Saudi Arabia’s Public Investment Fund acquires stakes in Egyptian state-owned firms
The acquisitions help make good on Saudi Arabia’s pledge to invest billions in Egypt.
Saudi Arabia’s sovereign wealth fund acquired stakes in several state-owned Egyptian companies yesterday.
The Public Investment Fund-owned Saudi Egyptian Investment Company purchased minority stakes in Abu Qir Fertilisers and Chemical Industries, Misr Fertilisers Production Company, Alexandria Container and Cargo Handling, and E-Finance for Financial and Digital Investments. The acquisitions are worth $1.3 billion in total, the Egyptian state-owned news outlet Al-Ahram reported.
