Gulf nations show interest in Egyptian power plant, fuel firm amid investment pledges

Gulf nations show interest in Egyptian power plant, fuel firm amid investment pledges

RIYADH: Gulf nations have shown interest in acquiring stakes in an Egyptian power plant co-built by German technology company Siemens AG, as well as army-owned fuel distribution firm Wataniya, Bloomberg reported. The moves fall in line with Gulf countries’ multi-billion-dollar investment pledges, including Saudi Arabia’s Public Investment Fund putting up $10 billion for exploring opportunities in Egypt. Similarly, Qatar is allocating around $5 billion for Egyptian deals, while the Abu Dhabi wealth fund is investing $2 billion in a deal to acquire Egyptian state-owned stakes in publicly listed firms. This comes as the Gulf countries aim to boost Egypt’s economy which is under pressure from skyrocketing prices as a result of Russia’s invasion of Ukraine. The PIF, Qatar Investment Authority and ADQ have all “expressed interest in supporting and accelerating Egypt’s IPO program,” said Ayman Soliman, CEO of Egypt’s Sovereign Fund, according to Bloomberg. Sales are projected to take place in 2022 either through an initial public offering, partnership with a strategic investor, or a combination of two, Soliman disclosed.