Saudi investment fund subsidiary invests 1.3 bln USD in Egyptian firms

STORY: Saudi investment fund subsidiary invests 1.3 bln USD in Egyptian firms DATELINE: Aug. 11, 2022 LENGTH: 00:00:53 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: various of cargo handling at port and vesselsvarious of people working in fields STORYLINE: A subsidiary of the Saudi Public Investment Fund (PIF) has acquired minority stakes in four Egyptian companies for 1.3 billion U.S. dollars, Egypt's Ministry of Planning and Economic Development said on Wednesday. This comes as Egypt ramps up its effort to entice foreign investors, the ministry said in a statement. The Saudi-Egyptian Investment Company (SEIC) has obtained minority holdings of Abu Qir Fertilizers and Chemical Industries Company, Misr Fertilizers Production Company, Alexandria Container and Cargo Handling Company, and E-Finance for Digital and Financial Investments, all of which are listed on the Egyptian Exchange. "The deal is a part of the country's plan to encourage foreign direct investments and lure Arab and foreign investor