The Sovereign Fund of Egypt (TSFE) aims to establish a new sub-fund that will be responsible for managing the sale of state-owned companies. The fund is set to initially include assets worth $4bn, according to TSFE’s CEO Ayman Soliman.

Soliman explained, in an interview with Al-Arabiya TV, on Monday, that the sub-fund, to be announced within days, will include several companies that have been identified after surveying many partners.

The fund could eventually rise to more than $5-6bn.

Soliman said that a memorandum of understanding will be signed between the TSFE and its Saudi counterpart, on stakes in government companies.

Saudi Arabia plans to inject investments worth $10bn into Egypt during the coming period.