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Saudi Arabia’s $10 Billion Pledge to Egypt Delivers First Deals

  • Egypt has won investment, deposit commitments from Gulf allies
  • Saudi wealth fund’s unit spends $1.3 billion on company stakes
Updated on

A unit of Saudi Arabia’s sovereign wealth fund scooped up state-owned stakes in four Egyptian publicly listed companies for $1.3 billion, as part of the kingdom’s commitment to channel resources to the struggling economy of a country seen as a linchpin in the Arab world.

The Saudi Egyptian Investment Co., a new firm set up by the $620 billion Public Investment Fund, acquired minority stakes in Abou Kir Fertilizers & Chemical Industries Co., Misr Fertilizer Production Co., Alexandria Container and Cargo Handling Co., and E-Finance, Egypt’s Planning Ministry and the PIF -- as the Saudi fund is known -- said in separate statements Wednesday.