17.4 C
Cairo
January 28, 2023
Egypt Bulletin
Business

Saudi-Egyptian Investment Co. invests $1.3 billion in four Egyptian companies

Egypt’s planning ministry announced on Wednesday that the Saudi Egyptian Investment Company (SEIC), established by the Saudi Arabian Public Investment Fund (PIF), has purchased minority stakes in four Egyptian companies valued at approximately $1.3 billion. Among these four companies are Abu Qir Fertilizers 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.

Saudi-Egyptian Investment Co. invests $1.3 billion in four Egyptian companiesAs a global impactful investor, the Public Investment Fund (PIF) has a world-class investment portfolio with a focus on sustainable investments, both domestically and internationally. PIF has established 54 companies in 13 strategic sectors, created around 500k direct or indirect jobs and has around $620 billion in AUM (end of Q1 2022). PIF plays a pivotal role in realizing Saudi Arabia’s economic transformation program Vision 2030. PIF’s ambitious strategy is propelling the national economy well beyond Saudi borders.

Related posts

First GE HA turbines to be installed at UAE Power Plant

Content marketing sector to reach $269 billion by 2024

Masdar GEDP sign deal to develop largest solar power plant in Georgia

COVID curbs and heatwaves hit July industrial profits in China

Jennifer Aniston feature-length inside story available

UAE leads the GCC in renewable and clean energy