e-finance aims to penetrate Saudi market next year through a partnership with PIF - Daily News Egypt - News Summed Up

e-finance aims to penetrate Saudi market next year through a partnership with PIF - Daily News Egypt


High-level sources at e-finance for financial and digital investments revealed that the company aims to enter the Saudi market next year as part of its strategic expansion plan through a partnership with the Saudi Public Investment Fund (PIF). The sources told Daily News Egypt that the expansion of digital services inside Saudi Arabia is the purpose behind the Saudi sovereign’s acquisition of a stake in the company earlier this year. The Sovereign Fund acquired about 25% by purchasing 462 million shares in e-finance at a price of EGP 15.98 per share with a total value of about EGP 7.5bn. They explained that the PIF has adopted an ambitious plan for e-finance in terms of expanding areas of growth in digital services in Saudi Arabia, which the company will start implementing in 2023. Ibrahim Sarhan — Chairperson and Managing Director of the company — hinted earlier that the strategic partnership with the PIF comes in light of the group’s efforts to diversify the shareholder base and attract foreign investments.


Source: Daily News Egypt December 08, 2022 00:21 UTC



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