The Public Investment Fund (PIF), Saudi Arabia s sovereign wealth fund tower in King Abdullah Financial District in Riyadh. Photo courtesy of Omrania website.
The SEIC will capitalise on a number of vital sectors in Egypt, including infrastructure, real estate development, food and agriculture, pharmaceuticals, financial services, health, and manufacturing, said the statement.
The company will also ensure enhancing access for the PIF and the Saudi private sector to the promising investment opportunities in Egypt, the fund said.
“This will help drive attractive long-term commercial returns and enhance cooperation across many strategic sectors,” added the PIF.
Deputy Governor and head of MENA Investments at the PIF Yazeed Alhumied said the launch of the SEIC would support the expansion efforts of Saudi businesses and other PIF portfolio companies.
In recent years, Egypt and Saudi Arabia have shared warm relations on all levels, including in economic cooperation, and have witnessed increased Saudi investments in Egypt.
Furthermore, the volume of Saudi investments in Egypt amounts to more than $32 billion through more than 6,800 Saudi companies, according to the Saudi Press Agency.
Moreover, Egypt and Saudi Arabia signed in June 14 investment agreements worth $7.7 billion that cover several fields, including petroleum, renewable energy, green hydrogen, IT, e-commerce, pharmaceuticals, infrastructure, and cyber security.
The signing came on the sidelines of a two-day official visit by Saudi Arabia’s Crown Prince Mohammed bin Salman to Egypt.