Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has increased its stake in Egypt's e-Finance Company by an additional 2%, according to a media report.

The PIF formally requested the Egyptian Financial Regulatory Authority about a month ago to allow this stake increase, Business Today Egypt magazine reported, citing e-Finance Chairman and Managing Director Ibrahim Sarhan.

In August 2022, Saudi Egyptian Investment Company (SEIC), a PIF subsidiary, acquired a 25% stake in e-Finance for 7.5 billion Egyptian pounds ($243 million). The move positioned SEIC as the single-largest shareholder and secured two board seats.

Saudi Arabia is Egypt’s fourth largest trading partner in 2022/2023, with a trading volume of $6.56 billion, according to the Central Bank of Egypt.      

(Editing by Brinda Darasha; brinda.darasha@lseg.com)