The company is looking to invest various Egyptian sectors, including infrastructure, real estate, healthcare, financial services, food and agriculture, manufacturing, and pharmaceutical
Launched over the weekend, Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) announced the established of a new investment company dedicated to investing “promising sectors” in Egypt.
The newly-launched Saudi Egyptian Investment Company (SEIC) will look for investment opportunities in Egypt’s vital sectors as part of a strategy to increase PIF's investment portfolio in the Middle East and North Africa (MENA) region.
“We are pleased to announce the launch of the Saudi Egyptian Investment Company, in line with PIF’s ongoing expansion domestically and globally, and in alignment with our 2021-2025 strategy,” said Yazeed Alhumied, PIF’s Deputy Governor and Head of MENA Investments.
“SEIC will capitalize on lucrative investment opportunities within a number of promising Egyptian economic sectors, which will also support the expansion efforts of Saudi businesses and other PIF portfolio companies,” said Alhumied.
The company is looking to invest various Egyptian sectors, including infrastructure, real estate, healthcare, financial services, food and agriculture, manufacturing, and pharmaceutical.
SEIC is expected to provide more access for the PIF, its portfolio companies, and the Saudi private sector to a wide range of promising investment opportunities in Egypt.
“This will help drive attractive long-term commercial returns and enhance cooperation across many strategic sectors,” added the PIF.
Earlier this year, the PIF stated that it would invest $10 billion in Egypt as part of a Saudi package to support the economy. The fund previously deposited $5 billion to the Central Bank of Egypt as part of a set of directives were implemented by Saudi King Salman bin Abdulaziz Al Saud and Crown Prince Mohamed Bin Salman.
Currently, the volume of Saudi investments in Egypt amounts to more than $32 billion through more than 6,800 Saudi companies, according to the Saudi Press Agency.