The Sovereign Fund of Egypt announced the completion of the $1.3 billion acquisition of state-owned minority stakes in four leading Egyptian companies listed on the Egyptian Stock Exchange by the Saudi Egyptian Investment Company, which is wholly owned by the Saudi Public Investment Fund (PIF).
Minority stakes were acquired in the following companies: Abu Qir Fertilizers and Chemical Industries Company, Misr Fertilizer Production Company, Alexandria Container, and Cargo Handling Company, and e-finance for financial and digital investments.
According to a PIF statement, these transactions are in line with the Saudi Egyptian Investment Company’s strategy of investing in a variety of promising sectors in Egypt, which is one of the most important economic markets in Africa and one of the fastest growing in the region. The company intends to invest in a variety of sectors, including infrastructure, real estate development, healthcare, and financial services, as well as food, agricultural, and industrial projects, such as pharmaceutical industries, and other appealing investment opportunities.
Hala El-Said
“This deal comes within the framework of the state’s plan to expand the ownership base and encourage foreign direct investment, and the strategy of Egypt’s Fund to attract Arab and foreign investors and provide promising investment opportunities in various economic sectors, in order to achieve the highest levels of benefit,” said Hala Al-Saeed, Minister of Planning and Economic Development and Chairman of the Board of Directors of Egypt’s Sovereign Fund.
