Egypt's Sovereign Fund aims to establish entities with Saudi public investments

CAIRO - 4 April 2022: Egypt’s cooperation with the Saudi Public Investment Fund aims to establish joint entities that can reach the region and the world, according to the CEO of Egypt's Sovereign Fund, Ayman Soliman.

 

Soliman added, in a TV interview, Monday, that Siemens stations and the National Petroleum Company are one of the options for investment before the Saudi Public Investment Fund.

 

He pointed out that Egypt's sovereign fund aims to invest in the financial technology and financial inclusion sectors in Saudi Arabia.

 

"The cooperation aims to create bridges between Egypt's sovereign fund and the Saudi Public Investment Fund... Financial technology services and some successful companies in the Egyptian and Saudi market are targeted for investment, and this cooperation aims to create entities that reach globalization,” Soliman stated.

 

The CEO of the Sovereign Fund of Egypt pointed out that the agreement with the Saudi Public Investment Fund includes searching for certain sectors in which the two sides’ visions met to establish successful regional, Arab and global entities,

 

This includes infrastructure, food and pharmaceutical industries, green economy, education and health care, financial inclusion and financial technology aimed at creating successful entities in the financial sectors.

 

"This includes diversity, because there are already existing projects and we aim to reach the global level, in addition to creating new entities and projects,” he added.

 

With regard to the investments presented to the Saudi Public Investment Fund, Soliman said: “Due to the nature of the companies listed on the Egyptian Stock Exchange (EGX), we cannot announce the names of these companies currently, but there is an investment appetite by pumping money into the EGX and this strengthens and supports the Egyptian market.”

 

“Siemens and Wataniya stations. Petroleum is on the table and we are ready to inject funds into these companies if they are offered on the stock exchange or a strategic investor enters,” he added.

 

Regarding the agreement with the Abu Dhabi Fund, the CEO of the Sovereign Fund of Egypt said that an agreement was signed as part of a more comprehensive support for the Egyptian market, and it includes a set of shares for companies listed on the stock exchange, which we intend to subscribe to, but the general goal here is to develop an investment portfolio directed to the Egyptian market with well-defined features. their implementation.

 

Soliman confirmed that the details of this deal will be announced within days.

 

Last week, the Egyptian and Saudi government signed an agreement to support the investments of the Saudi Public Investment Fund in Egypt.

 

The Egyptian government statement indicated that Cairo aims to invest $10 billion in cooperation between Egypt's Sovereign Fund and the Saudi Public Investment Fund.