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Saudi Arabia’s Public Investment Fund acquires stakes in Egyptian state-owned firms

The acquisitions help make good on Saudi Arabia’s pledge to invest billions in Egypt.
A general view of the Egyptian Stock Market in Cairo on Jan. 6, 2013.

Saudi Arabia’s sovereign wealth fund acquired stakes in several state-owned Egyptian companies yesterday.

The Public Investment Fund-owned Saudi Egyptian Investment Company purchased minority stakes in Abu Qir Fertilisers and Chemical Industries, Misr Fertilisers Production Company, Alexandria Container and Cargo Handling, and E-Finance for Financial and Digital Investments. The acquisitions are worth $1.3 billion in total, the Egyptian state-owned news outlet Al-Ahram reported

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