Saudi PIF establishes new Egyptian investment company “SEIC”

By Shilpa Annie Joseph, Official Reporter
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Saudi Arabia’s Public Investment Fund (PIF) has launched 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 infrastructure, real estate development, health care, financial services, food and agriculture, manufacturing, pharmaceutical, and so on.

According to the statement, 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 enhance cooperation across many strategic sectors.

Mr. Yazeed Alhumied, Deputy Governor and Head of MENA Investments at PIF, said that, “We are pleased to announce the launch of the Saudi Egyptian Investment Company, in line with the 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,” Mr. Alhumied added.

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.

Mr. Alhumied further noted that “the strategic economic partnerships that PIF has established with many investors and leading companies are among the most fundamental elements of its success.”

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