Saudi Arabia, Egypt set up company to support SMEs

Saudi Arabia and Egypt have agreed to jointly establish a company with a capital of $24.8 million to support small and medium enterprises (SMEs) in the North African nation, Egypt’s Ministry of Investment and International Cooperation (MIIC) said in a statement on Thursday.

The Egypt Entrepreneurship and Investment Company will make “direct and indirect investments in emerging companies, entrepreneurships and emerging businesses,” the statement said.

The company – which will be set up by the MIIC, the Saudi Fund for Development, and Egyptian investment bank NI Capital – will also invest in business incubators and venture capital funds to support growth and economic development in Egypt.