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Saudi Wealth Fund In Talks to Buy Egyptian Bank for About $600 Million

  • The kingdom is providing financial support to bolster allies
  • Egypt is struggling with higher food and fuel import bills
A promotional video for United Bank. 

A promotional video for United Bank. 

Source: United Bank

Saudi Arabia’s sovereign wealth fund is in advanced talks to acquire Egypt’s state-owned United Bank in a deal that could be worth about $600 million, according to people with knowledge of the matter, as the kingdom extends its support for the North African nation.

The $620 billion Public Investment Fund would carry out the acquisition through Saudi Egyptian Investment Co. unit, which it set up earlier this year to invest in swathes of Egypt’s economy, the people said, asking not to be identified as the discussions are private.