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A Collaborative Network of Sovereign Funds from EMENA region

To drive prosperity through a common investment platform in Greentech and Blue Economy in the Region

Welcome to the EMENA Sovereign Wealth Fund Network

Our mission is to foster economic growth and regional cooperation by uniting sovereign wealth funds across Southern Europe, North Africa, and the Middle East. Through a shared commitment to sustainable investments, we focus on driving prosperity in key sectors such as Greentech and the Blue Economy.

 

By leveraging a common investment platform, we aim to address regional challenges, unlock new opportunities, and deliver impactful projects that benefit both current and future generations. Join us as we shape the future of the EMENA region through innovation, collaboration, and long-term value creation.
Explore Investment Opportunities. Build Strategic Partnerships. Invest in a Sustainable Future.

What are Sovereign Funds?

Sovereign Wealth Funds (SWFs) are special-purpose investment funds created by national governments for macroeconomic purposes. As defined by the International Working Group of Sovereign Wealth Funds, SWFs are owned by governments and tasked with holding, managing, or administering assets to achieve financial goals. These funds typically invest in a variety of assets, including foreign financial assets, to grow and diversify national wealth.

SWFs vary in structure and purpose, and they can be classified into several types, including:

  • Fiscal Stabilization Funds – Used to stabilize budgets during periods of revenue volatility.
  • Savings Funds – Designed to accumulate wealth for future generations.
  • Reserve Investment Corporations – Focused on earning returns on reserves held by central banks.
  • Development Funds – Aimed at promoting economic growth through development projects.
  • Pension Reserve Funds – Created to meet future pension liabilities.

The EMENA Sovereign Fund Network brings together sovereign wealth funds from the region, fostering collaboration and shared investment in key areas such as Greentech and the Blue Economy, contributing to regional prosperity.

Participating Countries

Mr Jesmond Gatt

Malta

Mr Jesmond Gatt joined the Central Bank of Malta in 1984, graduating in Mathematics and Computing at the University of Malta in 1995. During his career at the Bank, which spans over 37 years, he worked on all major IT projects, and was tasked with the role of Chief Officer responsible for retail banking services, management of currency and the regulation of payment systems and infrastructures. He also formed part of the core financial sector team which oversaw the changeover to the Euro in Malta in 2008. Ever since Malta became part of the European Union, he has been a member of a number of Euro system and European Commission committees working on payments systems and the management of euro notes and coins. He has also participated in a number of European Commission initiatives, drawing up payment system regulations. Since 2016, he formed part of the Board of the Financial Intelligence Analysis Unit (FIAU), serving as Chairperson to the Board from 2020 until 2023. He is currently the CEO of MIMCOL and Malta Government Investments (MGI) and Chairman to the Malta Financial Services Authority and the Malta Government Venture Capital Ltd.

Mr Gatt is a committee board member of Emena.

Mr Pascal Lagarde

France

Executive Director in charge of International Affairs, Strategy, Development and Research Pascal LAGARDE, 61, graduated from the Ecole Polytechnique (X 82) and the Ecole Nationale Supérieure des Techniques Avancées.

He began his career as head of program at the General Delegation for Armament of the French Ministry of Defense, in the telecommunications sector (1987-1993). At the Ministry in charge of the Industry (1994-1998) he became successively the assistant of the “electronic components” assistant director and “IT and telecommunications” assistant director.

In September 1999, Pascal LAGARDE was appointed Head of the Venture and Seed Capital Department of CDC PME (Groupe Caisse des Dépôts) and, in 2001, assistant Managing Director of CDC PME, and Chairman of its subsidiary CDC PME Gestion, in charge of public mid-caps investments. In June 2003, he was appointed Managing Director of CDC PME.

In September 2006, as part of the reorganization of the private equity activities of Caisse des Dépôts, Pascal LAGARDE was appointed Managing Director of CDC Entreprises, in charge of CDC general interest programs for SMEs equity financing: venture capital, expansion capital and smallcap LBOs. CDC Entreprises was a management company, managing a total of €7.8Bin fund of funds and direct investment funds. Its LPs included the CDC group, public and private financial institutions, and industrials firms.

Following the creation of Bpifrance, Pascal LAGARDE has been appointed in July 2013 Executive Director of Bpifrance, in charge of strategy, development, international affairs and ESG.

From 2016 to 2022, Pascal Lagarde served as Chairman of The Montreal Group, a global forum for development banks focused on micro, small and medium-sized enterprises. He also co-founded the European Venture Fund Investors Network (EVFIN), a platform for dialogue launched in March 2011 by major national investors in venture capital in response to the continuing funding crisis in this sector across the EU.

Pascal Lagarde is a board member of
✓ Siparex Associés
✓ Cita
✓ Five Capital Partners (Emirati Company)
✓ Invega (Lithuanian Company)
✓ Bpifrance International Capital
✓ Institutional Investors Roundtable (IIR) (Canadian Company)

He is President of FKF (GP) SAS Company
He is a member of Averroès Finance investment and strategic committees.
He chairs the Emena foundation.

Gregory D. Dimitriadis

Greece

Gregory D. Dimitriadis is the Chief Executive Officer and Executive Board Member of GROWTHFUND, the National Fund of Greece, since February 2021. He studied in the UK and the USA, holding a bachelor with honours in engineering (Manchester Metropolitan University) and two masters; one in the field of telecommunications (University College London) and another in international business relations and international negotiations (The Fletcher School, Tufts University). He is an executive with national and international experience in leading management positions in both the private and public sector. He has been a non-executive member of the Board of Directors of PPC S.A. since June 2022. He served as Chairman of Enterprise Greece and Secretary General for International Economic Affairs of the Ministry of Foreign Affairs, dealing with numerous strategic investments in Greece and led the development of the National Strategy for Trade & Investment Promotion. Prior to that, he was Executive VP at HVA International in Amsterdam, Managing Director of Iskra Zaščite (Raycap Group) in Ljubljana, Chairman & CEO of the Athens Urban Transport Organization, and project leader for Greece’s National Strategy for exports at the Ministry of Development.

A few words about Growthfund
Growthfund is a holding company established in 2016 with the Greek State as its Sole Shareholder, represented by the Minister of Finance. Its mission, as the National Fund of Greece, is to play an active role in modernizing State-Owned Enterprises, to maximize the value of public property, to provide improved services to citizens and consumers, and to contribute to the national economy. Growthfund's portfolio consists of its subsidiaries and participations in State-Owned Enterprises operating in key sectors of the Greek economy, such as Real Estate: Hellenic Republic Asset Development Fund (HRADF), Public Properties Company (ETAD), GAIAOSE, and TIF-HELEXPO, Energy: PPC, Transportation & Infrastructure: Athens International Airport, Transport for Athens Group, Corinth Canal (AEDIK), and 23 Regional Airports, Food Supply: CMT, CMFO, and Hellenic Saltworks, Technology: 5G Ventures (PHAISTOS), and Postal Services: Hellenic Post Group. The value of assets under management currently amounts to €5.5 billion, while the Group’s total workforce is over 25.000 people.

Ms. Anthi Trokoudi

Greece

Ms. Anthi Trokoudi, Chief Communications & Sustainability Officer, Growthfund

Ms. Anthi Trokoudi is the Chief Coms & Sustainability Officer of Growthfund, the National Fund of Greece, since April 2021. Prior to holding this position and since 2006, Ms. Trokoudi was Chief Communications & Sustainability Officer in the Olympia Group, leading the sustainability & communications functions in a diversified portfolio (energy storage, telecoms, retail & e-commerce, and software) that spans 8 countries. She brings broad experience of more than 20 years in M&As and IPOs. She has served as Vice-Chair of the Corporate Affairs Board of the Hellenic Management Association.

A few words about Growthfund
Growthfund is a holding company established in 2016 with the Greek State as its Sole Shareholder, represented by the Minister of Finance. Its mission, as the National Fund of Greece, is to play an active role in modernizing State-Owned Enterprises, to maximize the value of public property, to provide improved services to citizens and consumers, and to contribute to the national economy. Growthfund's portfolio consists of its subsidiaries and participations in State-Owned Enterprises operating in key sectors of the Greek economy, such as Real Estate: Hellenic Republic Asset Development Fund (HRADF), Public Properties Company (ETAD), GAIAOSE, and TIF-HELEXPO, Energy: PPC, Transportation & Infrastructure: Athens International Airport, Transport for Athens Group, Corinth Canal (AEDIK), and 23 Regional Airports, Food Supply: CMT, CMFO, and Hellenic Saltworks, Technology: 5G Ventures (PHAISTOS), and Postal Services: Hellenic Post Group. The value of assets under management currently amounts to €5.5 billion, while the Group’s total workforce is over 25.000 people.

Mr. Ayman Soliman

Egypt

Chief Executive Officer of The Sovereign Fund of Egypt “TSFE”

On October 2nd, 2019, Mr. Soliman started as the founding CEO of The Sovereign Fund of Egypt. Prior to that, Ayman was the CEO of Gemini Holding, a multibillion-
dollar family office for 10 years.

Mr. Soliman’s career spans over 26 years with experience in managing over 200 companies in diverse sectors, with a record of accomplishments in global investments and transactions, and a long-standing career in managing complex assets and mega transactions. He started his career as an Investment Banker, then a Private Equity Fund Manager, followed by a career in managing a multi-sector family office spanning Telecoms, technology, banking and non-banking financial services, insurance, resource mining, real estate, and industrial development.

Over the past 17 years, Mr. Soliman served as a board member of a wide range of companies with various capacities inclusive of Orascom Investment Holding, Beltone Financial, Lamancha Holding (Gold mining), Euronews plc, RiverBank (SME Banks in Europe), Auerbach Grayson (USA), Texegy (Oil & Gas USA), Ora Developers BV (Real estate), Nile Sugar Co (Egypt), Ezdehar Fund to name a few. Mr. Soliman, is currently a board member of the Suez Canal Economic Zone, Arab Investment bank, and most recently sits as the non-executive Vice Chairman of Misr Insurance Holding company.

Mr. Soliman holds an MSc. degree in International Business & Finance and a BSc. degree in Economics with a Minor in Computer Science, both from the American University in Cairo.

Noha Khalil

Egypt

Prior to joining the Sovereign Fund of Egypt, Noha was Co-Founder and Vice President at Accelero Capital, an investment and management group based on telecommunications, digital media and technology (TMT). While at Accelero Capital, Noha played a pivotal role in turning around public and private companies alike, restoring growth and profitability in markets across the Middle East, Europe and North America. She led the investor relations function of companies listed on the London, New York, Italian, Swiss and Cairo Stock Exchanges.

Prior to joining Accelero Capital, Noha was Investor Relations Director of Orascom Telecom Holding S.A.E. and Deputy Group Director Investor Relations of VimpelCom Ltd. Noha was responsible for all communication with the investor community as well as the Egyptian Stock Exchange, the London Stock Exchange, the depository as well as any other body which
regulates listed entities. While holding this position, Noha played an instrumental role in
ensuring the transparent and instructive information flow to all inquiring and relevant parties.
Noha was also one of the leading members of the investor relations and communication team
which played a vital role in the execution of the VimpelCom Ltd. and Wind Telecom S.p.A
merger to create the world’s sixth largest telecommunications carrier. Noha’s role in the team
also included implementing the demerger of OTH into two separate listed entities: OTH and
Orascom Telecom Media and Technology Holding S.A.E. – the first of its kind in Egypt at the
time.
Before joining OTH in 2009, Noha was Vice-President for Pharos Investment Banking, S.A.E.
- a subsidiary of Pharos Holding for Financial Investments, S.A.E. Upon assuming her position
as Vice-President, she was part of the team handling the syndication process of all capital
markets related deals, as well as raising debt from local and regional banks to finance local and
regional deals. Previously, Noha was the Investments Director for Pharos Securities, where she
was actively engaged in the establishment of Pharos Securities Brokerage.
Before joining Pharos Holding, Noha served as Financial Manager of LINKdotNET, during
which time she was the liaison on all financial matters with OTH. Prior to that, Noha was
Online Trading Manager at ArabFinance, managing all aspects of the ArabFinance Online
Trading System with all relevant parties, including government entities such as the Stock
Exchange and the Clearing and Settlement Entity; with the ensuing establishment of the
ArabFinance Online Trading System.
Noha received a Bachelor of Commerce from McGill University in 2000. She is also the
recipient of the Middle East Investor Relations Society Award for Best Company
Representative.

Mr Xavier TESSIER

France

Since 2019, Xavier TESSIER heads the strategy of Bpifrance towards Sovereign Wealth Funds and Long-Term Investors. A such, he represents Bpifrance in the various fora gathering SWF as in particular, the International Forum of SWF, the One Planet SWF and the Institutional Investors Roundtable. Xavier is also the CEO of the newly created EMENA, an operational coalition of sovereign wealth funds from the Mediterranean countries and the Middle East. From 2012 to 2018, He was co- founder and COO of CDC International Capital, a subsidiary of the French Caisse des Dépots dedicated to investment partnerships with sovereign wealth funds. From 2001 to 2012, Xavier TESSIER was Director for European and International affairs of the French market authority (Autorité des marches financiers). He leads French contributions to the creation of an integrated European supervisory and regulatory mechanism and to the strengthening of an international framework of capital markets regulators after the 2008 crisis.

Xavier TESSIER is graduated from Sciences Po Paris (1990) and the University of Law of Paris II. He is knight of the Merit Order.

Created by the general government for macro- economic purposes, SWFs hold, manage, or administer assets to achieve financial objective

Serving as a regional platform for the sharing of information and coordination of investments by sovereign funds in the Mediterranean region.

Together We Can Make A difference 

Together We Can Make A difference 

Together We Can Make A difference 

Together We Can Make A difference 

Together We Can Make A difference 

Together We Can Make A difference 

Learn more how you can join our fund

A group of states, all with a single aim

We have a long track record of wide-reaching effects.