Saudi Egyptian Investment Co. Invests USD 1.3 Billion in State-Owned Egyptian Companies

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Photo credit: Andolu Agency

The newly-established Saudi Egyptian Investment Co. (SEIC), owned by Saudi Arabia’s state-owned Public Investment Fund (PIF), acquired stakes in four Egyptian companies for USD 1.3 billion (EGP 25 billion), Egypt’s Ministry of Planning and Economic Development said on Wednesday.

The four companies, which are listed on the Egyptian Stock Exchange (EGX), are Abu Qir Fertilisers and Chemical Industries (ABUK.CA), Misr Fertilisers Production Company (MFPC.CA), Alexandria Container and Cargo Handling (ALCN.CA), and E-Finance for Financial and Digital Investments (EFIH.CA).

“This deal supports Egypt’s plans to maximize the ownership base of state-owned companies and foster foreign direct investment. It also comes within the Sovereign Fund of Egypt’s (TSFE) strategy to attract direct foreign and Arab investments across various sectors in the Egyptian market,” said Hala El-Said, Minister of Planning and Economic Development and Chairman of TSFE, in the statement.

Established in 2018, TSFE aims to attract private investments to Egypt and co-invest with foreign partners to increase the role of the private sector in the economy and create jobs.

On Saturday, 6 August, TSFE signed a draft agreement with PIF to launch the Saudi Egyptian Investment Company in Egypt, to attract investments worth USD 10 billion (EGP 194 billion).

In June, Egypt and Saudi Arabia signed 14 investment agreements worth USD 14 billion (EGP 268 billion) to enhance cooperation between the two countries. The deals were part of Saudi Crown Prince Mohamed bin Salman’s visit to Egypt during his first tour outside the Gulf region in over three years.

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Source: egyptianstreets