Saudi’s Public Investment Fund raises its stake in Egypt’s e-Finance Company



Sun, 19 Nov 2023 - 03:17 GMT


Sun, 19 Nov 2023 - 03:17 GMT

CAIRO – 19 November 2023: The Saudi Public Investment Fund (PIF) raised its stake in the E-Finance by 2 percent according to the Chairman and Managing Director of E-Finance, Ibrahim Sarhan, said.

Sarhan said that PIF submitted a request to increase its stake in the company to the Financial Regulatory Authority (FRA) almost a month ago.

Earlier in August 2022, the Saudi Egyptian Investment Company (SEIC), a subsidiary of the PIF, acquired minority stakes in 4 Egyptian state-owned companies, including E-Finance, in a deal worth $1.3 billion.

SEIC acquired the 25 percent stake in e-Finance last year for LE 7.5 billion, making it the company’s single-largest shareholder, receiving 2 board seats.

The economic collaboration between Egypt and Saudi Arabia is set to expand, as officials from both nations prepare to finalize agreements worth up to $1.5 billion.These agreements are expected to be signed during the upcoming Egyptian-Saudi Business Forum, scheduled for Monday.

Turki Al-Hokair, a member of the Egyptian-Saudi Business Council, elaborated that the agreements would focus on various sectors, including energy, real estate, agriculture, and tourism.

The Central Bank of Egypt reported that Saudi Arabia is Egypt’s fourth largest trading partner during the financial year 2022/2023. The total trading volume between the two countries amounted to $6.555 billion. Of this figure, $4.941 billion accounted for imports from Saudi Arabia, while Egyptian exports to the kingdom reached $1.613 billion.



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