The Public Investment Fund (PIF) of Saudi Arabia launched the Saudi-Egyptian Investment Company (SEIC) that will invest in swathes of Egypt’s economy from infrastructure and real estate to pharmaceuticals. The fund in a statement said SEIC is interested in the country’s promising sectors including infrastructure, real estate development, healthcare, financial services, food and agriculture, manufacturing, and pharmaceutical, along with other investment opportunities. The statement also indicated that together the private sector and SEIC will help to enlarge PIF’s access to investment opportunities across the Arab country. SEIC activities will increase significantly the kingdom’s investment in Egypt whose economy has been hit hard by the pandemic and the ongoing Russia-Ukraine crisis. Saudi Arabia had previously pledged $15bn to support Egypt.
Source: The North Africa Journal August 08, 2022 20:01 UTC