Saudi fund acquires stakes in four Egyptian companies for USD 1.3 bln

CAIRO, Aug 10 (KUNA) -- The Saudi Egyptian Investment Co., owned by the Saudi Public Investment Fund (PIF), announced Wednesday the acquisition of minority stakes in four Egyptian companies at a value of USD 1.3 billion, said Sovereign Fund of Egypt.
The deal is part of Egypt's state plan to broaden the scope of ownership and promote foreign direct investment (FDI) in the country, Egyptian Minister of Planning and Economic Development Hala Al-Said said in a statement.
The strategy of the Sovereign Fund of Egypt is meant to attract Arab and foreign investors and create promising investment opportunities in various economic sectors, said Al-Said, who doubles as chief of the fund.
The deal reflects foreign investors' confidence in the Egyptian market as a promising one that has various attractive investment opportunities, she boasted.
The four companies are Abu Qir Fertilize and Chemical Industries (ABUK.CA), Misr Fertilizers Production Company (MFPC.CA), Alexandria Container and Cargo Handling (ALCN.CA), and E-Finance for Financial and Digital Investments (EFIH.CA). The Sovereign Fund of Egypt was established in 2018 to attract private investments to Egypt and promote and co-invest in state-owned assets to maximize their value and efficiency for the Egyptian economy. (end) asm.mt