Looking to capitalize on investment opportunities in Egypt, Public Investment Fund of Saudi Arabia has set up a new company in the north African country to widen expansion of Saudi businesses and other portfolio companies.
The new company will look at sectors as wide as infrastructure, real estate development, and health care to make investments.
The firm, which will go by the name of the Saudi Egyptian Investment Company, will improve access for the PIF and its portfolio companies, along with the Saudi private sector, to a variety of investment opportunities in Egypt.
It has identified other sectors like financial services, food and agriculture, manufacturing, and pharmaceutical for investment.
“In light of the economic growth in the region, 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 Yazeed Alhumied, deputy Governor and head of MENA Investments at PIF.
“The strategic economic partnerships that PIF has established with many investors and leading companies are among the most fundamental elements of its success.”