Thndr Claps » EGY Claps » Economy 🏙 » PIF continues to invest in Egypt 💰
The ClapThe Saudi Public Investment Fund’s (PIF) Egyptian investment arm announced its acquisition of 34% of B.TECH. BackstoryThe PIF had established Saudi Egyptian Investment & Finance Company to be the fund’s investment arm in Egypt.B.TECHB.TECH is one of the largest distributors of household appliances in the Egyptian market.The DeetsAccording to Asharq, the deal was worth around $150 million.Why this MattersThe deal reflects the Saudi sovereign fund’s continued interest in investing in the Egyptian economy. The PIF had established Saudi Egyptian Investment & Finance Company to be the fund’s investment arm in Egypt.
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