Business & Technology

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

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

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.

Subscribe to the Egyptian Streets’ weekly newsletter! Catch up on the latest news, arts & culture headlines, exclusive features and more stories that matter, delivered straight to your inbox by clicking here.

El-Tahrir’s Mugamma to Transform into ‘World Class’ Hotel
Egypt to Impose Energy Use Restrictions

Subscribe to our newsletter

Business & Technology

A journalism graduate from the American University in Dubai who is curious, spontaneous, and often rebellious, Marina is a passionate Cairo-based journalist who aspires to become one of the most influential women in the Middle East. She likes to follow her heart and express that through words; her favorite form of expression.

More in Business & Technology

Russia Adds the Egyptian Pound to its Exchange Rate List: What Does This Mean?

Marina Makary25 January 2023

Cairo Business Park to Host the Fourth Edition of the ‘Startups Without Borders’ Summit

Egyptian Streets25 January 2023

Forbes to Build its First-Ever Branded Tower in the New Administrative Capital

Marina Makary23 January 2023

Why an Egyptian Hoodie Brand Sparked a Heated Social Media Debate

Amina Abdel-Halim19 January 2023

Explainer: Why Are Egyptian Banks Introducing High Interest Rate Certificates of Deposit?

Marina Makary12 January 2023

Masroofi: Egypt’s First E-Wallet Intended for Children-Use

Marina Makary8 January 2023

All You Need to Know About the Latest Restrictions to Spending Abroad

Marina Makary25 December 2022

Between Divorce and Hardship: Stories From Egyptian Men Working in the Gulf

Marina Makary25 December 2022