Tuesday 31 Dec
Official data indicates that the Norwegian Sovereign Wealth Fund, the world's largest sovereign wealth fund, has made significant investments in several Egyptian companies listed on the Egyptian Stock Exchange. As of July 2024, Talaat Moustafa Holding Group (TMG Holding) stands as the fund's largest Egyptian investment.
Available data reveals that the
fund's holdings in TMG shares have reached $27.5 million. Commercial
International Bank Egypt follows with investments of $21.2 million, while Fawry
for Electronic Payments holds a position of $11.4 million.
E-Finance secured the fourth
position with investments valued at $11.3 million. Following closely,
Integrated Diagnostics Holdings held investments worth approximately $5.2
million. In the sixth position was Cairo Education with a value of $5 million.
The seventh position was occupied
by Education for Management Services, valued at $3.3 million. Telecom Egypt
followed with investments of $2.3 million. Next came EFG Hermes Holding at $1.2
million, followed by Egyptian Kuwaiti Holding with $1.5 million. Bringing up
the rear was Juwaynia for Industrial Development with a value of $0.79 million.
The fund reported that the total
value of its investments in shares listed on the Egyptian Stock Exchange
reached $91.4 million at the end of the first half of 2024.
According to data released by the
fund, Norway's colossal sovereign wealth fund, reported a substantial profit of
1.48 trillion kroner ($138 billion) for the first half of 2024. This impressive
performance was primarily fueled by robust returns on its technology stock
investments.
As of June 30, 2024, the fund's
total value reached a staggering 17.75 trillion kroner, reinforcing its
position as the world's largest sovereign wealth fund.
Over the six-month period, the
fund's total return reached 8.6%. While this figure is commendable, it fell
slightly short of its benchmark index by 0.04 percentage points.
The Norwegian sovereign wealth
fund reported that its equity portfolio delivered a substantial return of 12.5%
during the first half of the year. In contrast, its fixed income and unlisted
real estate portfolios experienced minor losses.
The fund's unlisted renewable
energy infrastructure portfolio experienced a disappointing return of -17.7%
during the first six months of the year. The escalating capital costs within
this sector had a detrimental impact on the value of its investments during
this period.
Established in the 1990s to invest the surplus revenues from the country's oil and gas sector, Norway's sovereign wealth fund is one of the world's largest investors. To date, the fund has invested in more than 8700 companies in over 70 countries worldwide.
