Saudi Arabia’s Public Investment Fund (PIF) has acquired – through its set-up firm the Saudi Egyptian Investment Co (SEIC) – minority stakes in four state-run Egyptian companies worth around $1.3 billion, Egypt’s planning minister announced on Wednesday.
The four companies, which are listed on the Egyptian exchange (EGX)) – are Fawry for Banking and Payment Technology Services, Abu Qir Fertilizer and Chemical Industries, Misr Fertilizers Production Company (MOPCO), and Alexandria Container and Cargo Handling Company, said Minister Hala al-Saeed in a statement.
Minister al-Saeed said the acquisition is part of Egyptian government’s plan to attract more foreign direct investments, offer promising investment opportunities to Arab and foreign investors across various economic sectors.
On Saturday, the Sovereign Fund of Egypt signed a draft agreement with the (PIF) to launch the Saudi Egyptian Investment Company in Egypt to attract investments worth $10 billion. The new company will provide Saudi private companies better access to Egyptian market and a variety of investment opportunities in several sectors such as financial services, agriculture, health, manufacturing, and pharmaceuticals.
Earlier in March, Abu Dhabi’s sovereign wealth fund ADQ also bought stakes in Abu Qir, MOPCO, Alexandria Container and Cargo Handling Company, and Fawry as part of approximately $2 billion investment in Egypt.
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