three-year term that was later extended. Despite ambitious goals for the fund, including attracting foreign investment and divesting stakes in public projects and state-owned companies, progress has been slow.
The Sovereign Fund of Egypt was established in 2018 to enhance private sector collaboration and facilitate foreign investments in state enterprises.
However, the International Monetary Fund (IMF) has noted the need for more substantial progress in Egypt’s divestment initiatives, emphasizing the importance of creating a competitive environment for private businesses and reducing anti-competitive practices by state-owned enterprises.
Neither Soliman nor the Sovereign Fund of Egypt has commented on the resignation as of yet.
