Deals
Egypt's New Wealth Fund Eyes Stake in Siemens-Built Power Plants
- Investment arm to take about 30%, other investors the rest
- Fund seeks to spark greater foreign participation in economy
This article is for subscribers only.
Egypt’s new sovereign wealth fund plans to acquire a stake of about 30% in power plants co-built by Siemens AG with international investors taking the rest, part of its drive to spur greater foreign participation in the Middle East’s fastest-growing economy.
The fund’s initiative is the latest involving the three state-owned plants, which cost about 6 billion euros ($6.62 billion) and were inaugurated in mid-2018 as one of a string of major infrastructure projects in the North African nation under President Abdel-Fattah El-Sisi.