Tech PIF raises stake in Egyptian e-finance company By Pramod Kumar November 20, 2023, 5:52 AM 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. Egypt fuels private sector investment in Saudi industrial zones PIF given ‘very strong’ rating and outlook by Fitch PIF said to buy Egypt’s United Bank for $600m 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.
Economy Bahrain debt hits $48bn but analyst downplays spending fears Bahrain’s public debt has risen to almost BHD18 billion ($48 billion), according to its ministry of finance, but a banking expert has downplayed concerns over its spending. Bahrain, the smallest country in the GCC bloc of six with a population of almost 1.5 million people, has dwindling reserves of oil and gas. It is partially […] 2 hours ago
Construction Eagle Hills signs contract for Budapest redevelopment Abu Dhabi-based developer Eagle Hills has signed a real estate purchase agreement with Hungary to start work on transforming a rundown area of Budapest. The project, spanning an area of 100 hectares, will have a development cost of more than €12 billion ($12.3 billion), the developer said in a statement. The project is supported by the […] 32 mins ago
Finance Kuwait ministries free to increase public service charges Kuwait issued a decree on Sunday that will allow ministries to set charges for public services for the first time in 30 years. The decree, which abolishes a 1995 law, gives ministries authority to decide on fees and costs for public services, which will then be approved by the cabinet. The government aims to better […] 22 mins ago
Economy Lebanon and Sudan swell Arab countries’ public debt Public debt in Arab countries swelled by nearly $142 billion at the end of 2023, mainly because of a sharp rise in obligations by Lebanon and war-battered Sudan. Total debt increased despite a fall in Egypt’s public, mostly domestic, dues as a result of a large depreciation in the pound against the US dollar. The […] 35 mins ago
