The Saudi Egyptian Investment Company, a subsidiary of the Saudi Public Investment Fund, has acquired minority stakes in four Egyptian companies, which are listed on the Egyptian Exchange (EGX) worth $1.3 billion, announced the Sovereign Fund of Egypt (SFE).
The four companies 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).
In statements, Planning and Economic Development Minister and Chairperson of the Board of Directors of the Sovereign Fund of Egypt Hala El Said said that the deal came as part of the State’s plan to beef up foreign direct investments and utilise state-owned assets.
The deal also reflects the confidence of the foreign investor in the national economy, added the minister, saying that the Egyptian market is full of the promising opportunities.
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