Norway Wealth Fund Raises Egypt Equity Holdings to $158.7 Million

Norway’s sovereign wealth fund increased the market value of its Egyptian equity holdings by 21.6% during the first half of 2026, reaching $158.7 million by the end of June, up from $130.5 million in December 2025.

The fund increased its stake in Fawry to 4.19%, with the position valued at $53.4 million, compared with a 3.59% stake worth $41.3 million at the end of 2025. This made Fawry the fund’s largest Egyptian holding by market value.

Its stake in Commercial International Bank also rose to 0.47%, valued at $40.7 million, from 0.37% worth $26.6 million. The fund increased its holding in Integrated Diagnostics to 2.44%, although the market value of the position declined to $7.2 million from $9.3 million.

Elsewhere in the portfolio, the fund reduced its stake in Taaleem Management Services to 1.21% from 1.95%, with the holding’s value falling to $2.8 million from $4.7 million. It also exited positions in EFG Holding and You for Consumer Finance, which had been valued at $1.2 million and $263,000 respectively at the end of 2025.

Holdings in Talaat Moustafa Group, e-Finance and Telecom Egypt were maintained, while their market values increased. The fund’s 1% stake in Talaat Moustafa Group rose in value to $39.8 million from $34.7 million, while its e-Finance holding increased to $8.1 million from $7.6 million and Telecom Egypt to $6.8 million from $5 million.

The portfolio remains concentrated in banking, fintech and other large-cap companies listed on the Egyptian Exchange, reflecting the sectors where the fund maintained or increased exposure during the period.