The Sovereign Fund of Egypt and Hassan Allam Holding sign Memorandum of Understanding to jointly invest in infrastructure and utilities

The strategic partnership is an integral part of both parties’ commitment to investing in high-impact, job-creating industries such as infrastructure, renewable energy, power, and water to boost Egypt’s economic growth.

16 January 2020

The Sovereign Fund of Egypt (TSFE) and Hassan Allam Holding (HAH), a leading construction and engineering group headquartered in Cairo, Egypt, serving regional and global clients in the Middle East and North Africa, announced today the signing of a Memorandum of Understanding (MOU) to jointly invest, directly or indirectly, in projects in the fields of power, water, renewable energy, and infrastructure in Egypt. The agreement was signed by the Sovereign Fund of Egypt’s Chief Executive Officer Ayman Soliman and Hassan Allam Holding Chief Executive Officer, Amr Allam in the attendance of H.E. the Minister of Planning and Economic Development and Chairperson of the TSFE board of directors, Dr. Hala El Said, the Deputy Minister of Housing, Utilities and Urban Communities, Dr. Sayed Ismail and senior executives from the TSFE, Hassan Allam Holding and HA Utilities. The agreement will see TSFE and HAH collaborate with local and international co-investors to identify and invest in high-impact, sustainable investment opportunities in greenfield or existing infrastructure, water desalination and water treatment, and renewable energy projects. The partnership is founded on a shared belief in the power of the private sector’s commitment, the TSFE’s value in unlocking investable assets with high potential and the government’s support of real reforms in different economic sectors to boost growth and foster a business climate that encourages foreign direct investment in line with H.E. President Abdel Fattah El Sisi’s call to put Egypt on a new trajectory. H.E. Dr. Hala El Said the Minister of Planning and Economic Development and Chairperson of the Sovereign Fund of Egypt said: “This MOU highlights the Fund’s important role in attracting private local and foreign investments to important sectors in the economy that drive growth and employment, and provide a better standard of living for Egyptians as part of the Sustainable Development Egypt Vision 2030 under the auspices of the Ministry of Planning and Economic Development. El Said added that the Fund is focused on achieving its objectives through engaging Egyptian and foreign companies to increase the private sector’s role in the economy rendering it investment attractive on a global level.” The Sovereign Fund of Egypt’s CEO Ayman Soliman said: “We are pleased to partner with a prominent industrial player in the infrastructure and energy sectors such as Hassan Allam Holding, a company that has grown over the years to become an industry leader, and which will work with the Fund to unlock value in government assets to improve their output and impact on people’s lives and the environment. This collaboration is the first of many strong steps the Sovereign Fund of Egypt is taking to create specialized large projects to be part of an infrastructure sub-fund we are currently establishing, and we are confident that we have found the right partner in Hassan Allam Holding. This strategic collaboration is one of our early steps to cement our role in creating and nurturing public-private partnerships through government owned assets and the privately-managed Sovereign Fund of Egypt.” Commenting on the signing, Hassan Allam Holding CEO Amr Allam added: “The opportunity to partner with the Sovereign Fund of Egypt is an important milestone for Hassan Allam Holding. Together with the TSFE we will invest in and develop these crucial segments, particularly those in the water, power, and renewable energy sectors, where opportunities abound. With the renowned international co-investors, and leading technical experts we plan to bring into the equation, we are confident that not only will we lay the groundwork for more fruitful public-private partnerships, but that we will herald in both local and foreign investments. As one of the oldest and most competent engineering and construction groups in the region, Hassan Allam Holding will leverage an extensive track record in various industries, long-standing partnerships, and deep expertise stemming from its utilities platform, HA Utilities, to bring the collective vision of this agreement to fruition.”