Saudi Public Investment Fund launches firm to invest in Egypt

Xinhua
06 Aug 2022, 05:18 GMT+10

RIYADH, Aug. 5 (Xinhua) -- Saudi Arabia's Public Investment Fund (PIF) announced on Friday the launch of a Saudi-Egyptian company to invest in Egypt's agriculture, infrastructure, real estate development and health care, the Saudi Press Agency reported.

The move aims to broaden the access of the Saudi sovereign wealth fund, its affiliates, and the Saudi private sector to investment opportunities in Egypt.

Yazeed Alhumied, deputy governor of the PIF, said the new company was part of the PIF's regional and international expansion.

Under a five-year strategy PIF announced in early 2021, it planned to inject 150 billion Saudi Riyals (40 billion U.S. dollars) annually into the local economy and contribute 1.2 trillion Riyals to the non-oil economy cumulatively by 2025.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Middle East Star.

More Information

38 ℃

Fair in Dubai

International Business

Section

Noodle makers ask to increase prices after 14-years in Thailand

BANGKOK, Thailand: Instant noodle makers have asked Thailand to allow them to increase their prices to meet rising costs, which ...

Saudis buy stake in Russian energy companies, spend billions

JEDDAH, Saudi Arabia: In a Twitter post published this week, Saudi Arabia's Kingdom Holding said it had invested in Russian ...

Billionaire Indian trader Rakesh Jhunjhunwala dead at 62

DELHI, India: Dubbed the country's Warren Buffett, India's best-known stock investor and self-made billionaire, Rakesh Jhunjhunwala, died on August 14 ...

New money transfers spell end of credit card, says Brazil bank chief

SAO PAULO, Brazil: Brazil's central bank chief Roberto Campos Neto has said that he believes credit cards will cease to ...

As world economy slows, price of copper falls

LONDON, England: Despite a recent rebound, speculators in the international copper market, considered an indicator of the world's economic health, ...

Russian Central Bank reports economy down 4% in second quarter

MOSCOW, Russia: Financial information released by the Rosstat federal statistics service this week indicated that Russia's economy shrank 4 percent ...