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Saudi PIF Acquires Stakes in 4 Egyptian Companies Worth $1.3b

Egypt looks forward to more cooperation with the Saudi Public Investment Fund. (Asharq Al-Awsat)
Egypt looks forward to more cooperation with the Saudi Public Investment Fund. (Asharq Al-Awsat)
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Saudi PIF Acquires Stakes in 4 Egyptian Companies Worth $1.3b

Egypt looks forward to more cooperation with the Saudi Public Investment Fund. (Asharq Al-Awsat)
Egypt looks forward to more cooperation with the Saudi Public Investment Fund. (Asharq Al-Awsat)

The Saudi Egyptian Investment Company (SEIC), owned by Saudi Arabia's state-owned Public Investment Fund (PIF), has bought minority stakes in four Egyptian companies for $1.3 billion, Egypt's planning ministry said on Wednesday.

The companies are Abu Qir Fertizilers and Chemical Industries, Misr Fertilizers Production Company, Alexandria Container and Cargo Handling, and payments firm E-Finance for Financial and Digital Investments.

The PIF congratulated in a tweet the SEIC on acquiring stakes in four major Egyptian companies.

Last week PIF set up SEIC with the stated aim of investing in Egypt's “promising economic sectors,” being one of the key strategic economic markets in Africa.

The Saudi sovereign wealth fund is building an international portfolio of investments while also investing locally in projects to help reduce the Kingdom's economic reliance on oil. It has approximately $620 billion of assets under management.

Minister of Planning and Economic Development and Chairman of the Board of Directors at Egypt's Sovereign Fund Hala al-Saeed said that the deal comes in line with the state’s plan to expand the ownership base and encourage foreign direct investment.

"It is also part of the Fund's strategy to attract Arab and foreign investors and provide promising investment opportunities in various economic sectors, achieving the highest benefits for the Egyptian state, maximizing the exploitation of state-owned assets, and guaranteeing the rights of future generations."

The deal further reflects the confidence of the foreign investors in the Egyptian economy, Saeed added.

The acquisitions are in line with SEIC’s objective to invest in promising sectors in Egypt, which is considered one of the world’s emerging markets and one of the MENA region’s fastest-growing economies.

The Company stated that it 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.

SEIC aims to support PIF’s efforts 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 PIF's assets in line with Vision 2030.

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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.