Skip to content Skip to Search
Skip navigation

PIF raises stake in Egyptian e-finance company

By Pramod Kumar
PIF submitted a request to increase its stake in Egypt's E-Finance Company almost a month ago Pixabay/Ahmad Ardity
PIF submitted a request to increase its stake in Egypt's E-Finance Company almost a month ago

Saudi Arabia’s Public Investment Fund (PIF) has raised its stake in an Egyptian developer of digital payments infrastructure.

PIF submitted a request to increase its stake by two percent in E-Finance Company to the Financial Regulatory Authority almost a month ago, Egypt Today newspaper reported, citing details from the technology company’s chairman Ibrahim Sarhan.

The value of the deal was not given.

The Saudi Egyptian Investment Company (SEIC), a subsidiary of PIF, acquired minority stakes in August 2022 in four Egyptian state-owned companies, including E-Finance, for $1.3 billion.

SEIC acquired the 25 percent stake in E-Finance for EGP7.5 billion ($243.75 million), making it the single-largest shareholder and getting two seats on the board, the report said.

Egypt’s General Authority of Free Zones and Investment chairman Hossam Heiba last month said the north African country expects foreign direct investment of $35 billion over the next five years as the government aims to boost economic growth.

The government hopes to attract around $12 billion in FDI in 2023/2024, with a projected annual increase of 15 percent and 20 percent, he said.

Latest articles

Lesha Bank's total assets under management increased to QAR6.4 billion, an 11 percent increase year on year

Qatari Islamic bank buys Kazakhstan’s Bereke Bank

Lesha Bank, a sharia-compliant bank in Qatar, has acquired Bereke Bank from Kazakhstan government-backed Baiterek Holding for QAR532 million ($146 million). The Qatar Stock Exchange-listed company said in a statement that the transaction is, however, subject to regulatory approvals. Last month the bank reported an all-time high quarterly net profit of QAR28.8 million in the first quarter of […]

Abu Dhabi crown prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan at the signing ceremony for the joint venture between Edge and Fincantieri

UAE-Italian venture wins $434m deal for naval vessels

A joint venture between UAE’s state-owned defence company Edge Group and Italy’s Fincantieri will build a shipbuilding facility for advanced naval vessels in Abu Dhabi. The new venture, Maestral, has secured a large order from the UAE Coast Guard Forces for 10 advanced 51-metre offshore patrol vessels (OPVs) worth €400 million ($434 million). Edge owns 51 […]

Dubai's total passenger traffic for Q1 2024 reached 23,052,060, an annual rise of 8.4 percent

Passenger traffic at UAE airports increases 15%

Passenger traffic at UAE airports rose 15 percent year on year to 36.5 million in the first three months of 2024, according to data released by the General Civil Aviation Authority (GCAA)  Arrivals reached 10.7 million, while departures stood at 10.9 million. The number of transit passengers was 14.9 million, the state-run Wam news agency […]

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Jordan's King Abdullah II talk during a meeting in Abu Dhabi in March

UAE’s ADQ to invest $5bn in Jordan’s economy

Abu Dhabi sovereign wealth fund ADQ has completed plans to invest $5 billion in infrastructure and other projects in Jordan. ADQ has completed the formalities to set up the infrastructure investment fund company, Jordan’s ministry of investment said in a statement. This initiative is part of the agreement signed with the UAE during last year’s visit to […]