Saudi Arabia’s sovereign wealth fund invests $1.3b in four companies listed on the Egyptian exchange.

The acquisition of these minority stakes was done through the Saudi Egyptian Investment Company (SEIC), Saudi’s new investment arm in Egypt, making the deal one of the first to be done through SEIC.

“This deal comes within the framework of the state’s plan to expand the ownership base and encourage foreign direct investment, alliging with the the strategy of the Sovereign Fund of Egypt 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 benefits from state-owned assets and guarantees the rights of future generations,” says Hala El Said, Minister of Planning and Economic Development.

It purchased shares in Misr Fertilizers Production Company (Mopco), Abu Qir Fertilizers, Alexandria Container and Cargo Handling, and E-Finance, according to the statement.

“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. The strategic economic partnerships that PIF has established with many investors and leading companies are among the most fundamental elements of its success,” said PIF in a press release.

It is worth mentioning that the Saudi Egyptian Investment Company ,owned by Saudi’s Public Investment fund, announced in its press release plans to in invest across different sectors such as real estate development, food and agriculture, financial services and more.

Read more: Saudi’s Sovereign Wealth Fund to acquire 25% of Mopco