E-Finance office building. Photo courtesy of Shuttering Construction Company website.
The fund submitted a request to the Financial Regulatory Authority (FRA) a month ago to raise its stake in the Egyptian company, Sarhan added during an interview with Al-Arabiya TV.
In August 2022, the Saudi Egyptian Investment Company (SEIC), a subsidiary of the PIF, acquired minority stakes in four Egyptian state-owned companies, including E-Finance, in a deal worth $1.3 billion.
The Egyptian government is implementing an extensive programme to offer stakes in 35 state-owned companies to strategic investors under a four-year loan agreement with the International Monetary Fund (IMF).
Saudi Arabia stands as Egypt's second-largest investor. The kingdom's investments hit $6.1 billion by the close of 2022, spread across 6,017 projects spanning diverse sectors, as per Minister of Trade and Industry Ahmed Samir.
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