{"id":548514,"date":"2022-08-11T03:51:15","date_gmt":"2022-08-11T03:51:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/11\/the-saudis-have-arrived\/"},"modified":"2022-08-11T03:51:15","modified_gmt":"2022-08-11T03:51:15","slug":"the-saudis-have-arrived","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/11\/the-saudis-have-arrived\/","title":{"rendered":"The Saudis have arrived"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>The Saudi sovereign wealth fund acquired minority stakes in four EGX-listed <\/strong><strong>companies for USD 1<\/strong><strong>.3 bn <\/strong><strong>yesterday<\/strong>, the Planning Ministry said in <a href=\"https:\/\/tinyurl.com\/mr2s3m86\">a statement<\/a>. The Saudi Egyptian Investment Company (SEIC), the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/358b6591-3db7-4fa1-bb2f-de2e69e31cc8\">newly-established Egypt investment arm<\/a> of the Public Investment Fund, purchased shares in Misr Fertilizers Production Company (Mopco), Abu Qir Fertilizers, Alexandria Container and Cargo Handling, and E-Finance, according to the statement.<\/p>\n<p><strong>The breakdown: <\/strong>Market data yesterday showed that the SEIC bought stakes in:<\/p>\n<ul>\n<li><strong>Mopco: <\/strong>A <a href=\"https:\/\/ent.news\/2022\/8\/Screen-Shot-2022-08-10-at-11.57.31-AM-scaled.jpg\">25% sta<\/a><a href=\"https:\/\/ent.news\/2022\/8\/Screen-Shot-2022-08-10-at-11.57.31-AM-scaled.jpg\">ke<\/a> was sold for EGP 7.15 bn, at an average price of EGP 123.96.<\/li>\n<li><strong>Abu Qir: <\/strong>A <a href=\"https:\/\/ent.news\/2022\/8\/Screen-Shot-2022-08-10-at-12.03.06-PM.jpg\">19.82% stake<\/a> was sold for EGP 7.3 bn, at an average price of EGP 29.08.<\/li>\n<li><strong>e-Finance: <\/strong>A<a href=\"https:\/\/ent.news\/2022\/8\/Screen-Shot-2022-08-10-at-12.07.41-PM.jpg\">25% stake<\/a> was sold for EGP 7.5 bn, at an average price of EGP 16.23.<\/li>\n<li><strong>Alex Containers: <\/strong>A <a href=\"https:\/\/ent.news\/2022\/8\/Screen-Shot-2022-08-10-at-12.30.35-PM.jpg\">20% stake<\/a>was sold for EGP 3 bn, at an average price of EGP 10.14.<\/li>\n<\/ul>\n<p><strong>The s<\/strong><strong>ellers: <\/strong>Informed sources told <a href=\"https:\/\/tinyurl.com\/4s5a22jp\">Al Mal<\/a> that SEIC purchased the e-Finance shares from the National Investment Bank (NIB) and the Abu Qir stake from Al Ahly Capital Holding (the investment arm of state-owned National Bank of Egypt) and the Industrial Development Authority. The Holding Company for Maritime and Land Transport sold a 20% stake in Alex Containers, while Mopco saw NIB, Gasco and others selling, they added. The Finance Ministry and Misr Life were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/02b131be-0195-4d1d-8f6e-6b608f0c64e6\">reported to be among the selling shareholders<\/a> on Tuesday.<\/p>\n<p><strong>There\u2019s more where that came from:<\/strong> The investments are the first of USD 10 bn pledged by the PIF earlier this year as part of Saudi efforts to support Egypt\u2019s external position, which has been rocked by soaring commodity prices. The fund is looking to invest in the infrastructure, real estate, healthcare, financial services, food and agriculture, manufacturing and pharma sectors, and was reported this week to be closing in on the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/466e8ac2-c495-4b0b-9dad-25bb5153c6b1\">acquisition of United Bank<\/a>.<\/p>\n<p><strong>Any of this sound familiar? <\/strong>Ths Saudi wealth fund isn\u2019t the first this year to make a major round of purchases in publicly-traded firms. Abu Dhabi wealth fund ADQ <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4a11664-2159-45ba-ba2f-bf0d3dfd3978\">purchased state-owned stakes in five companies<\/a> for around USD 1.8 bn in April.<\/p>\n<p><strong>The Saudis have now bought into some of the same state-owned names as ADQ<\/strong>, which snapped up a 20% stake in Mopco, 21.5% of Abu Qir, and 32% of Alex Containers. ADQ also bought shares in CIB (17.5%) and Fawry (11.8%).<\/p>\n<p><strong>Shares <\/strong><strong>were mixed over the news:<\/strong> Alex Containers rose 7.2% to EGP 10.1, while Abu Qir closed in green at 1.4% to EGP 24.2. Both e-Finance and Mopco ended in red, down 3.6% to EGP 15.5 and 0.4% to EGP 106, respectively.<\/p>\n<p><strong>What they said:<\/strong> The \u201ctransaction comes under the state\u2019s plan to expand the ownership base and promote foreign direct investment,\u201d Planning Minister Hala El Said said in the ministry statement. \u201cIt reflects foreign investors\u2019 confidence in the Egyptian economy as one of the most promising strategic markets,\u201d she said. \u201cThe acquisitions are in line with SEIC\u2019s objective to invest in promising sectors,\u201d the PIF-owned company said in a <a href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/seic-signs-a-binding-agreement-to-acquire-stakes-in-four-major-egyptian-companies-tsvrgdg6\">press release<\/a>.<\/p>\n<p><strong>Privatization plans:<\/strong> All of this is part of the government's plans to attract USD 10 bn of investments a year over the next four years as it looks to open up more of the economy to the private sector.<\/p>\n<p><strong>Advisors: <\/strong>Our friends at EFG Hermes executed the transaction on the EGX for SEIC while Pharos Holding executed the transaction on behalf of the state-affiliated sellers, <a href=\"https:\/\/tinyurl.com\/yc3r92yk\">Al Mal<\/a> reports citing anonymous sources. Matouk Bassiouny & Hennawy was legal advisor to the SEIC, while Baker McKenzie was advisor to the state entities, <a href=\"https:\/\/tinyurl.com\/45uvvrhf\">Al Mal<\/a>reported.<\/p>\n<p><strong>There\u2019s more to come from the KSA and its neighbors:<\/strong> Several Saudi companies in June signed agreements that will see them invest USD 7.7 bn in Egypt, with the KSA at the time saying it intends to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/031ecccd-f816-4657-ae61-58d9c32a706d\">\u201clead\u201d<\/a>USD 30 bn in investments here. Gulf state neighbors have pledged <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce28f2c9-69b3-4c78-b2ab-1eb5d194e101\">more than USD 22 bn<\/a> in total to support the economy amid the fallout from the crisis in Ukraine.<\/p>\n<p><strong>The news is getting attention in the global press:<\/strong> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-10\/saudi-wealth-fund-unit-buys-egypt-firm-stakes-for-1-3-billion?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/saudi-egyptian-investment-co-invests-13-bln-four-egyptian-firms-2022-08-10\/\">Reuters<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Saudi sovereign wealth fund acquired minority stakes in four EGX-listed companies for USD 1.3 bn yesterday, the Planning Ministry said in a statement. The Saudi Egyptian Investment Company (SEIC), the newly-established Egypt investment arm of the Public Investment Fund, purchased shares in Misr Fertilizers Production Company (Mopco), Abu Qir Fertilizers, Alexandria Container and Cargo [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":548515,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[548,2237,339,72,103,7128,1434,219,2216,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548514","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-abu-qir-fertilizers","tag-alex-containers","tag-e-finance","tag-enterpriseam","tag-fdi","tag-ma-watch","tag-mopco","tag-saudi-arabia","tag-saudi-egyptian-investment-company","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"316415e5-ccc3-42ca-b442-80dd3b8b2e16","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/8\/212.jpg","photo_position":"above","related_issue":[548510],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Saudis have arrived - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/11\/the-saudis-have-arrived\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Saudis have arrived\" \/>\n<meta property=\"og:description\" content=\"The Saudi sovereign wealth fund acquired minority stakes in four EGX-listed companies for USD 1.3 bn yesterday, the Planning Ministry said in a statement. The Saudi Egyptian Investment Company (SEIC), the newly-established Egypt investment arm of the Public Investment Fund, purchased shares in Misr Fertilizers Production Company (Mopco), Abu Qir Fertilizers, Alexandria Container and Cargo [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/11\/the-saudis-have-arrived\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-11T03:51:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/212.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/11\/the-saudis-have-arrived\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/11\/the-saudis-have-arrived\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"The Saudis have arrived\",\"datePublished\":\"2022-08-11T03:51:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/11\/the-saudis-have-arrived\/\"},\"wordCount\":648,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/11\/the-saudis-have-arrived\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/212.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Abu Qir Fertilizers\",\"Alex Containers\",\"e-finance\",\"EnterpriseAM\",\"FDI\",\"M&amp;A Watch\",\"Mopco\",\"Saudi Arabia\",\"Saudi Egyptian Investment Company\",\"state privatization program\"],\"articleSection\":[\"M&amp;A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/11\/the-saudis-have-arrived\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/11\/the-saudis-have-arrived\/\",\"name\":\"The Saudis have arrived - 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The Public Investment Fund (PIF) will purchase 25% of the company through its\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/199.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":644058,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/turkeys-beko-has-officially-set-up-shop-in-egypt-with-new-usd-100-mn-factory-plus-seic-abu-qir-fertilizers-beko-egyptalum-zilla-capital-city-lab-cairo-clinical-lab\/","url_meta":{"origin":548514,"position":1},"title":"Turkey\u2019s Beko has officially set up shop in Egypt with new USD 100 mn factory. PLUS: SEIC + Abu Qir Fertilizers, Beko, EgyptAlum, Zilla Capital, City Lab + Cairo Clinical Lab","author":"enterpriseam admin","date":"19 September 2024","format":false,"excerpt":"Beko is among a number of companies that have received golden licenses to operate in Egypt","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1517.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545818,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/adq-makes-grand-entry-into-the-egx-with-usd-1-8-bn-buy-launches-first-mena-spac-with-chimera\/","url_meta":{"origin":548514,"position":2},"title":"ADQ makes grand entry into the EGX with USD 1.8 bn buy + launches first MENA SPAC with Chimera","author":"enterpriseam admin","date":"13 April 2022","format":false,"excerpt":"Abu Dhabi wealth fund ADQ acquired state-owned stakes in five EGX-listed companies yesterday as part of an agreement reached last month to provide Egypt with emergency liquidity as we grapple with fallout from Russia\u2019s war in Ukraine. The fund purchased shares in CIB, Fawry, Abu Qir Fertilizers, Mopco, and Alexandria\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/223.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":619644,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/08\/pif-returns-to-market-in-first-post-float-investment-aims-to-take-cira-education-private-in-partnership-with-founders\/","url_meta":{"origin":548514,"position":3},"title":"PIF returns to market in first post-float investment, aims to take CIRA Education private in partnership with founders","author":"enterpriseam admin","date":"8 May 2024","format":false,"excerpt":"CIRA will become PIF\u2019s regional education champion, looking to grow in Egypt and beyond","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/2032.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545715,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/adq-could-buy-up-national-investment-banks-entire-stake-in-abu-qir\/","url_meta":{"origin":548514,"position":4},"title":"ADQ could buy up National Investment Bank\u2019s entire stake in Abu Qir","author":"enterpriseam admin","date":"10 April 2022","format":false,"excerpt":"Abu Dhabi wealth fund ADQ is on course to acquire the National Investment Bank\u2019s (NIB) entire 21.5% stake in Abu Qir Fertilizers as part of its USD 2 bn investment in Egypt, sources told Bloomberg Asharq, without disclosing the value of the sale. A senior exec at NIB would neither\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549304,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/the-public-investment-what\/","url_meta":{"origin":548514,"position":5},"title":"The Public Investment what?","author":"enterpriseam admin","date":"12 September 2022","format":false,"excerpt":"AMOC responds to PIF rumors: Alexandria Mineral Oil Company (AMOC) has not received any information on the Saudi sovereign wealth fund\u2019s reported intention to acquire a minority stake in the company, it said in a disclosure (pdf) yesterday in response to reports in the local press. Al Shorouk reported on\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/193.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548514","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=548514"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548514\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548510"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/548515"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548514"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548514"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}