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The Sovereign Fund of Egypt announced the completion of the acquisition of the Saudi Egyptian Investment Company wholly owned by the Public Investment Fund. On state-owned minority stakes in four leading Egyptian companies listed on the Egyptian Stock Exchange, with a value of one billion and 300 million dollars, The companies in which the minority stakes have been acquired are: Abu Qir Fertilizers and Chemical Industries Company, and Misr Fertilizer Production Company, Alexandria Container and Cargo Handling Company. and e-finance for financial and digital investments.
On her part, Dr. Hala Al-Saeed , Minister of Planning and Economic Development and Chairman of the Board of Directors of Egypt’s Sovereign Fund, said: This deal comes within the framework of the state’s plan to expand the ownership base and encourage foreign direct investment. And the strategy of the Sovereign Fund of Egypt is to attract Arab and foreign investors and provide promising investment opportunities in various economic sectors in a way that achieves the highest levels of benefit for the Egyptian state, maximizes the exploitation of state-owned assets and guarantees the rights of future generations.
Al-Saeed added that this deal reflects the confidence of the foreign investor in the Egyptian economy, as it is one of the promising strategic markets that has many attractive investment opportunities.
Itis noteworthy that this deal comes to activate the agreement between the Arab Republic of Egypt and the Kingdom of Saudi Arabia that was signed last June regarding the investment of the Saudi Public Investment Fund in Egypt in cooperation with the Sovereign Fund of Egypt and to enhance economic relations between the Arab Republic of Egypt and the Kingdom of Saudi Arabia. We look forward to more cooperation in the future.”