PIF-backed The Saudi Egyptian Investment, an investment company, agreed to acquire a minority stake in a consortium of businesses Abou Kir Fertilizers & Chemical Industries, Misr Fertilizer Production, Alexandria Container and Cargo Handling, and E-Finance, for $1.3bn. The kingdom has pledged $10bn of investments into Egypt in sectors such as health care, education and agriculture. Financing from the Gulf provides a crucial backstop to Egypt as it looks stabilize finances.