Saudi Arabia’s Public Investment Fund acquires stakes in Egyptian state-owned firms

Saudi Arabia’s Public Investment Fund acquires stakes in Egyptian state-owned firms

Saudi Arabia’s sovereign wealth fund acquired stakes in several state-owned Egyptian companies yesterday.

The Public Investment Fund-owned Saudi Egyptian Investment Company purchased minority stakes in Abu Qir Fertilisers and Chemical Industries, Misr Fertilisers Production Company, Alexandria Container and Cargo Handling, and E-Finance for Financial and Digital Investments. The acquisitions are worth $1.3 billion in total, the Egyptian state-owned news outlet Al-Ahram reported. 

The stock prices of Abu Qir Fertilisers and Chemical Industries, Misr Fertilisers Production Company, and Alexandria Container and Cargo Handling all went up on the Egyptian Stock Exchange today, according to market data. Al-Monitor could not find stock data for E-Finance for Financial and Digital Investments.