PIF Launches Saudi Egyptian Investment Company

The Public Investment Fund launched the Saudi Egyptian Investment Company to invest in promising sectors throughout Egypt.
The Public Investment Fund launched the Saudi Egyptian Investment Company to invest in promising sectors throughout Egypt.
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PIF Launches Saudi Egyptian Investment Company

The Public Investment Fund launched the Saudi Egyptian Investment Company to invest in promising sectors throughout Egypt.
The Public Investment Fund launched the Saudi Egyptian Investment Company to invest in promising sectors throughout Egypt.

The Saudi Public Investment Fund (PIF) launched on Friday the Saudi Egyptian Investment Company (SEIC) to invest in promising sectors throughout Egypt, one of the world’s emerging markets.

SEIC will invest in priority sectors including but not limited to, infrastructure, real estate development, health care, financial services, food and agriculture, manufacturing, pharmaceutical and other opportunistic investments.

The company will also contribute to enhancing access for PIF and its portfolio companies, along with the Saudi private sector, to a variety of investment opportunities in Egypt. This will help drive attractive long-term commercial returns and boost cooperation across many strategic sectors.

Yazeed Alhumied Deputy Governor and Head of MENA Investments at PIF, said: "We are pleased to announce the launch of the Saudi Egyptian Investment Company, in line with PIF’s ongoing expansion domestically and globally, and in alignment with our 2021-2025 strategy."

"In light of the economic growth in the region, SEIC will capitalize on lucrative investment opportunities within a number of promising Egyptian economic sectors, which will also support the expansion efforts of Saudi businesses and other PIF portfolio companies," he added.

"The strategic economic partnerships that PIF has established with many investors and leading companies are among the most fundamental elements of its success," he stressed.

The launch of SEIC comes in line with PIF’s strategy to explore new investment opportunities in the MENA region that support the creation of long-term strategic economic partnerships to achieve sustainable returns to maximize the Fund's assets and diversify Saudi Arabia’s economy in line with Vision 2030.



Arab Parliament, World Bank Discuss Development in Arab Countries

The World Bank logo. (File/Asharq Al-Awsat Ar)
The World Bank logo. (File/Asharq Al-Awsat Ar)
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Arab Parliament, World Bank Discuss Development in Arab Countries

The World Bank logo. (File/Asharq Al-Awsat Ar)
The World Bank logo. (File/Asharq Al-Awsat Ar)

Arab Parliament Speaker Adel bin Abdulrahman Al-Asoumi has met with World Bank President Ajay Banga in Washington, D.C. to discuss ways to strengthen relations and the development of Arab countries.
Al-Asoumi said that developing the human capital is an important, and urgent, priority for Arab countries, and a foremost concern for both the Arab Parliament and the World Bank. It is the basis for joint work toward development, SPA reported.
The General Secretariat of the Arab Parliament in Cairo said that Al-Asoumi indicated that Arab countries have great development needs in many areas where the World Bank plays an important role, noting that the difficult humanitarian situation in the Gaza Strip requires urgent intervention in many areas of development, notably health and education. A number of constructive proposals were also given for consideration by the World Bank.