CAIRO, Aug. 10 (Xinhua) -- A subsidiary of the Saudi Public Investment Fund (PIF) has acquired minority stakes in four Egyptian companies for 1.3 billion U.S. dollars, Egypt's Ministry of Planning and Economic Development said on Wednesday.
This comes as Egypt ramps up its effort to entice foreign investors, the ministry said in a statement.
The Saudi-Egyptian Investment Company (SEIC) has obtained minority holdings of Abu Qir Fertilizers and Chemical Industries Company, Misr Fertilizers Production Company, Alexandria Container and Cargo Handling Company, and E-Finance for Digital and Financial Investments, all of which are listed on the Egyptian Exchange.
"The deal is a part of the country's plan to encourage foreign direct investments and lure Arab and foreign investors as well as utilize state-owned assets," the statement said, adding that the deal has demonstrated foreign investors' confidence in Egypt's economy.
The PIF launched the SEIC on Aug. 5 to invest in Egypt's agriculture, infrastructure, real estate development, and health care.