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  • 11-08-22

    Saudi Egyptian newly established company acquires minority shares in Egyptian firms

    (MENAFN) The recently established Saudi Egyptian Investment Company (SEIC) has obtained small shares valued at nearly USD1.3 billion in four firms registered on the Egyptian share Exchange.

    Egypt’s planning ministry stated on Wednesday that it is the initial investment by the new company, which was established up by Saudi Arabia's Public Investment Fund last week.

    The four firms are Misr Fertilisers Production firm, Alexandria Container and Cargo Handling, E-Finance for Financial and Digital Investments as well as Abu Qir Fertilisers and Chemical Industries.

    Hala El Said, Minister of Planning and Economic Development stated that the agreement comes in a period where Egypt is arranging to raise private area participation, motivate foreign direct investment as well as attract foreign financers in a range of financial areas.

    Ms El Said, who is also chairwoman of The Sovereign Fund of Egypt (TSFE), stated that it reflected “foreign investor confidence in the Egyptian economy as a promising market with many attractive investment opportunities”.

    MENAFN11082022000045014228ID1104681336

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