07 Aug 2022

Saudi Arabia’s PIF (Public Investment Fund), the nation’s sovereign wealth fund, has set up an investment company in Egypt. The company is called SEIC (The Saudi Egyptian Investment Company), and is eyeing investments in promising sectors in Egypt such as infrastructure, food & agriculture, health, pharmaceuticals, manufacturing, financial services, and real estate development. The company will also will work to improve access to investments in Egypt for the PIF as well as the Saudi private sector. Note that current Saudi investments in Egypt amount to over USD32bn, and the two countries recently signed 14 agreements to invest a further USD7.7bn, with that figure potentially rising to USD30bn. (Sources: State Information Service (English), BNN Bloomberg (English), al-Ahram (English), Zawya (English) (Arabic), Saudi Gazette (English), al-Sharq al-Awsat (English) (Arabic), Arab News (English), Gulf News (English), al-Maal, Amwal al-Ghad, al-Borsa, Economy Plus, al-Shurouk, Akhbar al-Youm, Masrawy, al-Sharq Business, al-Arabiya, Sky News Arabia, al-Riyadh, al-Ain, al-Roeya, Xinhua, Sputnik, RT)