Egypt aims to move state-owned enterprises to be managed by the country's sovereign wealth fund, to maximise the return on state assets, Investment Minister Hassan El Khatib said on Wednesday.

Washington may not have a sovereign wealth fund, but almost half the U.S. states do. Indeed, the earliest precursor of a national sovereign wealth fund was established in the United States: in 1803, Ohio created a land trust to finance public education in the state.

Danantara Indonesia will invest $20 billion in a wide range of projects from metal processing to artificial intelligence, President Prabowo Subianto said.

A sovereign wealth fund often serves as a vehicle to invest a government’s budget surplus. The U.S. doesn’t have that luxury.

Effectively, it's a government-run hedge fund that invests in assets like stocks, bonds, real estate, and infrastructure. It's a fairly straightforward process: the government provides funds, and the SWF invest it into risky assets to try to earn profits. This is the same as any investment company, only that its sole investor is the government.

Indonesia on Monday launched a new sovereign wealth fund that will aim to manage state assets worth more than $900 billion as President Prabowo Subianto looks to turbo-charge growth in Southeast Asia's biggest economy.

Not to be outdone, the Philippines created its own state-owned investment vehicle, the Maharlika Wealth Fund. After a few years of figuring out key details, such as how it would be structured and funded, Maharlika is now operational and preparing to make its first investment later this year.

The Singapore government sourced billions of dollars more than it initially expected from the auction of near-record high car permits, income tax and contributions from its state wealth funds, according to budget data released on Tuesday.