«Saudi Investments» intends to buy the United Bank for $600 million

In a deal worth about $600 million, it is expected that an agreement on the final terms will be reached during this month for the sale of an Egyptian bank to Saudi Arabia.

In a move nearing completion, the Saudi Public Investment Fund in Egypt plans advanced talks to purchase United Bank, one of the banks owned by the Egyptian government.

It must be noted that the Public Investment Fund will conduct the purchase through its subsidiary, the Saudi Egyptian Investment Company, which it established earlier in 2022 to invest in large sectors of the Egyptian economy.

Final agreement

A final agreement is expected this month, although talks are still taking place on final terms.

Saudi investments

Saudi Arabia has pledged $10 billion in investments in sectors such as health care, education and agriculture.

 It has already bought state-owned stakes in 4 publicly listed Egyptian companies for $1.3 billion and has deposited $5 billion in the country's central bank.

Invest strongly in Egypt

Saudi Finance Minister Mohammed Al-Jadaan said that the kingdom has begun "investing strongly in Egypt" and will continue to "look at investment opportunities, and this is more important than deposits."

Egypt, one of the world's largest wheat importers, is racing to secure financial support from its Arab allies in the Gulf to prop up an economy suffering from soaring food and fuel import bills.

According to its website, The United Bank, which was established in 2006, has 65 branches nationwide and more than 200 ATMs.