The Saudi Egyptian Investment Co., a fully owned Public Investment Fund company, has bought majority stakes in four publicly listed Egyptian companies.
The Egyptian Ministry of Planning and Economic Development said that the deal is worth $1.3 billion.
The SEIC will own shares in Abu Qir Fertilizers and Chemicals Industries Co., Misr Fertilizers Production Co., Alexandria Container and Cargo Handling Co. and E-Finance for Digital and Financial Investments SAE.
The companies operate in sectors such as fintech, logistics, and fertilizer.
Meanwhile, SEIC aims to support PIF’s efforts to explore new investment opportunities in the Middle East and North Africa region that support the creation of long-term strategic economic partnerships to achieve sustainable returns.