Egypt’s planning ministry said Wednesday that the Saudi Egyptian Investment Company (SEIC), which is owned by the Public Investment Fund (PIF), has acquired minority stakes in four Egyptian companies for $1.3 billion.
The investment is part of Saudi Arabia’s $10 billion commitment to help Egypt shield its struggling economy from the shocks that ripped through commodities markets following Russia’s invasion of Ukraine on 24 February 2022.
Saudi Arabia’s wealth fund acquired stakes in Abu Qir Fertilizers and Chemical Industries, Misr Fertilizers Production Company, Alexandria Container and Cargo Handling and Egyptian payments firm E-Finance for Financial and Digital Investments.
Egypt is one of the fastest-growing economies in the Middle East and North Africa, the fund said in a statement adding that the acquisitions are in line with SEIC’s objective to invest in promising sectors.
PIF launched SEIC last week and the company is targeting investments in promising sectors throughout Egypt including financial services, infrastructure as well as real estate and pharmaceuticals.
The establishment of the investment firm by the PIF comes nearly a month after Saudi Arabia and Egypt signed 14 investment pacts valued at $7.7 billion. Saudi Arabia also deposited $5 billion in the Egyptian central bank in the first quarter.
