Skip to content Skip to Search
Skip navigation

PIF said to buy Egypt’s United Bank for $600m

United Bank
Public Investment Fund began talks last year with Egyptian authorities about buying United Bank

Saudi Arabia’s Public Investment Fund (PIF) is in advanced talks to acquire Egypt’s state-owned United Bank, Bloomberg reported, citing informed sources.

The deal may be closed by month-end, they said.

The sovereign wealth fund has nearly completed due diligence on the transaction, with plans to purchase the bank through its Egypt-based investment management firm, Saudi Egyptian Investment Company (SEIC).

The deal is estimated to be around $600 million as Saudi Arabia expands its support and investments in Egypt, the report said.

In August, PIF set up a company to invest in promising Egyptian sectors, extending a policy of pumping money into the Egyptian economy.

The $620 billion sovereign wealth fund said it would target several sectors through SEIC, such as infrastructure, real estate, health care, financial services, food and agriculture, manufacturing and pharmaceuticals.

Saudi Arabia said in June it intended to lead $30 billion worth of investments in Egypt following a visit to Cairo by de facto Saudi ruler and Crown Prince Mohammed bin Salman.

Latest articles

FILE PHOTO: United Arab Emirates Minister of State for Foreign Trade Thani Al Zeyoudi gestures during an interview with Reuters in Dubai, United Arab Emirates, June 30, 2022. REUTERS/Abdel Hadi Ramahi/File Photo

UAE and Kenya complete Cepa negotiations

The UAE and Kenya have completed negotiations on a comprehensive economic partnership agreement (Cepa) between the two countries. It is the 12th Cepa deal secured by the UAE and its third in Africa, after agreements were signed last year with Mauritius and the Republic of the Congo (Congo-Brazzaville). “The UAE-Kenya Cepa will not only boost […]

Adnoc has bid for German polymer manufacturer Covestro but its offers €55 and €57 per share were rejected

Adnoc faces hurdles in completing ambitious European deals

Abu Dhabi state oil company Adnoc is facing challenges to a duo of major European deals it is trying to get over the finish line, according to media reports. Talks with Austrian energy group OMV have been put on hold to allow parties to navigate a series of disagreements, the Financial Times reported on Friday. […]

The 450 companies operating at Dubai Science Park include AstraZeneca, and the free zone plans to add 200,000 sq ft of lab and office space

Dubai Science Park reveals expansion plans

Dubai’s biotechnology free zone is adding 60 percent more offices, laboratories and warehouses over the next few years to cater for an influx of new companies, its senior vice-president told AGBI.  Dubai Science Park, part of Dubai-listed Tecom Group, is planning an expansion of 200,000 sq ft of additional storage and logistics facilities at the […]

A worker at a phosphate production plant in Metlaoui, Tunisia. Phosphate accounts for 15% of Tunisia's exports

Saudi Arabia loans $55m for Tunisian rail renewal

Saudi Arabia has signed a $55 million loan deal with Tunisia to finance the renewal of the North African country’s rail network.  The railway is used to transport phosphate, a sector that makes up around 4 percent of Tunisia’s GDP and 15 percent of the country’s exports. Tunisia plans to produce eight million tonnes by […]