Saudi Fund Invests $1.3B in Egyptian Companies

The Saudi-Egyptian Investment Company (SEIC), a subsidiary of the Saudi Public Investment Fund (PIF), has invested $1.3 billion in four Egyptian companies, acquiring minority holdings in each of them, Egypt’s Planning and Economic Development Ministry said on Wednesday. The companies, all listed on the Egyptian Exchange, include Abu Qir Fertilizers and Chemical Industries Company, Misr Fertilizers Production Company, Alexandria Container and Cargo Handling Company, and E-Finance for Digital and Financial Investments. Egypt is ramping up efforts to attract foreign investors. “The deal is a part of the country’s plan to encourage foreign direct investments and lure Arab and foreign investors as well as utilize state-owned assets,” the ministry said in a statement, adding that the deal demonstrates foreign investors’ confidence in Egypt’s economy. The PIF established the SEIC on Aug. 5 to invest in Egypt’s agriculture, infrastructure, real estate development, and health care sectors.