Saudi Public Investment Fund raises stake in Egypt’s e-finance

Ahram Online , Thursday 16 Nov 2023

Saudi Arabia’s Public Investment Fund (PIF) has increased its stake in the Egyptian state-owned company E-Finance For Digital and Financial Investments by 2 percent to 27 percent, according to the company’s Chairman and Managing Director Ibrahim Sarhan.

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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