Saudi’s Public Investment Fund raises its stake in Egypt’s e-Finance Company

The Saudi Public Investment Fund (PIF) raised its stake in the E-Finance by 2 percent according to the Chairman and Managing Director of E-Finance, Ibrahim Sarhan, said.

Sarhan said that PIF submitted a request to increase its stake in the company to the Financial Regulatory Authority (FRA) almost a month ago.

Earlier in August 2022, the Saudi Egyptian Investment Company (SEIC), a subsidiary of the PIF, acquired minority stakes in 4 Egyptian state-owned companies, including E-Finance, in a deal worth $1.3 billion.

SEIC acquired the 25 percent stake in e-Finance last year for LE 7.5 billion, making it the company’s single-largest shareholder, receiving 2 board seats.

The economic collaboration between Egypt and Saudi Arabia is set to expand, as officials from both nations prepare to finalize agreements worth up to $1.5 billion.These agreements are expected to be signed during the upcoming Egyptian-Saudi Business Forum, scheduled for Monday.

Turki Al-Hokair, a member of the Egyptian-Saudi Business Council, elaborated that the agreements would focus on various sectors, including energy, real estate, agriculture, and tourism.