Cairo – Mubasher: The Sovereign Fund of Egypt (TSFE) said the Saudi Egyptian Investment Company (SEIC), wholly owned by Saudi’s Public Investment Fund (PIF), has acquired state-owned minority stakes in four Egyptian companies at a value of $1.30 billion.

The four companies are Abu Qir Fertilizers, Misr Fertilizers Production Company (Mopco), Alexandria Container and Cargo Handling Company, and e-finance For Digital and Financial Investments, Egypt’s Ministry of Planning and Economic Development announced on Wednesday.

The four firms are listed on the Egyptian Exchange (EGX).

The transaction comes in light of Egypt’s plan to expand ownership base and encourage direct foreign investment, said Egypt’s planning minister, Hala El-said.

Elsaid further noted that the deal reflects foreign investors' confidence in the Egyptian economy, one of the promising strategic markets that provides many attractive investment opportunities.