The Public Investment Fund (PIF), the Saudi sovereign wealth fund, has set up a new investment unit to invest in Egyptian companies.
The Saudi Egyptian Investment Company (SEIC) was established to “invest in promising sectors” in the country, including financial services, health care, agriculture, manufacturing and pharmaceutical.
According to Yazeed Alhumied, deputy governor and head of Mena investments at PIF, the launch is “in line with PIF’s ongoing expansion domestically and globally, and in alignment with our 2021-2025 strategy”.
The company has already made its first investments by acquiring minority takes in four Egyptian companies for a combined cost of $1.3billion.
The four companies are Abu Qir Fertizilers and Chemical Industries, Misr Fertilizers Production Co., Alexandria Container and Cargo Handling and E-Finance for Financial and Digital Investments.
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