RIYADH: The Saudi Egyptian Investment Co., a company wholly owned by the Public Investment Fund, announced the acquisition of majority stakes in four publicly listed Egyptian companies.

The value of the deal is estimated at about $1.3 billion, the Egyptian Ministry of Planning and Economic Development tweeted. 

The SEIC will own shares in Abu Qir Fertilizers and Chemicals Industries Co., Misr Fertilizers Production Co., Alexandria Container and Cargo Handling Co. and E-Finance for Digital and Financial Investments SAE. 

These companies operate across promising sectors including fintech, logistics, and fertilizer.

Meanwhile, SEIC aims to support PIF’s efforts to explore new investment opportunities in the Middle East and North Africa region that support the creation of long-term strategic economic partnerships to achieve sustainable returns.