(Bloomberg) -- Egyptian President Abdel-Fattah El-Sisi made 13 changes to his cabinet, including appointing a new Public Enterprises minister, CBC television reported, as the North African country grapples with pressing economic challenges. Mahmoud Kamal Esmat was named in the Public Enterprises portfolio as Egypt seeks to attract investment in state-owned companies and generate funds. El-Sisi made no changes to the finance, energy, defense or foreign minister posts. Soaring oil and commodity prices have hit one of the world’s largest wheat importers hard, as has the loss of tourists from Russia and Ukraine. On Aug. 10, a unit of Saudi Arabia’s sovereign wealth fund scooped up state-owned stakes in four Egyptian publicly listed companies for $1.3 billion, as part of the kingdom’s commitment to channel resources.

Source: CBC News August 13, 2022 14:34 UTC