eFinance aims to enter Saudi market during current year: Chairperson

Ibrahim Sarhan, Chairperson and CEO of eFinance Investment Group, revealed the company’s plan to enter the Saudi market during the current year.

Sarhan added, in an interview with Daily News Egypt, that entering the Saudi market will take place in cooperation with the Saudi Public Investment Fund (PIF). He indicated that investment opportunities will be discussed with representatives of the PIF Board of Directors this February.

PIF acquired 25% of the shares of e-finance” last year, making the Saudi Public Investment Fund one of the largest shareholders in the group.

He pointed out that the discussions with the PIF include the presence in several other countries, especially in which the fund is present, as well as benefiting from the aspects of support that it will provide at the technological and commercial levels.

Sarhan added that the fund seeks, through the partnership, to advance the growth of the group, focusing on supporting its pivotal role in digitizing the economy, as well as expanding its activities to various African markets.

e-Finance is looking forward to maximizing the benefit from the international investor base it enjoys to enter new African and Arab markets in the future.

He explained that the step aims to attract dollar liquidity, especially in light of the current circumstances. Sarhan indicated that the company relies on these expansions to provide foreign exchange, especially since it is now necessary.

He pointed out that the company was studying new investment opportunities in the African market. However, this step has been postponed for the time being, due to the Russian-Ukrainian war and its effects on the economies of the countries targeted for expansion.

He emphasized that the company was planning to enter Sudan, Libya, and Tunisia, in order to transfer digital experiences, and was in advanced stages of negotiations to automate some government agencies operating there.