• | 5:01 pm

Saudi PIF-backed SEIC acquires stake in 4 Egyptian companies for $1.3 billion

SEIC was recently set up to maximize the fund’s assets and invest in Egypt’s promising sectors

[Source photo: Anvita Gupta/Fast Company Middle East]

Saudi Arabia’s Public Investment Fund (PIF) backed Saudi Egyptian Investment Co (SEIC) has acquired stakes in four major Egyptian companies across promising sectors, including fintech, logistics, and fertilizer. SEIC is said to have invested $1.3 billion in these companies, according to Egypt’s Ministry of Planning and Economic Development.

The four publicly listed Egyptian companies are Abu Qir Fertilizers and Chemical Industries, Misr Fertilizers Production Company, Alexandria Container and Cargo Handling, and E-Finance for Financial and Digital Investments.

The acquisitions align with SEIC’s strategy to invest in promising sectors in the Arab Republic of Egypt and are subject to regulatory approvals.

SEIC was set up to prioritize investment in Egypt’s promising sectors like infrastructure, real estate development, healthcare, financial services, food, agriculture, manufacturing, and pharmaceuticals. The agency will also help improve PIF and its portfolio companies’ access to the country, diversify the kingdom’s economy, and maximize the Fund’s assets.

Most Innovative Companies comes to the Middle East this October! Click here to know more.

More Top Stories: