The Saudi Public Investment Fund has set up a new company called Saudi Egyptian Investment Company (SEIC), aimed at investing in and promoting promising sectors in Egypt.
The new entity will prioritize investment in Egypt’s infrastructure, real estate development, health care, financial services, food and agriculture, manufacturing, and pharmaceuticals. Besides driving investment in Egypt, SEIC will also help improve PIF and its portfolio companies’ access to the country.
The introduction of this new company is in line with PIF’s strategy to explore new investment opportunities in the region to diversify Saudi Arabia’s economy and maximize the Fund’s assets.
Yazeed Alhumied, deputy Governor and head of MENA Investments at PIF, said: “SEIC will capitalize on lucrative investment opportunities within several promising Egyptian economic sectors, which will also support the expansion efforts of Saudi businesses and other PIF portfolio companies.”
“The strategic economic partnerships that PIF has established with many investors and leading companies are among the most fundamental elements of its success,” he added.
This is not the first time Saudi Arabia has stepped in to help Egypt. Earlier in June, during his visit to Egypt, Saudi’s crown prince promised $30 billion worth of investment. While in March, Saudi Arabia deposited $5 billion with Egypt’s Central Bank to help stabilize
Egypt’s economy from the aftereffects of the Russian-Ukraine war and surging inflation.
In a related piece of news, Egypt has also signed a memorandum of understanding with the European Union. This MoU will look to offer a grant of 4 million Euros to Egypt to encourage environmental protection and support Egyptian industry.
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