A unit of Saudi Arabia’s sovereign wealth fund scooped up state-owned stakes in four Egyptian companies for $1.3 billion, the latest influx of Gulf cash for the struggling economy.
The Saudi Egyptian Investment Co., a new firm set up by the Public Investment Fund, acquired minority stakes in Abou Kir Fertilizers & Chemical Industries Co., Misr Fertilizer Production Co., Alexandria Container and Cargo Handling Co., and E-Finance, Egypt’s Planning Ministry said in a statement Wednesday.
A major food importer, Egypt has been hit hard by Russia’s invasion of Ukraine.
The conflict has sent the North African nation’s wheat and fuel bills soaring, put pressure on its currency and led to it seeking International Monetary Fund assistance.
The Kingdom has already provided support for Egypt.
In March, it deposited $5 billion in Egypt’s central bank and pledged $10 billion of investments in sectors such as health-care, education and agriculture.