The sovereign fund of Saudi Arabia has created a new company whose task will be to invest in promising Egyptian sectors.
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.”
The Saudi wealth fund has around $620 billion in assets under management as of April this year – making it one of the biggest sovereign funds in the world. Norway’s Government Pension Fund Global is the biggest with $1.474 trillion worth of assets.
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