Saudi Arabia’s sovereign wealth fund has launched a new company responsible for investing in promising Egyptian sectors.
The new Saudi Egypt Investment Company (SEIC) will target “priority sectors” such as infrastructure, property development, healthcare, financial services, food and agriculture, manufacturing and pharmaceuticals.
The new Saudi Egyptian Investment Company (SEIC) will target “priority sectors” including infrastructure, real estate development, health care, financial services, food and agriculture, manufacturing, and pharmaceutical, the Public Investment Fund said in a statement.
The move is part of the ongoing local and international expansion strategy of the Saudi wealth fund, which is a critical arm of the Kingdom’s push to diversify its economy.
“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,” the PIF’s deputy governor for Middle East and North Africa investments Yazeed Alhumeid said.
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.”
Saudi wealth funds managed approximately $620 billion in assets as of April this year, making them one of the largest sovereign wealth funds in the world. Global, Norway’s national pension fund, is the largest, with assets $1.474 trillion.
