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SIB H1 net profit $189m

The bank's total assets increased by $1.49 billion.

TSMC’s H1 revenue up 40 percent

Robust demand for AI technology behind the surge.

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

SEIC buys stakes in Egypt firms

Saudi Arabia is the top global and Arab investor in Egypt.
By TRENDS Desk
August 11, 2022 9:06 am
  • The SEIC will own shares in Abu Qir Fertilizers and Chemicals Industries Co., Misr Fertilizers Production Co., Alexandria Container and Cargo Handling Co.
  • The companies operate in sectors such as fintech, logistics, and fertilizer

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.

 

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